Permian Basin 2017

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PERMIAN BASIN: KEY PLAYERS 22 | November 2017 | eight horizontal wells with at least 30 days of pro- duction during second-quarter 2017. The average peak 30-day and 24-hr rates for these wells were 1,740 boe/d (77% oil) and 2,165 boe/d, respectively, and average lateral length was 8,852 ft, according to the company's second-quarter report. Concho has six rigs drilling in the Delaware Basin. In the Midland Basin, Concho has drilled more than 1,400 vertical wells since 2008 targeting the Wolfcamp and Spra- berry zones and has fi ve rigs drilling in this basin. The company has about 260,000 gross acres in the Midland Basin. Concho added 31 hori- zontal wells in the Mid- land Basin with at least 30 days of production during second-quarter 2017 and an average lat- eral length of 9,995 ft, according to the compa- ny's second-quarter report. The average peak 30-day and 24-hr rates for these wells were 923 boe/d (87% oil) and 1,078 boe/d, respectively. In October 2016 Concho acquired about 40,000 net acres in the core of the Midland Basin from Reli- ance Energy for about $1.625 billion, a press release stated. In July 2017 Concho acquired about 12,400 net acres with an average 100% working interest in Andrews and Martin counties in Texas. "The acquired properties include about 3 Mboe/d (73% oil) of legacy production. The acreage is contiguous with the Mabee Ranch leasehold Concho acquired from Reliance in fourth-quarter 2016, enhancing the assets for large-scale, long-lateral development," the company's second-quarter report stated. CrownQuest Operating LLC Based in Midland, Texas, CrownQuest Operating is an active driller in the Permian with extensive leasehold in the Midland Basin. CrownQuest operates about 98% of CrownRock LP's total net wells, and the wells CrownQuest oper- ated for CrownRock provided about 99% of Crown- Rock's average daily production for 2017. Current company net production is about 27,000 boe/d. CrownRock's core properties (the properties CrownQuest operates) consist of about 93,000 net Concho Resources developed multiwell projects in the Midland Basin. (Photo courtesy of Concho Resources) A CrownQuest-operated vertical well in Howard County is shown. (Photo courtesy of CrownQuest)

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