The well was drilled on a 1,280 acre spacing unit with a horizontal lateral of approximately 9,200ft. It will be fracture stimulated in multiple stages.
The completion has been delayed due to severe winter weather and is currently scheduled for early February. Credo owns a 10% working interest.
Credo has leased approximately 8,000 gross (6,000 net) acres on the Reservation containing about 50 drillable spacing units. The company’s interests range up to 51% depending on the size of the spacing unit. It is expected that more than one well will be drilled on many spacing units.
Horizontal drilling targets the Bakken and Three Forks formations. The company’s acreage is generally located south and west of Parshall. The Reservation is surrounded on three sides by horizontal Bakken production, and drilling activity on the Reservation is escalating rapidly.
In Central Kansas, Credo currently owns 140,000 gross (77,000 net) acres where it is having good drilling results. The acreage contains 31 blocks in which the company owns interests ranging from 12.5% to 100%.
To date, Credo has drilled 48 wells on its Central Kansas Uplift acreage. The company is continuing a lease acquisition and drilling program with two to three wells per month scheduled.
Credo has recently initiated a new drilling project west of the Central Kansas Uplift. To date, approximately 10,000 gross acres have been leased on six prospects, and additional leasing is underway. 3-D seismic is complete on one of the prospects and drilling is expected to commence next quarter. Seismic will be shot on the other prospects this Spring. The company’s interests are expected to range between 25% and 100%.
The company is also focusing on oil exploration and secondary oil recovery projects in southern Oklahoma. Credo currently owns working interests in four Deese Sand waterflood units.
Two wells have recently been completed which expanded the limits of the waterflood and will increase production. Ultimate secondary recovery could exceed 1.2 million barrels of oil. Credo owns a 17% working interest.
