I would like to know if anyone in the Frio, Lasalle or Atascosa county area has had any of their wells completed or is Venado only drilling wells. The RRC completion site doesn't show any wells completed. When we went to their BBQ and they bragged how much better they were at completing wells than Cabot, I am sure that we were all excited but the proof is in the pudding! If anyone has any info as to a completion by Venado it would be greatly appreciated. I'm not looking for specifics just your opinion of how the well came in.

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Venado is filing completion reports but it is taking them FOREVER to file the final reports with IP test information - they usually file two "pre IP" W2 reports initially and then the actual IP report months later (this keeps the Tx RRC satisfied as to filing requirements).

They followed a similar filing process and time frame in their Eagle Ford efforts in Lee County around Giddings a few years ago.

Anyway, attached are two completion reports with IP info - Bluejack and Kothman. One can argue about how good the IP test numbers are vs Cabot and others, but the proof is in the pudding (i.e. Production).

I have attached the Bluejack production curve - 142 MBO in 10 months or 473 BOPD average (not bad for low 30's API heavier oil). This well's production was very low in latest reporting month - this could be due to mechanical issues and/or switching to artificial lift.

The Willow lateral produced 102 MBO in a similar period.

I haven't compared these directly to Cabot or other operators' results and performance, but it is apparent that Venado is hitting this area very hard - they have a total of 10 wells (including Bluejack, Willow and Kothman) "frac'd and completed" - but only two with actual IP reports.

All this info is on the Tx RRC site.

Attachments:

Thanks Mark, I have been looking for info on RRC site but haven't seen this yet. I guess I am just getting ahead of myself and need to be more patient! I just get mad that they haven't been taking care of the wells that we have ( workover rig cleaning out the wells that Cabot completed right before they sold) When I ask them if they are going to do anything to improve the production I am told that they do not have plans to do anything until production reaches 0!! Cabot cleaned out the wells about 1 year after completion and it drastically improved production! Frustrated!!

Patience and frustration - two of the prime emotions normally seen in the oil field. On both all sides of the equation (operator to landowner / royalty owner).

Sounds like you are seeing a good example of capital maintenance by Venado - they don't see any sense in spending discretionary funds on producing wells that are already keeping their acreage HBP. Their purchase of these properties initially needs to be supported by pouring as much capital as possible into new wells to increase cash flow and "prove up" their acquisition to their investors.

My question - when will they be looking to divest these assets? That is almost definitely in their game plan so that they and their investors can get a big pay day.

I have to figure that these assets will be sold 3-4-5- times or more in their lifetimes.

Key points to look at in these completions are:

  • Treated lateral length
  • Amount of oil produced prior to IP test rate
  • Flowing or Pumping on IP test
  • Rates (obviously)
  • Oil % cut of total fluid (oil plus water)
  • Oil gravity

Among other things.

These two wells are different in many ways based on the W2 forms. Two different lateral lengths, one flowing and one pumping, different IP rates, very different amount of oil produced prior to IP test rate being calculated, different oil gravities (3-4 API degrees is a big difference with respect to oil viscosity and ability to move from reservoir into lateral).

As always, time will tell how good the Venado wells will be.

I have to figure that they are looking closely at adjustments to target / landing zones as well as frac stimulation specifics (e.g. perf cluster locations and density, proppant loads, diverter usage, fluid volumes, etc.) plus production approach (flowing vs ESP's, etc.)

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