Carrizo Oil and Gas reported an outstanding first quarter, which included heavy investment in the Eagle Ford.
Related: Baytex Breaks-Even at $30 a Barrel in the Eagle Ford
Speaking during a quarterly earnings call, Carrizo executives announced that currently 85% of the company's drilling and completion capital expenditures are allocated to the Eagle Ford Shale Play.
In the eagle Ford, Carrizo is producing from approximately 514 gross or 431 net wells, with three drilling rigs running and two 24/7 frac crews.
“We continue to conduct multiples tests aimed at enhancing the value of our Eagle Ford Shale asset. We currently have five stagger-stack pilots underway across our acreage and expect to test additional pilots later this year. We also plan to drill our initial infill well on the properties we recently acquired from Sanchez. We also continue to test different completion techniques in order to enhance our well performance, including varying fluid type, proppant concentration, and stage spacing. ”
Eagle Ford Highlights for Q1
- Drilled 24 gross (20.1 net) operated wells
- Completed 29 gross (28.7 net) wells
- Crude oil production was more than 25,500 Bbls/d, up 2% versus the prior quarter
- At the end of the quarter, Carrizo had 29 gross (23.9 net) operated Eagle Ford wells in progress or waiting on completion, equating to net crude oil production potential of approximately 9,000 Bbls/d
- Currently operating three rigs
- Lowered the estimate for a type curve well in the Eagle Ford by $100,000
- Projects to drill approximately 106 gross (91 net) operated wells and complete 94 gross (85 net) operated wells during 2017
Other Eagle Ford operators have reported strong first quarter results for the Eagle Ford:
Baytex Breaks-Even at $30 a Barrel in the Eagle Ford
Cabot Getting Good Returns in the Eagle Ford
NuStar Sees Positive Turn in Eagle Ford