American Oil and Gas Reporter - October 2017 - 65

It is volatile oil (40-45 degrees API
gravity) with rich gas (1,300-1,400 Btu).
Natural gas is starting to increase as a
revenue stream for us. Most of our acreage
is held by production."
Penn Virginia had drilled 12 gross
wells by the end of the second quarter,
he says, and plans to drill another 21 by
the end of the year with another 10 in
progress as of mid-September.
Premium Inventory
Encana has 42,200 net acres in Karnes
County with an inventory of 800 well locations. Greager says 220 of those 800
well locations are premium, generating
after-tax returns of greater than 35 percent
at a $50 West Texas Intermediate oil
price and a $3.00 New York Mercantile
Exchange gas price.
"Our position is in the core of the oil
window in the Karnes Trough," he continues. "There, we are testing additional
opportunities in both the Graben area of
the Eagle Ford and in the Austin Chalk.
To date, our inventory additions have
been driven primarily by increases in
well performance. We have more than
doubled our premium inventory since
October 2016."
Greager claims Encana has had good
success with its Austin Chalk wells. It
brought eight Austin Chalk wells on line
in the first four months of the year, including three in the first quarter with an
average 30-day IP rate of 1,285 boe/d,
including 1,000 barrels of oil.
"We are continuing to optimize our
completions design, determining the appropriate proppant mix to optimize the
economics," he explains. "In addition,
we are doing work to delineate and determine the full extent of the (Austin
Chalk) trend on our acreage. Our team
also has been focused on improving stimulation designs through cluster and stage
spacing, while optimizing cluster efficiency
through thin fluids and aggressive flowback. We also have added frac stages to
the heel of the Lower Eagle Ford laterals
into the Upper Eagle Ford and Austin
Chalk zones."
Overpressured Dry Gas
Vitruvian Exploration IV LLC is one
of the newcomers to the Eagle Ford Shale.
CEO John Thaeler says Vitruvian Exploration IV was formed in March 2017 to
pursue lower-48 onshore unconventional
resource opportunities with the support
of a $450 million private equity commitment from its long-term partner, Quantum
Energy Partners.
"By June 2017, VEX IV had acquired
leases covering 47,000 net acres in the
overpressured dry gas window of the

Eagle Ford, and in September closed the
acquisition of an additional 70,000 net
acres largely contiguous to its existing
leasehold position," he explains. "We intend to begin operations to test and
evaluate the Eagle Ford across our position
in the fourth quarter."
Since 2009, the Vitruvian Exploration
management team successfully has assembled, delineated, developed and divested key assets in the Mississippian
Lime, SCOOP and STACK plays, according to Thaeler, while generating "significant returns for our investors."
"We believe the overpressured dry gas

window of the Eagle Ford offers an excellent ground floor opportunity at a very
reasonable cost while providing significant
upside even in a challenged natural gas
price environment," he remarks.
"Based on our in-depth analyses, we
believe several offset operators have done
an excellent job of tackling the beginnings
of both the drilling and completion learning
curves. Our challenge will be to match
their current performances and then, using
the data newly acquired during our operations, apply our knowledge and experience to enhance well performance and
lower costs," Thaeler concludes.

MINIMUM FACILITY APPROACH
TO PAD BASED DEVELOPMENTS

Multiphase Production System (MPS) Advantages
Over Conventional Artificial Lift Methods
* Typically reduces lifting costs by 30% or more
* Eliminates tanks, trucking, permitting and emissions
* Reduced footprint and risk of oil spills
* Differential pressures up to 1500 psi and flow rates
up to 500,000 bpd equivalent

* Optional automated well testing for improved
reservoir management

Leistritz Advanced Technologies Corp.
www.leistritzcorp.com/minimal-approach * staff@leistritzcorp.com * (201) 934-8262

OCTOBER 2017 65


http://www.leistritzcorp.com/minimal-approach

American Oil and Gas Reporter - October 2017

Table of Contents for the Digital Edition of American Oil and Gas Reporter - October 2017

Contents
American Oil and Gas Reporter - October 2017 - 1
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