The Eberstadt # 1 well began flowing with a daily production rate of approximately 1,500 mcf. The company spudded the Eberstadt # 1 well on November 24, 2009, completed the well on December 18, 2009, and fraced the well on January 28, 2010. Total depth of the Eberstadt #1 well is 10,600 vertical feet with production from a gross 100 foot thick section of the middle Wilcox formation.
Currently, the Eberstadt #1 is exhibiting a flowing tubing pressure of 3,600 psi through a 12/64 inch choke. Expected levels of daily production are anticipated to increase as the well is still cleaning up post the January 28th fraced.
The company’s working interest in this well and acreage position is 51.1% (net revenue interest is 38.3%). With completion and startup of production, the Eberstadt #1 sets up a 464 acre natural gas unit out of 950 total acres under lease. The management believes at least two additional locations can be drilled on this acreage position in the future. The total cost to drill and complete the Eberstadt #1 was approximately $2m to the 100% working interest.
Magnum Hunter is an independent exploration and production company engaged in the acquisition of exploratory leases and producing properties, secondary enhanced oil recovery projects, exploratory drilling, and production of oil and natural gas in the US.
