North Silo Resources/Boomtown Oil announce record production and successful delineation of northern DJ Basin Codell resource play
HOUSTON, Nov. 1, 2021 /PRNewswire/ -- North Silo Resources, a Juniper Capital portfolio company, and Boomtown Oil, North Silo Resource's operating partner, are pleased to announce record production and the successful delineation of the northern DJ Basin Codell resource play.
"We are excited about achieving 3,000 net BOPD through our delineation efforts during the most recent energy downturn," said Sean Fitzgerald, VP of North Silo Resources. "Our three most recent wells at the north of our position drilled on and offsetting our Harding Ranch lease have averaged 30-day IPs of over 850 BOPD and proven that the play has regional extent with highly competitive IRR's."
"More impressively, the first well that North Silo Resources drilled in the play two years ago, the Harding Ranch 17-63-W7-18-1CH, a completed lateral of eight thousand feet, continues to produce at a production rate of over 300 BOPD having already produced 340,000 BBLs of oil to date," said Michael Rozenfeld, President of North Silo Resources. "The decline rates on these wells based on our early data appear to be amazingly shallow, as opposed to typical shale plays. We believe there is a significant amount of future drilling to be had on our 80,000+ net acres."
"Operational efficiency is very important for North Silo Resources," said Hakim Benhammou. "Without any pad drilling or preset surface casing, we have achieved SPUD to TD times of less than seven days for 10,000 ft laterals. Additionally, completion times have also been reduced to below seven days, which has resulted in significant well cost improvements. Further, lifting costs continue to improve thanks to our newest SWD and planned water pipeline system. North Silo Resources has hooked up all of its wells to gathering infrastructure for our oil & gas through Roaring Fork Midstream, minimizing flaring and truck traffic."
North Silo Resources & Boomtown Oil are looking forward to future operated developmental drilling in 2022 along with participation in offset operators Helis' developmental program.
SOURCE Boomtown Oil
Share this article