Tulsa, OK., October 1, 2019 – Samson Resources II, LLC (“Samson” or the “Company”) announced today that it recently brought on its first two operated horizontal Turner formation wells in its Hornbuckle area located in Converse County, Wyoming. The wells were drilled to further delineate and expand the economic viability of the Turner formation play to the west of the known industry development. The wells have exceeded the Company’s predrill type curves.
The Brushy Creek Fed 3772-0631 # 1FH generated an IP 24 rate of 2,260 barrels of oil equivalent per day (“boe/d”) and an IP30 of 1,708 boe/d (87% oil) from a 9,716-foot lateral length, or 176 boe/d per 1,000 lateral feet.
The Reynolds Fed 3872-3106 # 3FH produced an IP 24 rate of 2,227 boe/d and an IP30 of 1,674 boe/d (88% oil) from a 9,803-foot lateral length, or 171 boe/d per 1,000 lateral feet.
Joseph A. Mills, President and CEO of the Company stated, “The Brushy Creek and Reynolds wells represent a meaningful step-out away from existing Turner production and help expand the growing reserve potential of the Turner formation in the Powder River basin, where Samson has a significant leasehold position. These wells move to prove up ~17,000 net contiguous acres in our operated Hornbuckle area for the Turner formation alone. The wells were drilled in the same drilling and spacing unit, spaced at two wells per drilling and spacing unit. As more production data is collected from inner well communication we expect to identify additional down spacing opportunities across our Hornbuckle position. With our recent strong drilling results in the PRB, we will launch a strategic alternative review for our PRB assets sometime during the 4th Quarter of 2019.”
Jefferies LLC is the Company’s financial advisor and will lead the strategic review process for the Powder River Basin assets.
There is no assurance that the evaluation of Strategic Alternatives will lead to a transaction. The Company does not intend to disclose or comment on developments related to the process unless the Company has determined that further disclosure is appropriate or required by law.
Samson is a privately held onshore exploration and production company headquartered in Tulsa, Oklahoma. The Company holds approximately 154,000 net acres in the Powder River basin in Wyoming.