LINN Energy reports natural gas well production in the Texas panhandle exceeds expectations:
LINN Energy, LLC announced today results from its second operated horizontal Granite Wash well in the Stiles Ranch area of the Texas Panhandle. The Company owns a 63 percent working interest in the Black 50-1H well, which tested at a 24-hour production rate of 27.0 MMcf/d of natural gas and 3,190 Bbls/d of condensate at 2,150 psi flowing surface pressure. The natural gas production has a heating value of 1,316 Btu/cf, and when processed, should yield approximately 3,530 Bbls/d of natural gas liquids. Including estimated NGL recoveries and shrinkage associated with processing the natural gas, the Black 50-1H well produced approximately 60.2 MMcfe/d.
“The outstanding results from this second well are considerably above what we expected. We believe this is the highest rate well reported in the Granite Wash trend. The liquids content of over 6,700 Bbls/d represents more than 65 percent of the production stream and we anticipate pay-out on this well in as little as two months. The well is located in an area where LINN has a large concentrated acreage position. As a result, there are numerous follow-up drilling opportunities,” said Mark E. Ellis, President and Chief Executive Officer of LINN Energy. “Our operating team has continued to drill horizontal Granite Wash wells in less drilling days and at lower costs than expected. The Granite Wash area is a major component of our drilling program and is expected to provide significant organic growth for the Company.”