DALLAS, Aug. 28, 2018 /PRNewswire/ -- FIG Tree Capital Ventures, a Texas based venture capital firm, with projects in the Oklahoma STACK and SCOOP, the Williston Basin (Bakken/Three Forks Shale) of North Dakota, and the Woodbine Eaglebine Formations of South East Texas, announces two more recently completed wells that are showing massive initial production. FIG Tree partnered with Continental Resources (CLR) to drill both of the wells to the Meramec Formation from the same pad located in Custer County. The Rockin Dobbin 1-23-14-11XHM had 24-hour production reach a peak rate of 216 bbls of oil and 17,796 mcf of gas. The Zettie 1-23-26XHM 24-hour production peaked at just over 100 bbls of oil and 21,049 mcf of gas.
These impressive well results closely follow the Miller Family 1-13-24XH and Yoder 1-13-12XH, which were both operated by Continental Resources and drilled to the Meramec Formation in Custer County Oklahoma. The Miller Family's 24-hour production rate reached a peak of 17,589 mcf of gas and 91 bbls of oil. The Yoder's 24-hour production rate peaked at 17,135 mcf of gas and 60 bbls of oil.
FIG Tree Capital Ventures began acquiring acreage in the Oklahoma STACK and SCOOP several years ago during the 2015 drop-in oil prices. Garland Benton, the company's director of business development said, "We targeted acreage in the STACK and SCOOP during the downturn because the well data showed the respective plays were highly economic even at lower prices. These flowback numbers are characteristic of what we saw back then that attracted us to the area in the first place."
FIG Tree's energy division specializes in identifying and acquiring non-operated acreage positions in the core areas of the nation's most prolific unconventional resource plays like the Oklahoma STACK and SCOOP. Since first entering the STACK and SCOOP several years ago, FIG Tree and its partners have acquired interests in more than 24 wells across Grady County, Kingfisher County, Canadian County, and Custer County and to date have seen very impressive results. According to Richard Main, the company's President, "We have had great success so far in the SCOOP and STACK and we are eagerly looking forward to the continued development on our leases."
Continental is actively developing this area of Custer County utilizing multiple rigs and drilling multiple wellbores from each pad site. Ryan Wright, the company's CEO said, "This type of development is highly attractive to us due to the lower cap ex and improved returns that can be associated with multi-well pad drilling. These production rates also indicate that Continental has continued to improve their completion techniques during the course of this development which is leading to better well results."
About the Company
FIG Tree Capital Ventures is a venture capital firm in Texas that focuses on providing direct participation investment solutions in Energy, Real Estate, and Technology that are focused on revenue generation, asset appreciation, and tax benefits. Qualified investors that want to learn more, and those looking to sell non-operating interest can contact FIG at (866-894-7309) or email us at email@example.com or visit http://www.figtreecapitalventures.com.
SOURCE FIG Tree Capital Ventures