Sage Natural Resources LLC Announces the Successful Completion of its 2022 Barnett Gas Drilling Program

TULSA, Okla., April 26, 2023 /PRNewswire/ -- Sage Natural Resources LLC ("Sage" or the "Company") announced today that it recently completed its 2022 Barnett Drilling program, successfully drilling 30 horizontal wells targeting the Barnett Shale formation in North Texas.

The 30-well Barnett Shale drilling program totaled 96 miles drilled. The average lateral length was approximately 8,200 feet per well, with average spud to rig release under 13 days. On average, each well came in at approximately $745 per drilled and completed lateral foot.

Due to the significant drop in natural gas commodity price through the first quarter of 2023, Sage is suspending its Barnett drilling program. The Company will return to its substantial gas inventory when prices rebound relative to the cost of capital services. Sage plans to focus on its Texas oil assets in the Eagle Ford Shale for the balance of 2023, which offers attractive returns and asset diversification.

Gavin D. McQueen, President and CEO of the Company stated, "Sage made an investment decision in October of 2020 during Covid at $2.50 natural gas pricing to drill our first eight well pad. The investment decision made at that time, with respect to all-in capital service costs, were half of what they are today. Since that time, we have drilled 44 extended-reach horizontal wells in the Barnett Shale with great success as the commodity price continued to increase to fantastic heights throughout 2022. Due to the backlog of domestic supply, natural gas prices have fallen to levels that do not support economic returns. We remain bullish on natural gas over the long-haul due to its growing global demand, but we'll save those reserves for a sunnier day. In the interim, we look forward to kickstarting our Eagle Ford oil program. I have full confidence in our team and partners to successfully deploy our know-how and technology to efficiently add oil to our producing asset base. I'd like to thank everyone that has supported our Barnett drilling program to date, especially our service providers who are incredibly talented and the utmost professionals. Few folks can claim they drilled 100 miles in a year with one rig in Texas!"

Sage is a privately held onshore exploration and production company headquartered in Tulsa, Oklahoma focused on unconventional shale development through applied technology. For more information, please visit us at www.sagenr.com 

Media Contact: Jason Tackett, [email protected], 918-900-6445 x104

SOURCE Sage Natural Resources