Thoroughbred Ventures Announces 5 New Wells From A Single Pad Offsetting Massive Production In Grady County, Oklahoma.
Thoroughbred Ventures, LLC, a North Texas based oil and gas investment firm with assets in the Oklahoma STACK and SCOOP, and the West Texas Permian Basin, announces the upcoming drilling of a 5 well pad in Grady County Oklahoma offsetting massive production.
MCKINNEY, Texas, May 3, 2021 /PRNewswire-PRWeb/ -- Thoroughbred partnered with Marathon Oil (MRO-NYSE) on the drilling of the initial well, the KEM Ranch 1-24-25XH, with tremendous results. The original well had a robust initial 24-hour production rate of 723 BOPD (bbls of oil per day), and 13,989 MCFPD (million cubic feet per day), and to date has produced over 254,723.61 bbls of oil and 6,594,737 million cubic feet of natural gas.
Trent Davis, the company's Founder and President said, "If you consider our overall acreage position in the STACK and SCOOP, this particular area of Grady County without question has generated the best production results for our partners. That is exactly why we are seeing the offset activity pick up. The oil and gas industry boils down to exploration and exploitation. With prices on the rise, Marathon is now exploiting these proven reserves with five new wells, and we couldn't be more pleased to be involved."
Thoroughbred began acquiring acreage in the Oklahoma STACK and SCOOP during the 2015 drop in oil prices due to the belief that the play remained economic at lower prices. The company has since participated with public companies like Marathon Oil and Continental Resources in dozens of wells spread across Kingfisher, Custer, Canadian, Garvin, and Grady Counties. While the overall results have been impressive, the top five producing wells were all located in Grady County within close proximity to the KEM Ranch.
Bryan Hodges, Thoroughbred's Director of Investor Relations said, "We targeted specific areas in the STACK and SCOOP for acreage acquisition because the existing well data provided evidence that the production could be highly economic at lower oil and gas prices. Our Grady County assets are proof that our strategy was correct. While we experienced volatile prices in 2020, during the pandemic, oil prices are now above $60, and activity in this area in picking up. We are seeing operators more actively proposing multi-well pad sites offsetting the best wells in area like the KEM Ranch. This type of drilling is very attractive to us and our partners because of the lower cap ex and improved returns that are associated with drilling numerous wells in succession.
About the Company
Thoroughbred Ventures, LLC is a venture capital firm in North Texas that focuses on providing high quality alternative investments in energy that are focused on cash flow generation, and tax benefits. Qualified accredited investors that want to learn more, and those looking to sell non-operating interest can contact Thoroughbred at 972-349-1726, via email at [email protected], or by visiting the company's website http://www.thoroughbredventures.com.
Media Contact
Trent Davis, Thoroughbred Ventures LLC, +1 (972) 349-1726, [email protected]
SOURCE Thoroughbred Ventures LLC
Share this article