BNK Petroleum has announced that its Glenn 16-2H well has yielded an initial average of more than 610 barrels of oil equivalent per day (boepd) for the last eight days.
The company owns 100% working interest (WI) in the well, which is located in BNK’s Tishomingo field in the South Central Oklahoma Oil Province (SCOOP) region.
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BNK Petroleum president and CEO Wolf Regener said: “The Glenn 16-2H well had 4,950 feet of lateral stimulated with our latest generation frack design, utilising cutting-edge friction reducers. The flowback is exceeding our expectations.
“If the production follows a similar decline profile to some of our other wells, then it should have an excellent 30-day initial production (IP) rate, and we expect it to be well over the probable type curve.”
The Glenn 16-2H well was identified as a probable location on the company’s 2017 NI 51-101 reserve report.
Regener added: “This well once again demonstrates the excellent production that is achievable in our field.
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By GlobalData“As previously disclosed, the total cost of the Glenn well was less than our targeted $5.7 million budget, thanks to the outstanding execution by our operations team.”
The company expects its incremental netbacks for the well to be more than $34 a barrel.
Renerger added the proceeds will help “further increase our cash flow and continues validating the repeatability of our results.”
