Seven Generations Energy is continuing its work towards longer wells with higher intensity fracs in an effort improve efficiency and operating netbacks. The company says that during the first quarter it experimented with 60-stage fracs on two new wells, where the remainder of its new wells are using 40-stage frac intensity.
Although only early stage data is available, 7G says condensate production from its new pad is outperforming its type curves in the region.
“In the first 30 days, condensate production from the 40-stage wells is about 25 percent higher, while the 60-stage well production is up about 50 percent when compared to our 2016 Nest 2 condensate type curve. These results further demonstrate our focus on value enhancement through the ongoing application of technology,” 7G senior vice-president Glen Nevokshonoff, said in a statement announcing the company’s first-quarter 2017 results.
CEO Pat Carlson added that 7G’s most recent wells are 30 percent longer, have 45 percent more sand injected and twice as many fracture stages than the average wells it drilled after its initial public offering in November 2014.
7G produced 153,100 boe/d in the first quarter of 2017, a 73 percent increase from the first quarter of 2016.
Its net income for the period was $215.6 million, up from $138.4 million in the first quarter of 2016.
