Earthstone Energy reported that the Company commenced completion operations last week on its three new wells in the West Cole North Unit (the North Unit), located in Webb County, Texas. While the WCNU #126 was perforated last week, the well is not yet on production. The North Unit currently generates approximately 10% of the Company's oil production and revenue. Earthstone is the Operator and has a 96% working interest in the North Unit.
"We are pleased to restart operations in south Texas," commented Ray Singleton, President of Earthstone. "The Company plans to first evaluate a lower section of the Mirando Sand in the WCNU #126 well that strangely appears capable of production. If this lower interval proves productive, two other existing wells may be perforated in this lower interval. During this test period, the remaining two new wells are undergoing preliminary completion steps pending the results of the WCNU #126 test. Following that test, the Company plans to perforate all the wells in the upper pay zone.