HOW MAY DOLLARS is this well Producing?

Utica Shale

  • Gulfport's Boy Scout 1-33H tested at a peak rate of 1,560 barrels of condensate per day, 7.1 million cubic feet ("MMCF") per day of natural gas, and 1,008 barrels of NGL per day assuming full ethane recovery and a natural gas shrink of 25%, or 3,456 BOEPD.

Gulfport's Boy Scout 1-33H well was recently brought online from its resting period. The well tested at a gross peak rate of 1,560 barrels of condensate per day and 7.1 MMCF per day of natural gas. Based upon composition analysis, the gas being produced is 1,310 BTU rich gas. Assuming full ethane recovery, the composition above is expected to produce an additional 142 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 25%. In ethane rejection mode, the composition is expected to yield 84 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 17%. Gulfport currently anticipates it will begin flowing the Boy Scout 1-33H into a sales pipeline by mid-to-late September

OK.....HOW MANY $ PER DAY IS ALL OF THIS PRODUCTION, AND HOW DID YOU MAKE YOUR CALCULATION??................... MANY THANKS IN ADVANCE....GARY

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Permalink Reply by Erik V. on September 5, 2012 at 7:31am

Gary,

It's a little early to tell what this well will do.  These numbers are based on gross peak production numbers which will likely never be obtained in real production.  Once this well is online for a few weeks the answer to your question will be much easier to calculate accurately.   Also, all shale wells have a fairly rapid drop off rate in the first year (estimates are between 70% and 80%, so you can see it's a rapidly changing calculation for sure.  At any rate you can safely assume that landowner(s) will see a nice profit for sure. 

Erik

Permalink Reply by gary SWF on September 5, 2012 at 9:06am

Eric,

Thanks very much for your comments.......I understand that a well can/will drop off in production very quickly. What my main question is about is how do you make calculation when numbers like these are quoted.... I understand a barrel of oil is about $95 and 1000 cubic foot of gas is about $3.00...... What I was looking for  is how do you take all of these numbers they have quoted, ie: "1,560 barrels of condensate per day",.....:142 barrels of NGLs per MMCF of natural gas and result in a natural gas shrink of 25%",... "142 barrels of NGLs per MMCF of natural gas",.... "84 barrels of NGLs per MMCF of natural gas", etc... and translate into $... It may not be a very simple calculation.... Since I am a numbers type of person, I was wondering how I could do the calculation my self.......Educational background for my self and others.......Again thank you very much.....Gary   

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