Stone Energy Drills First Utica Shale Well

By -
From a Stone Energy press release:
Stone Energy Corporation (NYSE: SGY) today provided an operational and capital expenditure update.  In the deep water, the Cardona development project has been proceeding ahead of schedule and is now expected to begin initial production by December 1, 2014, only six months after drilling the Cardona South well.  We believe that gross production will reach approximately 12,000 Boe per day for the two wells (65% working interest).  In Appalachia, our Utica Shale well has been successfully drilled with testing expected in the fourth quarter of 2014.  Additionally, we continue to realize efficiencies in our Marcellus drilling program and now expect to drill over 35 wells in 2014 compared to the original forecast of 30 wells.  Long lead time items have been ordered for the Amethyst deep water project, with production expected by mid-2016. Regarding rig commitments, progress has been made on securing a multi-year deep water rig contract commencing in mid-2015, as well as securing a platform rig for the Amberjack platform program, which is expected to start in the first quarter of 2015.  Lastly, Stone recently acquired a 40% working interest in the Noble Energy-operated Madison prospect located in Mississippi Canyon Block 479, which is scheduled to be drilled in the fourth quarter of 2014. 
As a result of the drilling successes, the follow-up development activity, the added Utica test well, the increased number of Marcellus wells and the Madison prospect, the Board of Directors has authorized an increase in the 2014 capital expenditure budget from $825 million to $895 million, which excludes major divestitures and acquisitions and capitalized SG&A and interest.  The final 2014 capital expenditure amount and the allocation of capital across the various areas is subject to change based on several factors including permitting times, rig availability, non-operator decisions, farm-in opportunities and commodity pricing.
View the entire press release here. 

Connect with us on Facebook and Twitter!

Popular posts from this blog

Fracktivist in Dimock Releases Carefully Edited Video, Refuses to Release the Rest

By -
Image
From Energy in Depth: There is something very strange going on along Carter Road, in Dimock, Pennsylvania, and I’m not speaking of natural gas, methane migration, contamination, litigation or even the extensive water testing there by the EPA and others.  No, I’m talking about a new “Watergate” conspiracy, complete with 18 minutes of missing tape (well, video, actually). It seems the ever-present Green Party member and  naturist   Vera Scroggins  (a/k/a  Vera Duerga ) has posted a video of Craig Sautner meeting with the EPA.  Mysteriously, the video is but 14 seconds in length, cutting off conversation in what is obviously mid-stream.  It raises a question Craig Sautner, like  Ronald Reagan in Kings Row , might have asked, “Where’s the rest of me?’  Carter Road, isn’t Kings Row, of course, (at least not until you arrive at  the mansion Scott Ely, one of the Dimock litigants, is building with his royalty money ), but there appears to be...
Read more

The Second Largest Oil and Gas Merger - Cabot and Cimarex

By -
Image
       Due to investor pressure, the U.S shale drillers are being pushed to improve financial and operational performance after a few years of poor returns. Even though the industry has improved its numbers, when compared to last year, investors still want more to be done for them to earn more money.      That's why two mid-tier shale drillers, Cabot and Climarex, have decided to merge in order to eliminate $100 million in annual costs, which means more money for the investors. This all-stock transaction is valued at about $7.4 billion, which is relatively high for the oil and gas sector.      The new entity will be renamed and the headquarters located in Houston, Texas. Cabot shareholders will own 49.5 percent of the new entity, and Climarex the rest.       The Cimarex-Cabot merger will address the investor's demand for a higher amount of returning cash. The initial plan is to pay a 50-cent-per-share special dividen...
Read more

Do You Know The History of Fracking?

By -
Image
  In 2018, 59% of total oil production in the U.S came from hydraulic fracking, which means it accounted for more than two-thirds of domestically manufactured gas. By 2024, fracking will reach an astounding $68 billion market value! Of course, fracking is not a new drilling method as you can trace it back hundreds of years. That's why we want to consider the history of hydraulic fracturing (fracking). We will be stating historical facts about it and focusing on the major historical occurrences that have influenced modern-day fracking. Pre-Fracking Days The idea of fracking started back in 1862 when Edward A.L. Roberts (Civil War veteran) witnessed Confederate soldiers exploding artillery rounds into a canal that obstructed a battlefield. At the time, Edward A.L. Roberts called it superincumbent fluid tamping. On April 26th, 1865, Edward A.L. Roberts began experimenting with exploding torpedoes, which consisted of lowering a torpedo containing an amount of powder from fifteen to tw...
Read more