Pioneer Natural Resources recently announced on their website the completion of a third prolific Eagle Ford shale well in Dewitt County. The Charles Riedesel GU 1-1 was flowing at 15.7 MMCF equivalent(million cubic feet) per day and also producing 680 barrels of condensate per day on a 22/64 choke. Flowing pressure was 6,300 psi at the wellhead.
Pioneer reports that the natural gas is especially liquids rich and has a high BTU per cubic foot rating of 1200 BTU.
The Charles Riedesel GU 1-1 was drilled to a vertical depth of approximately 13,800 feet. The lateral or horizontal portion of the well was 4,500 feet long in the Eagle Ford shale payzone.
Scott Sheffield, Chairman and CEO, stated, “We are very pleased with the results from the Riedesel #1 which has high liquids content and one of the highest total combined gas and liquids rates reported in the play to date. The well is approximately 55 miles from the Crawley #1 discovery and confirms the potential of the northeastern portion of our Eagle Ford Shale position. Combined with our earlier success in the southwestern portion of our acreage, this well further strengthens our confidence in the development potential of the 1,750 Eagle Ford Shale locations we’ve identified, with most of these in the condensate window. With a gross resource potential of more than 11 trillion cubic feet equivalent, we expect the Eagle Ford Shale to add significant production and reserves while enhancing shareholder value.”
Pioneer holds significant lease acreage of approximately 310,000 acres over a wide area of South Texas from Dewitt County back toward Live Oak County. The Crawley #1 In Live Oak County Texas, is one of the most prolific Eagle Ford shale wells to date with initial production of 17 million cubic feet per day. With over 1,750 (and growing) potential well locations in the Eagle Ford shale for Pioneer alone it appears that the shale play is going to dramatically boost company earnings.