Rice Energy Announces Utica Shale Well Results; Provides Operational Update

http://www.marketwatch.com/story/rice-energy-announces-utica-shale-...

igfoot 9H Production Test

We are pleased to announce the production test results of our first operated Utica Shale well, the Bigfoot 9H.  After five days of flowback, the Bigfoot 9H stabilized at a rate of 41.69 MMcf/d of gas on a 33/64" choke with flowing casing pressures of 5850 psi.  Based upon a gas composition analysis, the heat content is 1086 Btu and therefore will not require processing.  We own an approximate 93% working interest in the well, which has an effective lateral length of 6,957 feet and was completed with a 40-stage frac.  We anticipate first production by early July and will produce the well into sales through our restricted choke program.

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Permalink Reply by The Hiker on June 2, 2014 at 5:13pm

Holy cow.   BIGfoot, no kidding.  Congratulations to Rice on a great job!

Permalink Reply by Bill Barnaby on June 2, 2014 at 5:41pm

Surprised this is not getting much love (yet). This well is now the biggest in the state if I am correct? Also keep in mind, this well was going to be 10k feet long instead of 7k, imagine that number.

Permalink Reply by The Hiker on June 2, 2014 at 7:15pm

Not exactly apples to apples, but these are the original 24 hr IP MMcfe/d rates for some of the Antero wells:

Rubel 1H     47.5

Gary 2H      43.5

Rubel 3H     42.6

Yontz 1H     53.3  (1161 BTU gas)

For a pure dry gas (MMcf/d), BIGfoot is the big Kahuna!   If it was 10k.....egads.

Permalink Reply by Bill Barnaby on June 2, 2014 at 8:21pm
This appears to be a 5 day rate but I'm not sure due to wording. Is there a specific reason why those are not a fair comparison? I imagine because one is liquids and this is pure dry. I'm open to learn more so than questioning your info. :)
Permalink Reply by The Hiker on June 3, 2014 at 8:50am

The gas from the Antero wells contained other stuff (propane, ethane, etc...) besides methane (dry gas).  Antero took the BTU content of the propane, etc...and converted it to a similar quantity of methane BTU's, added the result to the BTU content of the dry methane coming out of the hole and called the result "equivalent" (MMcfe).  The dry gas was reported by Rice as MMcf (no "e").   It's just a method to compare wells with different amounts and types of products coming out so different wells can be compared.   However, all BTU's are not created equal, and to really judge the output, you should determine the individual amounts of what's coming out, and apply a dollar value to each, and add up the dollars to get the value of the gas.   Oil BTU's are worth more than Condensate is worth more than NGL's are worth more than Methane.....to simplify it.   So, a well putting out lots of "wet" stuff like condensate, propane, butane, etc, with a smaller amount of methane may produce more money than a well producing only pure methane.   The BTU value of the gas at the wellhead is a clue to how much "other" stuff is in it, and this is why I listed the BTU value of the YONTZ gas, because it is closer to the "dry" side as things go (and closer to an apple).   I think the 24 hr rates will show higher numbers than 5 day rates, so ya gotta take a little salt with all of this....

Permalink Reply by Bill Barnaby on June 3, 2014 at 9:52am

Very informative post, thanks!

Permalink Reply by jason irvine on June 2, 2014 at 8:03pm
41.69. WOW. Go get em Belmont. That should be number 1 anywhere in dry gas Utica and Marcellus.
Permalink Reply by Dave C on June 2, 2014 at 8:12pm

Yes congratulations to Rice. 

I am very happy for the landowners having called several neighbors!   We have a few acres in that unit and look forward to seeing what develops. 

I would think Rice will drill as many other pads as possible (to lock up land) before returning to Bigfoot, but one never knows.

I am excited to see similar numbers on Blue Thunder in the very near future.

Permalink Reply by adam sorell on June 3, 2014 at 11:12am

The well is located in Smith townshio   McKelvey Road, Belmont, OH 43718, USA

Permalink Reply by adam sorell on June 3, 2014 at 12:39pm

Permalink Reply by Dave C on June 3, 2014 at 12:18pm
Bigfoot wellpad is close to the middle of Belmont County. The pad is in smith township but the lateral runs through portions of Richland Township. The 9H lateral runs south West from the pad just East of Barkcamp State Park.

It's hard for me to tell very well on Antero's map but my best guess is it's well East of their 1100 BTU line.
Permalink Reply by jason irvine on June 3, 2014 at 11:24am
I have a hard time looking at investor presentation maps as fact. They seem to always have there area in the sweet spot and their competitors in not so good. Look at ranges maps. The well IP don't match the map. Every company says they have the gold. The numbers tell all.

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