Foothills Exploration has commenced commercial production of natural gas at the Stagecoach 111-20H horizontal well in Uinta basin, US.
The development follows successful drilling, completion and flow testing of the horizontal well.
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EOG Resources operates the well, in which Foothills owns a 21% working interest.
Foothills expects to set production tubing in the near term.
Foothills Exploration executive chairman Kevin Sylla said: “This successful horizontal well will quickly generate production and cash flow, which is expected to pay out within 30 months.
“Foothills will continue to look for additional non-operated positions and drilling interests with other world-class operators to complement our continuing focus of acquiring producing oil and gas properties in the Rockies.”
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By GlobalDataThe company holds more than 50,000 acres in the Greater Green River and Big Horn Basins of Wyoming.
Foothills Exploration finance executive vice-president Chris Jarvis said: “In addition to diversifying the company’s oil and gas assets, we believe natural gas market fundamentals have improved materially over the last 12 months, driven by record exports to Mexico and foreign sales of LNG, coupled with a strong heating season that has storage levels well below the five-year average.
“These conditions bode well for natural gas prices to remain firm over the near-term and throughout the rest of this year.”
The company’s projects are located in the Rocky Mountain region, including Springs, Ladysmith, Paw Paw and Ironwood.
The Stagecoach 111-20H horizontal well was acquired by Foothills last October as part of a two-well acquisition.
Drilling on the 111-20H horizontal well began on 15 September last year.
