Crew 2020/2021 Drilling and Production Highlights I have taken a moment to compile a brief summary of the past 9 months highlights for Crew.
In Q3 & Q4/2020 Crew drills and completes the 9-5 West Septimus 7 well pad
In February 2021, Crew reports that the 9-5 West Septimus 7 well pad is producing at restricted flow rates of 50 Mmcf/day gas, 1037 Bbls/day condensate and 848 Bbls/day NGL's for a grand total of 10,218 Boe/day.
In March 2021 Crew reports the average annual production rate in 2020 of 21,955 Boe per day and that Q4/20 production averaged 21,666 Boe/day. This rate combined with the 9-5 West Septimus 7 well pad, could have pushed Q1/2021 production past 30,000 Boe/day. The unknown here is whether Crew had to shut-in the 3-32 pad production for drilling and completion operations, which would lower this estimate below 30,000 Boe/day.
In Q1/2021 Crew drills and completes 6 wells at the 3-32 UCR Pad (1 existing DUC) and Crew says that the 6 wells will be placed on production in Q2/2021
Based on production rates from the existing wells on the 3-32 UCR pad, it is anticipated that the 6 new wells will produce at an average IP90 rate of 19.5 Mmcf/day gas, 2160 Bbls/day Condensate and 1500 Bbls/day NGL's for an IP90 grand total of 6900 Boe/day. IP30 flow rates will be much higher.
It is important to note that not all Boe's are the same and that the 3-32 pad will have two times the condensate production rate of the 9-5 West Septimus 7 well pad
The addition of 6900 or more Boe/day from the 3-32 UCR pad should easily push Crew’s Q2/2021 production past the 30,000 Boe/day mark.
Q1/Q2 Crew adds a second drilling rig and continues to drill wells. To date they have drilled or are drilling 10 wells at the 1-8 Pad, 2 wells at the 12-9 Pad, 2 wells at the 7-30 Pad, 4 wells at the 4-17 Pad, 9 wells at the 4-14 Pad (Precision Rig status down) and 1 well at the 6-23 Pad. For a total of 28 additional wells.
With up to 28 additional wells added, Crew should easily be able to maintain a production rate in the 30,000 - 35,000 Boe/day range for 2021 and 2022 without the need to drill any more wells.
I am excited to see Q1/2021 numbers and looking forward to Crew’s updated Q2 and beyond production forecast. To my knowledge Crew has never been in a better position to maintain and grow their production.
GLTA