Upsized fracks, which rely on large amounts of mesh sand and a greater number of stages packed closer together, have all but fizzled out in the Midcontinent. However, Jones Energy has figured out how to make more stages pay in the Cleveland Sand, according to a new report from SunTrust Robinson Humphrey.

“Jones is proving that the biggest driver in the Cleveland is likely the number of frack stages,” according to the report. “As such, the company’s latest enhanced frack technique of more than 40 stages should produce the highest rates yet seen in the Cleveland to date.”

The report pointed to a recent frack trial by Jones that targeted the Cleveland, with around 30% oil uplift in the first six months of production, “which more than offset the $0.9MM well cost increase (~$4.3MM total). On a per well basis, the outcome indicates an additional 7,200 barrels of oil produced over the six-month period compared to the prior completion method.”

The report also indicated that the cemented sliding sleeve method was a boon to Jones’ results, providing “much improved verifiable isolation on each stage, better long-term well bore optionality, no operational limits on stages, and deployment has gone as planned.”

SunTrust increased its price target for Jones from $25 to $27.

“If the new technique is as big a game changer as we perceive, our ~31,000 average production estimate for next year is going to be very conservative,” according to the report.