PRODUCTION
Despite an exceptionally wet spring, Forent’s oil and natural gas sales during Q2 2014 increased significantly, averaging 172 BOEd compared with 54 BOEd in Q2 2013. With the recent drilling of 3 wells in the Twining field the Company’s total field estimated current production is 276 BOEd. The three new wells tripled production from the Twining field and increased the corporate liquids ratio to over 60%. Initial analysis of the new Twining wells indicates potential for optimization and additional production capability. Forent will be exploiting this opportunity immediately.
OPERATIONS
Forent drilled three wells on the Twining field during the second quarter. The first two wells drilled (13- 26-32-25W4 and 05-26-32-25W4) were tied into the central battery and began oil and natural gas production in late July. Forent has recently concluded the installation of production equipment at the third well (02/02-08-32-24W4) with first production on August 23, 2014. The three producing wells are currently producing at 97 BOEd. After the initial two wells had achieved stable production rates, analysis has shown additional production potential and we are executing on production optimization.
Forent also recently reactivated two natural gas wells due to improved natural gas economics.
ONGOING EXPLORATION
At Montgomery, additional pressure measurements were taken from the Second White Speckled Shale Formation (2WS) interval in the most recently drilled well at 14-12-12-29W4M. This pressure data
indicates that although the bottom-hole pressure continues to build, the 2WS interval is significantly depleted. Forent’s interpretation is that the offsetting 06-06 well, which produced enormous amounts of oil through natural fractures in the 2WS, has effectively drained the area around the 14-12 wellbore.
The fact that the 2WS in the 06-06 and 14-12 wells are in pressure communication through a system of natural fractures which can be identified geophysically, validates the 2WS play concept in this area. Based on our proprietary 3D seismic, we have identified four separate naturally fractured trends on Forent held lands.
Forent has identified twelve vertical drilling locations along the remaining three undrilled trends.