PBIOS - October 2021 - 105

remaining economic inventory at the
current development pace on the
Reeves/Culberson county line in the
western portion of the Delaware, where
wells are a little gassier, but nevertheless
strong oil producers, West says.
Armed with plenty of Permian experience,
the Admiral team is open to opportunities
in either sub-basin, but finding
scale in the Midland Basin is especially
challenging right now, says West, who
grew up in Midland.
" Our team is continuously mining opportunities
to grow our footprint, " he
comments. " Locally, our team has been
able to grow via joint ventures, which
offer incremental inventory alongside the
improved economics of longer laterals.
Across the Permian more broadly, Admiral
is an active participant in acquisitions
and divestitures, targeting everything from
small leasing projects to large-scale publicly
marketed assets. "
West's work experience included stints
in the Rockies and Mid-Continent, but
he returned to Midland in 1984. After
working for himself, he joined Reliance
Energy, where he met current Admiral
team members, he says.
Following the successful sale of Reliance
to Concho Resources in 2016,
HighPeak Energy's position
includes 33,000 net
acres at Flat Top, north of
the city of Big Spring, Tx.,
and 24,200 at Signal Peak
to the south, where 6,200
net acres were added this
year. The company anticipates
drilling and completing
approximately 50 wells
a year with two drilling
rigs, with its focus in developing
the Lower Spraberry
and Wolfcamp A at Flat
Top, where average laterals
now extend 12,500 feet.
West and his team launched Admiral.
Ares Management and Angelo Gordon
are primary sponsors, he says.
As a closely held private company,
Admiral's financial position is kept confidential,
but the company enjoys a very
strong, low-leverage balance sheet with
significant free cash flow, West relates.
Admiral operates 60 producing wells,
which includes some legacy vertical production
on acreage acquired in 2018 from
Three Rivers Operating, West says. Primary
targets are the Wolfcamp A and B
benches. Admiral intends to bring up to
14 wells on line by year's end, he divulges.
Drilling and completion operations are
efficient on two- to four-well pads, he says.
" Our horizontal inventory includes both
1.5- and two-mile laterals, " explains West.
" Our drilling and completion designs vary
by spacing, but proppant volumes for Wolfcamp
A and B completions include 2,0002,500
pounds of proppant per lateral foot. "
The company owns and manages all its
gathering infrastructure, allowing for 100%
recycled water use for completions, West
says. Internally, the company is developing
its own environmental, social and governance
reporting system for its investing
partners, and maintains tight standards on
spill prevention and the use of alarm
systems to control water infrastructure.
Flaring also is closely monitored, and electric-powered
infrastructure is in place
throughout Admiral's position, he adds.
100% Growth Rate
Admiral Permian Resources LLC operates 60 producing wells, and plans to bring up to 14
new Wolfcamp A and B completions on line by year's end. The company owns and manages
all its gathering infrastructure, allowing for 100% recycled water use for completions.
HighPeak Energy Inc.'s focus on slightly
outspending cash flow to fund growth
may seem contrarian among public companies
active in the Midland Basin, but
the Fort Worth-based producer posted
OCTOBER PBIOS 2021 105

PBIOS - October 2021

Table of Contents for the Digital Edition of PBIOS - October 2021

Table Of Contents
PBIOS - October 2021 - Intro
PBIOS - October 2021 - Cover1
PBIOS - October 2021 - Cover2
PBIOS - October 2021 - 3
PBIOS - October 2021 - Table Of Contents
PBIOS - October 2021 - 5
PBIOS - October 2021 - 6
PBIOS - October 2021 - 7
PBIOS - October 2021 - 8
PBIOS - October 2021 - 9
PBIOS - October 2021 - 10
PBIOS - October 2021 - 11
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PBIOS - October 2021 - 14
PBIOS - October 2021 - 15
PBIOS - October 2021 - 16
PBIOS - October 2021 - 17
PBIOS - October 2021 - 18
PBIOS - October 2021 - 18A
PBIOS - October 2021 - 18B
PBIOS - October 2021 - 18C
PBIOS - October 2021 - 18D
PBIOS - October 2021 - 18E
PBIOS - October 2021 - 18F
PBIOS - October 2021 - 19
PBIOS - October 2021 - 20
PBIOS - October 2021 - 21
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PBIOS - October 2021 - 81
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PBIOS - October 2021 - 83
PBIOS - October 2021 - 84
PBIOS - October 2021 - 85
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PBIOS - October 2021 - 88
PBIOS - October 2021 - 89
PBIOS - October 2021 - 90
PBIOS - October 2021 - 91
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PBIOS - October 2021 - 105
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PBIOS - October 2021 - 113
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PBIOS - October 2021 - 116
PBIOS - October 2021 - 117
PBIOS - October 2021 - 118
PBIOS - October 2021 - 119
PBIOS - October 2021 - 120
PBIOS - October 2021 - 121
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PBIOS - October 2021 - 125
PBIOS - October 2021 - 126
PBIOS - October 2021 - 127
PBIOS - October 2021 - 128
PBIOS - October 2021 - 129
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PBIOS - October 2021 - Cover3
PBIOS - October 2021 - Cover4
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