1 week Ago By [email protected] (MENAFN)
Epsilon's highlights for first quarter 2024 include: Current Hedge Book: Operations Update: Epsilon's capital expenditures were $21.4 million for the quarter ended March 31, 2024. This was primarily related to the Ector Co.
, Texas acquisition announced on February 27, 2024, the drilling of one gross (0.25 net) well in Ector Co., Texas, and the completion of 7 gross (0.
7 net) wells in Susquehanna Co., Pennsylvania. The recently completed Marcellus wells (7 gross) are not yet turned in line, awaiting better realized natural gas prices.
In addition, our operating partner in PA curtailed production in response to low realized gas prices in the first quarter (quantified above). These curtailments continue, and we estimate 4.5 MMcf per day of NRI production is currently offline.
The Company has five producing wells in Ector Co. Texas, effective March 1, following the announced acquisition. A sixth well was recently drilled (in March) and completion operations are underway.
A seventh well is currently drilling. The sixth and seventh wells are expected to be on production in late Q2 / early Q3 2024. Two of the producing wells are currently shut-in during the ongoing completion of the sixth well and we estimate they will be offline for 3-4 weeks during the second quarter of 2024 (estimated 200 BOEPD of NRI production).
Jason Stabell, Epsilon's Chief Executive Officer, commented,“Our Permian business continues to perform well. This summer, we expect to have 7 gross wells on productio.
