Delta Petroleum Corporation Reports Strong Initial Results From the 2C Well and Also Invites Stakeholders to Second Quarter Earnings Call
6 hours 50 minutes ago - PR Newswire via Comtex
PR Newswire
Delta Petroleum Corporation (Delta or the Company) (NASDAQ Capital Market: DPTR), an independent oil and gas exploration and development company, announced today that the 2C-433D well began producing hydrocarbons on Wednesday, July 20, at a choke-restricted rate of 5.4 million cubic feet of gas per day (MMcf/d) with 8360 psi of flowing tubing pressure. Gas sales from the well began on Thursday, July 21. The well continues to produce at a choke restricted rate of between 3.5 and 5 MMcf/d with a stable flowing tubing pressure of 8160 psi. The well has also just started to produce some condensate with 20 bpd measured.
Carl Lakey, Delta's President and CEO stated, "We are pleased to announce the initial results of the 2C well. We believe that this well's result combined with other Delta operated shale wells and similar wells from other operators in the Piceance Basin, validate the resource potential of the Niobrara and Mancos shales in the basin. It is important to note that the 2C well is producing from the only 1300' of pay in the Niobrara and Frontier. Roughly 2700' of gross potential hydrocarbon bearing pay remain uncompleted in the Mancos Shale and Corcoran formations. The Williams Fork also remains uncompleted here. It is still too early to provide an estimate of total EUR of the well. However, we are very encouraged by the measured rates to date, and remain optimistic that the Niobrara and Mancos shales will be highly economic. Delta holds approximately 22,400 net acres of leasehold in the Vega area, including deep rights to substantially all of that acreage. Early indications are that the entire position is prospective for shale development in the Mancos, Niobrara and Frontier. We invite our stakeholders to listen to our upcoming Second Quarter earnings call where we expect to provide an additional update to the 2C well and other operational developments. We will update sooner if it is appropriate. We are excited by the results obtained to date, and more importantly by the potential size and scope of the resource that we are now testing."
Delta will be holding the second quarter earnings conference call on Thursday, August 4 at 10:00 AM Mountain Time. The conference call specifics will be released in a separate press release.
