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Gasco Energy Drilling Crews Make Hole in Record Time; Blackhawk Wells Drilled in 25 and 28 Days
Last Update: 8:01 AM ET Aug 21, 2006
DENVER, Aug 21, 2006 /PRNewswire-FirstCall via COMTEX/ -- Gasco Energy, Inc. (GSX : gasco energy inc com
Last: 3.15+0.12+3.96%
4:15am 08/23/2006
:
GSX3.15, +0.12, +4.0%) today announced that its most recent two Blackhawk wells have reached total depth (TD) in record time, resulting in a combined savings of $400,000. The reduction to 25 and 28 actual drilling days from a presently budgeted 30 days (for a 12,500' well, drilled out from surface casing) is an integral part of Gasco's cost-reduction initiative which continues to improve per-well economics on its Riverbend Project in Utah's Uinta Basin. Previously, the record time from spud to TD for a Gasco-operated Blackhawk well was 29 days for a well drilled earlier this year. Nearby, another operator has drilled a well to the Blackhawk in as little as 22 days, which the company believes it can achieve and exceed.
Rig Well Area Spud Projected Total Cost
to TD Days to TD Depth savings*
(Days)
Nabors 611 Uteland State 43-2 Riverbend 25 29 12,325' $160,000
Nabors 270 Federal 23-19 Riverbend 28 34 12,938' $240,000
$400,000
* All-in, per-day drilling costs are currently estimated at $40,000 with
12,500' Blackhawk wells budgeted for 30 days to TD. Per-well cost
savings are for drilling only and can further be reduced by continuing
to aggressively bid out completion and other services.
In a memo to the crews, Mike Decker, Gasco's COO said, "I would like to congratulate the rig crews and drilling managers of Rigs 611 and 270, as well as the rest of the Gasco team, for getting these wells down so quickly. Improved rig performance combined with markedly better drill bit design and technology allows us to see faster times to TD. Reducing drilling days, an input over which we have some control, is an important part of our goal of reducing the cost of our wells. Only recently, our budgeted drilling days were 33 to 35 days, and now we are beginning to see sub-30-day wells. This is one of the initial results of our Riverbend Project now moving into a developmental drilling stage. Extrapolated over the course of a full-year drilling program, reduced drilling days will have a meaningful impact on our per-well investment and our per-well economics."
About Gasco Energy
Gasco Energy, Inc. is a Denver-based natural gas and oil exploitation and development company that focuses on natural-gas-rich prospects in the Rocky Mountain area of the United States. The Company currently is active in the Uinta Basin in Utah and controls acreage in the Greater Green River Basin of Wyoming. To learn more, visit http://www.gascoenergy.com.
Last Update: 8:01 AM ET Aug 21, 2006
DENVER, Aug 21, 2006 /PRNewswire-FirstCall via COMTEX/ -- Gasco Energy, Inc. (GSX : gasco energy inc com
Last: 3.15+0.12+3.96%
4:15am 08/23/2006
:
GSX3.15, +0.12, +4.0%) today announced that its most recent two Blackhawk wells have reached total depth (TD) in record time, resulting in a combined savings of $400,000. The reduction to 25 and 28 actual drilling days from a presently budgeted 30 days (for a 12,500' well, drilled out from surface casing) is an integral part of Gasco's cost-reduction initiative which continues to improve per-well economics on its Riverbend Project in Utah's Uinta Basin. Previously, the record time from spud to TD for a Gasco-operated Blackhawk well was 29 days for a well drilled earlier this year. Nearby, another operator has drilled a well to the Blackhawk in as little as 22 days, which the company believes it can achieve and exceed.
Rig Well Area Spud Projected Total Cost
to TD Days to TD Depth savings*
(Days)
Nabors 611 Uteland State 43-2 Riverbend 25 29 12,325' $160,000
Nabors 270 Federal 23-19 Riverbend 28 34 12,938' $240,000
$400,000
* All-in, per-day drilling costs are currently estimated at $40,000 with
12,500' Blackhawk wells budgeted for 30 days to TD. Per-well cost
savings are for drilling only and can further be reduced by continuing
to aggressively bid out completion and other services.
In a memo to the crews, Mike Decker, Gasco's COO said, "I would like to congratulate the rig crews and drilling managers of Rigs 611 and 270, as well as the rest of the Gasco team, for getting these wells down so quickly. Improved rig performance combined with markedly better drill bit design and technology allows us to see faster times to TD. Reducing drilling days, an input over which we have some control, is an important part of our goal of reducing the cost of our wells. Only recently, our budgeted drilling days were 33 to 35 days, and now we are beginning to see sub-30-day wells. This is one of the initial results of our Riverbend Project now moving into a developmental drilling stage. Extrapolated over the course of a full-year drilling program, reduced drilling days will have a meaningful impact on our per-well investment and our per-well economics."
About Gasco Energy
Gasco Energy, Inc. is a Denver-based natural gas and oil exploitation and development company that focuses on natural-gas-rich prospects in the Rocky Mountain area of the United States. The Company currently is active in the Uinta Basin in Utah and controls acreage in the Greater Green River Basin of Wyoming. To learn more, visit http://www.gascoenergy.com.
superwatch
CITAZIONE(Woland @ Friday, 12 Mar 2010, 13:50) 
superwatch
l'ultima trimestrale non è stata esaltante,,,,,
http://www.prnewswire.com/news-releases/ga...s-86270802.html
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