Niobrara Shale

Petroquest Energy Reports A Hit And a Miss In The Niobrara Shale

Petroquest (PQ) reported the completion of two wells drilled into the Niobrara Shale on its non operated acreage in Wyoming. 

The Peterson #1 well was drilled with a 4,962 foot lateral and did not produce oil in quantities high enough to be commercial.  The company said that the area has less natural fracturing than other parts of its acreage.

Petroquest also completed the Nevis #2 well drilled into the Niobrara Shale.  This well was drilled with a 5,298 foot lateral and completed with a twenty stage hydraulic fracturing operation. 

The Nevis #2 well produced at a 24 hour gross daily rate of 831 barrels of oil per day and 205,000 cubic feet per day of natural gas. The well average 570 barrels of oil per day during the first two weeks, and is currently producing 407 barrels per day of oil.

Petroquest reported that the average gross cost per well was $4.5 million. The company plans to spud the Hester # 3 well in January 2011.

Petroquest has 5,000 net acres and plans to participate in 12 to 15 gross Niobrara Shale wells in 2011.

PetroQuest Energy - Niobrara Shale Update - Q3 2010

PetroQuest Energy (PQ) issued an operations update on its exploration and development activities in Wyoming and Colorado, where the company has acreage prospective for the Niobrara Shale.

PetroQuest Energy participated in two non-operated wells during the third quarter of 2010 that targeted the Niobrara Shale.  The Peterson # 1 and Nevis # 2 well are currently being completed, and PetroQuest Energy plans to releases completion results of these wells during the fourth quarter of 2010.  PetroQuest Energy has a 25% working interest in both these Niobrara Shale wells.