US Energy (USEG) Rallying as Initial Production Rate at Brad Olson 9-16 #1H Well Looks Strong
Shares of US Energy (Nasdaq: USEG) have rallied sharply today following news of a strong initial production rate from the Brad Olson 9-16 #1H Bakken well. The stock most recently traded at $5.24, up about 33% from yesterday's close.
The company announced The Brad Olson 9-16 #1H flowed at an initial 24-hour production test rate of approximately 1,805 barrels of oil and 1.84 MMCF of natural gas per day or 2,112 BOE/D. The well was completed with swell packers and 28 fracture stimulation stages. USE's initial working interest in this well is approximately 61% (~48% net revenue interest), and sales from this well are expected to commence immediately. The Company believes this well is the first successful 28 stage fracture stimulation completion in the Williston Basin.
The BCD Farms 16-21 #1H well has been drilled to a total measured depth of 19,426 feet. Upon completion of the drilling a sleeve was run into the hole with 28 swell packers and completion initiatives are expected to commence in late October. The initial production flow rate for this well will be announced following the completion of a 24-hour flow rate test. USE's initial working interest in this well is approximately 45% (~35.55% net revenue interest).
More from the release.
The company announced The Brad Olson 9-16 #1H flowed at an initial 24-hour production test rate of approximately 1,805 barrels of oil and 1.84 MMCF of natural gas per day or 2,112 BOE/D. The well was completed with swell packers and 28 fracture stimulation stages. USE's initial working interest in this well is approximately 61% (~48% net revenue interest), and sales from this well are expected to commence immediately. The Company believes this well is the first successful 28 stage fracture stimulation completion in the Williston Basin.
The BCD Farms 16-21 #1H well has been drilled to a total measured depth of 19,426 feet. Upon completion of the drilling a sleeve was run into the hole with 28 swell packers and completion initiatives are expected to commence in late October. The initial production flow rate for this well will be announced following the completion of a 24-hour flow rate test. USE's initial working interest in this well is approximately 45% (~35.55% net revenue interest).
More from the release.
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