Baytex Energy reported full year 2016 results last week, which included a very strong performance from its Eagle Ford assets.
Related: EOG Still Seeing Potential in the Eagle Ford
In a recent press release, Baytex executives said that 88% of their 2016 exploration and development budget for the Eagle Ford Shale and they are 'incredibly excited' to increase activity in the Eagle Ford in2017. The company increased its Eagle Ford rig activity last year and will run four to five rigs and two frac crews throughout 2017.
2016 Eagle Ford Highlights
- Improved Eagle Ford well costs to a record low US$4.5 million
- Replaced 205% of production in the Eagle Ford and increased proved plus probable reserves 6% to 216.5 mmboe
- Proved plus probable reserves increased by 30%
- Commence production from 36 net wells
- Established 30-day initial production rates of 1,300 barrels of oil equivalent per day which represents 20% improvement over 2015
“I am pleased that our Eagle Ford assets continue to perform with proved plus probable reserves increasing 6% in 2016 resulting in 205% production replacement. We also improved Eagle Ford well costs to a record low US$4.5 million in the fourth quarter.”
In the fourth quarter Eagle FordProduction in the fourth quarter remained stable, averaging 33,432 boe/d (77% liquids), as compared to 33,552 boe/d in Q3/2016. The company averaged 3-4 drilling rigs, 1-2 completion crews and production at 33,500 barrels of oil equivalent per day.
Since the beginning of 2017, production has increased by 5%.