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April 7, 2014
08:51 EDTUSEGU.S. Energy says weather issues in ND decreased production in early FY14
U.S. Energy participates with Contango Oil & Gas in approximately 12,457 gross acres in the Booth-Tortuga acreage block in Zavala and Dimmit Counties, Texas which are prospective for the Buda Limestone and other formations. foot lateral. The well was completed open hole without fracture stimulation and commenced production in late January. The well had a peak early 24-hour flow back rate of 440 gross BOE/D and a 30 day average production rate of 187 gross BOE/D. On February 6, Contango spud the Beeler #8H well, targeting the Buda formation. The well was completed open hole without fracture stimulation and commenced production in mid-February. The well had a peak early 24-hour flow back rate of 886 gross BOE/D and a 30 day average production rate of 347 gross BOE/D. On February 10, Contango spud the Beeler #6H well, targeting the Buda formation. The well was drilled to a total measured depth of 10,615 feet, including a 3,337 foot lateral. The well was completed open hole without fracture stimulation and commenced production in early March. The well had a peak early 24-hour flow back rate of 1,185 gross BOE/D. The Beeler 5H ST well and the Beeler Unit A 9H well, were spud on March 25 and March 26, respectively. Both wells are currently drilling towards their targeted depths. The company participates with U.S. Enercorp. in approximately 4,243 gross acres in the Big Wells acreage block in Dimmit County, Texas which is prospective for the Buda Limestone and other formations. The company has an approximate 15% working interest and an approximate 11.25% net revenue interest in the acreage. On February 3, U.S. Enercorp spud the Willerson #2H well, targeting the Buda formation. The well was drilled to a total measured depth of 12,616 feet, including a 5,416 foot lateral. The well was completed open hole without fracture stimulation and commenced production the first week of March 2014. The well had a peak early 24-hour flow back rate of 634 gross BOE/D. The company participates in drilling programs with numerous operators in the Williston Basin of North Dakota. We participate in approximately 84,480 gross acres in Williams, McKenzie and Mountrail Counties, North Dakota. Due primarily to seasonal weather related issues in North Dakota, our Williston Basin production decreased by approximately 24% during the first two months of FY14 to an average of approximately 625 BOE/D as compared to 817 BOE/D in 4Q13.
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