ITG Investor Presentations for the Future of the Marcellus (including Upper Devonian) and Utica Shales Plus RRC's Super Rich Marcellus Record SPUD Q1 2014

http://www.itg.com/2013playbyplayrecap/presentations/

See Bottom 2 Videos with accompanying ITG Presentations from New York City - Nov 2013. 

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Replies to This Discussion

Permalink Reply by mark ondrusek on May 1, 2014 at 2:26pm

good stuff....wish I could read the charts!

Permalink Reply by Gary on May 1, 2014 at 3:21pm

Yeah it's interesting ..I think the technology is much better and flow rates are much higher today..good stuff...data is 2012.

Permalink Reply by Todd on May 1, 2014 at 4:47pm
Yeah - I think this is where some of the investors might be getting their info. Those super-rich Range wells are immense that they drilled in the first quarter of this year. What's more, according to Jeff Ventura, they didn't pick a specific geographic location - they just needed to HBP leases and move infrastructure further out! And what they got was the highest IP of any Marcellus well to date at 38 MMCF/day with 65 percent liquids at 1400 BTU gas. The reduced cluster spacing and longer laterals are key and rapidly increasing initial flow rates as you had mentioned. Exciting times!
Permalink Reply by Gary on May 1, 2014 at 10:57pm

I wonder where the pad is? It would be interesting to find out.

Permalink Reply by Tim Tarr on May 2, 2014 at 10:27am

Thanks Todd

Permalink Reply by Todd on May 5, 2014 at 9:51am

You're welcome Tim.

Here's my best guess as to where the new 5 well super rich pad is located based on the PADEP SPUD report: a few miles directly north of Avella in Jefferson TWP, Washington County, PA and 2 miles SE of Eldersville, PA.

Oddly enough, the last name of the surface owner is Burkett for these Marcellus wells!

All 5 wells SPUD in January in RRC's super-rich area.

1/17/2014
125-26947
OGO-60915
RANGE RESOURCES APPALACHIA
LLC
EP DOGO SWDO Dstr
Off
Washington
Jefferson Twp
BURKETT UNIT 7H
GAS
Active
40.327377
-80.456411
Horizontal Well
Yes
1/17/2014
125-26948
OGO-60915
RANGE RESOURCES APPALACHIA
LLC
EP DOGO SWDO Dstr
Off
Washington
Jefferson Twp
BURKETT UNIT 8H
GAS
Active
40.327322
-80.456575
Horizontal Well
Yes
1/17/2014
125-26949
OGO-60915
RANGE RESOURCES APPALACHIA
LLC
EP DOGO SWDO Dstr
Off
Washington
Jefferson Twp
BURKETT UNIT 9H
GAS
Active
40.327241
-80.456386
Horizontal Well
Yes
1/18/2014
125-27213
OGO-60915
RANGE RESOURCES APPALACHIA
LLC
EP DOGO SWDO Dstr
Off
Washington
Jefferson Twp
BURKETT UNIT 10H
GAS
Active
40.327283
-80.456480
Horizontal Well
Yes
1/18/2014
125-27212
OGO-60915
RANGE RESOURCES APPALACHIA
LLC
EP DOGO SWDO Dstr
Off
Washington
Jefferson Twp
BURKETT UNIT 6H
GAS
Active
40.327338
-80.456316
Horizontal Well
Yes
Permalink Reply by Philip Thackray on May 7, 2014 at 6:21am

Todd,

If you are correct, that puts this pad in the fourth tier of the Range Marcellus GIP map.  That is surprising.

Phil

Permalink Reply by Todd on May 7, 2014 at 7:39am
Phil,

That's the beauty of the reduced cluster spacing, increased number of completion stages and longer laterals. Hence, the much greater recovery. That being said, we'll know for sure which new wells are performing at what level in a couple months with the production reports.

Todd
Permalink Reply by Tim Tarr on May 8, 2014 at 10:09am

we'll know for sure which new wells are performing at what level in a couple months with the production reports.

I don't think you can tell much from those production reports. I'm in a unit with 3 Marcellus wells and have noticed how they "hide" data. Each month a different well produces 2X the other two. Been doing that for 9 months. Good thing is no decline at all so far. Hope it stays that way for another 36 months or more. I'll add our gas production dropped but NGL's went up when they expanded Cryo-processing.

Permalink Reply by Todd on May 8, 2014 at 11:47am

Tim,

Thanks for the added color.  Just wishful thinking with the production reports.  Especially in the wet gas areas you can't determine much whenever the state does not require NGL production to be reported.

How many barrels of NGL do your wells average per mmcf if I may ask? 

Yeah - that's also the beauty of the wet gas is that most of the decline curve is associated with diffusion of the gas as opposed to an initial hyperbolic decline curve associated with dry gas after production begins.

 

Permalink Reply by Tim Tarr on May 9, 2014 at 2:10pm

Todd,

   I had to do some work on my spreadsheet because they started up the Cryo-processing (Ethane extraction).

For the first 7 months the gas was ~1130 Btu. For ~ every 15.097Mcf got 1 Bbl of NGL's and ~83.996 Mcf for Bbl of condensate.

For the last 3 months ~1069 Btu gas and ~7.214 Mcf for 1 Bbl of NGL's (much lower price) and 73.045 Mcf for barrel of Condensate. That Condensate number for last 3 months is probably off due to truck schedules at wellhead. Condensate has large month to month swings.

I think the wells upstream of us (Dry gas) have started to decline. I think our production is up. More room in pipeline for our gas!!

Permalink Reply by Philip Thackray on May 10, 2014 at 12:23am

Tim,

Was the first 7 months ethane rejection and the last 3 months some ethane recovery?  I know that some ethane recovery has started in SW PA but the sales price for the ethane barely covers the shipping cost.

Phil

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