The Haynesville shale in East Texas/North Louisiana region

At the end of 2016, we had 859 Bcfe of proved reserves (94% of our total proved reserves) in East Texas/North Louisiana. The properties in this region are essentially all natural gas. Production from this region, which averaged 131 MMcfe per day in 2016, increased by 22% from 2015. We currently have 66,200 net acres that we believe are prospective for Haynesville or Bossier shale development, outside of acreage in our new joint development venture with USG. We believe that our acreage has over 6 Tcfe of combined reserve potential for these two plays. Advances in completion technology are resulting in improved recoveries through longer horizontal lateral lengths and substantially larger well stimulation. The wells we drilled on this acreage in 2016 had an average initial production rate of 24 MMcf per day, which extended the successful results that we had on our wells that were drilled in 2015. In 2016, this region accounted for 89% of our natural gas production at 130 MMcf per day. Our natural gas production in the region increased 22% in 2016 due to the success of our drilling program. We have budgeted $160.5 million to drill 22 horizontal wells in 2017 and to complete three wells that we drilled in 2016.

 

5300 Town and Country Blvd.
Suite 500
Frisco, Texas 75034
(972) 668-8800

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