TULSA, Okla., Sept. 7, 2017 /PRNewswire/ -- ETX Energy "ETX" announced today its first horizontal Buda well results. The Iron Duke 3H in Madison County had initial thirty-day production (IP30) of 1221 BOE/d with 74% liquids comprised of 520 bbl/day of oil, 379 bbl/day of NGL's and 1927 mfc/day of gas. The well's performance is exceeding the company's expected type curve. ETX drilled to a total depth of 18,297' and believes the 8396' lateral is the longest horizontal Buda lateral drilled in a thirty-mile trend from Houston County to Grimes County. ETX is currently drilling its second well in its 2017 Horizontal Buda campaign, the Vivian 1H in Grimes County. ETX's current completed well cost is in the $5-$5.5 million range.
ETX has over 525 square miles of 3D seismic coverage over its acreage and utilized this to help develop its strategy for identifying horizontal fractured carbonate Buda locations and its method for successfully drilling and completing Buda wells. ETX plans to apply these techniques to other stacked carbonate pay formations on its acreage. ETX also plans to drill a horizontal EagleFord well in late 2017/early 2018 in Grimes County near other industry players actively drilling in the area.
ETX has over 75,000 acres under long term lease primarily in Madison, Grimes, Leon, Brazos and Walker Counties in East Texas. ETX believes it has a substantial long term stacked pay inventory primarily in the Buda, Georgetown and EagleFord formations. The company is also technically evaluating additional stacked pay targets.
Chairman and Chief Executive Officer Ralph Hill commented, "We are very pleased with our initial well's result and the success of our methodology for identifying successful horizontal Buda well locations and look forward to continuing our drilling campaign in the Buda and other stacked pay formations."
Today, ETX also is formally announcing key additions to its executive staff, both of whom were hired last fall.
Mark Castell joined ETX as the Senior Vice President of Engineering. Mark has previously held executive and leadership roles for PetroQuest, Chevron and Tenneco. Mark has experience in the Midcontinent, East Texas, South Texas, Gulf Coast, and Gulf of Mexico in the US, and in Angola West Africa and the Central North Sea. He has a strong background in unconventional resources, drilling and completions, reserve evaluation techniques, carbonate reservoirs, economics, and acquisition and divestiture negotiations. Mark also specializes in the redevelopment of mature fields.
John Sharp joined the Company as the Senior Vice President of Geology and Geophysics. John excels in unconventional resource play identification and delineation, conventional exploration and development, new venture discovery as well as acquisitions and business development. Prior to joining ETX, John held executive and senior positions with Samson Resources, Chesapeake Energy, and Marathon Oil. One of John's most notable discoveries includes the leadership of the geoscience team at Chesapeake that found, generated and developed the Haynesville Shale play.
Chairman and Chief Executive Officer Ralph Hill said, "Both Mark and John are recognized leaders in their respective fields, and ETX is now well positioned to further expand our exploration and production efforts within our current strong asset base. We were very pleased to have Mark and John join us in the Fall of 2016 and they have been invaluable in re-starting ETX's growth phase in 2017. We are excited to develop our core assets and are actively seeking consolidation opportunities in East Texas as well as expanding into new basins based on our team's expertise."
About ETX Energy, LLC
ETX Energy, LLC (www.etx-energy.com) is an independent energy company engaged in the acquisition, exploration, development and production of crude oil and natural gas. ETX is highly experienced in the application of advance technologies such as horizontal drilling and multi-stage fracture stimulation to maximize production and reserves. ETX focuses primarily in the East Texas basin concentrating on the stacked pay horizontal targets of the Cretaceous Buda, Georgetown, and EagleFord.
SOURCE ETX Energy