PostRock Energy Corp. (NASDAQ: PSTR) detailed updates on its central Oklahoma development program on Oct. 9.
Two horizontal wells were drilled in the Searight Field’s Hunton Formation in Seminole County during this year’s second quarter. The first currently produces about 260 barrels of oil per day (bbl/d), having produced almost 35,000 bbl since coming on line in late June.
The wells were drilled for a $6.2 million combined cost, PostRock added, noting that it plans to drill two additional wells before the end of the year.
The second produces about 100 bbl/d and has produced nearly 9,500 bbl since going online in July.
The wells have combined estimated payback of about 13 months and 100% internal rates of return, the Oklahoma City-based company said, noting that this is based on current oil and gas futures prices.
Two Woodford horizontal test wells are being drilled in Cleveland and Pottawatomie counties through the June joint venture between PostRock and Silver Creek Oil & Gas. The first well will be producing shortly, the company said, adding that the second should be online by the end of the month. Those wells are on about 17,900 gross acres, PostRock said.
PostRock noted that it plans to drill or participate in eight or 10 additional Hunton and Woodford wells in 2015.
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