Sanchez Energy held its fourth quarter 2011 and full-year 2011 conference call on March 29, 2012. The company disclosed well results across its acreage and partial results from a vertical well that was completed in the Eagle Ford and Austin Chalk. The well is located in the company's Maverick area of Zavala and Frio counties. More operational quotes below:
Sanchez began its accelerated 2012 drilling program late in the first quarter of 2012 and currently has three rigs running, one in each of its core areas of Maverick, Palmetto and Marquis. A vertical well in Maverick, the Mark & Sandra #1 (100% W.I.), was completed and tested in March with an initial production rate of approximately 207 BOE/D. Production from the Eagle Ford was flow-tested in this well for about 30 days prior to setting a temporary bridge plug and perforating and fracking the Austin Chalk interval, which sits directly above the Eagle Ford. After testing of the Austin Chalk, Sanchez plans to drill out the temporary plug and comingle the Eagle Ford and the Austin Chalk production.
Also, in the Maverick area, the Ray #1H (100% W.I.) well was recently drilled to a total depth of approximately 12,000 feet including an approximate 6,000 foot horizontal section and cased. Completion operations will commence shortly. The rig which drilled the Ray is now drilling the Petro Pards 1H (100% W.I.), also in the Maverick area.
In its Marquis area, Sanchez added approximately 1,600 net acres to its land position bringing its core position in Fayette and Lavaca, Counties to approximately 50,000 net acres. The first well in this area, the Prost #1H (100% W.I.) is currently drilling.
In the Palmetto area, the first of 13 gross (6.5 net) wells, the Barnhart #7H (50% W.I.) is currently drilling.
Read the entire press release at sanchezenergycorp.com