Cotton Valley Drilling and Completions
On October 23, 2017 PetroQuest Energy, Inc. (ticker: PQ) announced the results from its horizontal Cotton Valley drilling program in East Texas. PQ reported that three of their Cotton Valley Wells combined are producing approximately 41 MM cfe per day. PQ completed a two well pad which established a cumulative maximum 24-hour gross daily rate of 17,207 Mcf of gas, 1,266 barrels of NGLs and 205 barrels of oil, forming an equivalent rate of 26,033 Mcfe per day. The pad consisted of well #26 and #27.
PQ recently initiated flowback on well #28 in early October of 2017. Well #28 established maximum 24-hour gross daily rate of 10,912 Mcf of gas, 689 barrels of NGLs and 51 barrels of oil, forming an equivalent rate of 15,352 Mcfe per day.
The average lateral length of the wells was approximately 6,163 feet with an estimated drilling and completion cost of $893 per lateral foot.
PQ reached total depth on well #29, and is currently drilling well #30, which will be the final well of its 2017 Cotton Valley drilling program. Well #29 and #30 are expected to be completed in the first quarter of 2018.
Source: Hedging
After executing the above transaction, the Company has 91,250 barrels of oil hedged for 2018 at an average floor price of $55.00 per barrel. In addition, the Company has approximately 3.2 Bcf of natural gas hedged for the first quarter of 2018 at an average floor price of $3.24 per Mcf.
