Saratoga's fourth quarter 2008 development program is now contributing a combined 338 BOPD (barrels of oil per day) plus 4,644 MCFPD
(thousand cubic feet of gas per day) of additional net production at Grand Bay, which has reached a new production milestone of 1,644 BOEPD (barrels of oil equivalent per day) net to the Company.
The well was stimulated and put on production in November, 2012 and it produced a total of 14,256 barrels of oil (BO), 12,438 barrels of water (BW), and 5,580 MCF of gas during the first 30 days on pump for a calculated average rate of 475 BOPD, 415 BWPD, and 186 MCFPD.
It produced a total of 4,599 BO, 11,258 BW, and 2,743 MCF during the first 30 days on pump for a calculated average rate of 153 BOPD, 375 BWPD, and 91 MCFPD.
Two key completions during the second quarter included the Myrtle 2-1 which is the first long lateral well completed in the Middle Bakken Formation is in its third month of production and has averaged 270 BOPD, 182 BWPD (barrels of water per day), and 133 MCFPD
(thousand cubic feet per day of gas) with a 60% oil cut for the month of July.
Also, late in the first quarter of this year RAM drilled the Christenson 3-2 to the Arbuckle formation and recently tested 750 MCFPD
On January 17th the oil production was 735 BOPD while natural gas was at a flow rate of 588 MCFPD
The well tested on October 12, 2012 at a gross rate of 190 BOPD, 4,066 MCFPD
, or net 685 BOEPD, on a 14/64" choke with FTP of 4,300 psi.
The initial well tested at 93 BOPD and 250 MCFPD
after being placed on rod pump and has settled to 20 BOPD and 200 MCFPD
which it has averaged over the last few weeks.
FieldPoint's President and CEO, Ray Reaves stated, "After more than a month since its completion, production from this new well appears to be stabilizing in the range of 600 BOPD for oil and 600 MCFPD
for natural gas.
By performing a sand-propped fracture stimulation on one of its existing horizontal wells, the Company increased production from the well from approximately 100 thousand cubic feet per day (MCFPD
) to an initial rate of approximately 1,000 MCFPD
Current gross production rates are 656 BOPD and 498 MCFPD
(gross 739 BOEPD, net 576 BOEPD), on a 12/64 inch choke with 2900 psi FTP.