Crimson Exploration Inc. (Nasdaq: CXPO) and U.S. Energy Corp. (Nasdaq: USEG) have successfully completed the Beeler #2H (50% working interest) well in Dimmit County, Texas, targeting the Buda formation.
The well was completed at a gross 24-hour initial production rate of 859 barrels of oil equivalent per day, or 761 barrels of oil, 56 barrels of NGLs and 253 thousand cubic feet of natural gas, on a 25/64th choke. The well averaged a gross 30-day production rate of 797 barrels of oil equivalent per day. The Beeler #2H is the companies' first well in Dimmit County targeting the Buda formation.
The Beeler #2H was drilled to a total measured depth of 11,013 feet, including a 3,700 foot lateral, and completed open hole, without fracture stimulation. The well is located in Crimson’s Booth-Tortuga area where the company currently has 10,140 gross acres prospective for the Buda formation.
U.S. Energy Corp. has a 30% working interest and an 22.8% net revenue interest in the acreage.
The companies are currently planning to begin a delineation effort of this discovery and plan to spud the second Buda well in mid-July. The companies anticipates continued delineation across the leasehold dependent upon the results they sees, said Allan D. Keel, Crimson’s president and CEO, in the release.
Crimson Exploration Inc. is an independent energy company engaged in the acquisition, exploitation, exploration, and development of natural gas and crude oil properties. The company is based in Houston.
U.S. Energy Corp. is an independent energy company focused on the acquisition and development of oil and gas producing properties in the continental US. The company is headquartered in Riverton, Wyo.
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