Sage Natural Resources LLC Announces Dry Gas Growth Development
TULSA, Okla., Jan. 10, 2023 /PRNewswire/ -- Sage Natural Resources LLC (“Sage” or the “Company”) announced today that it recently completed six horizontal wells in the dry-gas window targeting the Barnett Shale formation from its Hunters Ridge pad site in Tarrant Co, Texas. Sage has drilled 41 horizontal wells in basin since October 2020.
The six Hunter’s Ridge wells were drilled with an average lateral length of approximately 6,500 feet per well. At an average completed well cost of $5.0 million, each well came in at approximately $769 per completed lateral foot. This dry gas is of excellent quality with low inerts and 1030 BTU content. Peak IP30 pad production exceeded 32,000 Mcfpd and supports an average EUR in excess of 7.1 Bcf per well.
Gavin D. McQueen, President and CEO of the Company stated, “We are excited to announce the strong initial performance of these six wells in the core of the Barnett dry gas window. Our geoscientists and engineers continue to exploit underdeveloped areas usings integrated petrophysics, geophysics and statistical analysis to avert subsurface risk and exploit upside. The location of these wells is situated in the demand market of DFW further driving enhanced pricing and economics. Additionally, this unit was formed via grassroots leasing and holds additional inventory, which we expect to develop in the future. Credit goes to our equity partners, Edge Natural Resources, and our land professionals in procuring this opportunity for development. I can’t emphasize enough how important domestic natural gas production is to meet our power generation demands, which was approximately 70% of the fuel stack utilized through this past winter storm just prior to the holiday season. Natural gas will continue to be an abundant, low-carbon fuel used to meet heating demand here at home and abroad. Sage is proud to contribute solutions for our nation’s energy future.”
Sage is a privately held onshore exploration and production company headquartered in Tulsa, Oklahoma focused on unconventional shale development through applied technology. For more information, please visit us at www.sagenr.com
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SOURCE Sage Natural Resources