St. Mary Land & Exploration Co. (SM) provided an update on the Company's operational activity, capital investment levels for 2009, and financial guidance for 2009. The company said that it has drilled and completed an additional three horizontal wells on its 100% working interest acreage in South Texas.
The Galvan Ranch 1H (SM 100% WI) was spud in early June and was drilled to a vertical depth of approximately 8,500 feet. The well had an effective lateral of 5,005 feet and used a 17 stage completion. The well had a maximum seven day sales average of 8.0 MMCFED. This well is the farthest south of any of the wells drilled to date and has 1,000 BTU/SCF gas with essentially no condensate yield.
The Briscoe Apache Ranch 1H (SM 100% WI) spud in mid-July, and was drilled to a vertical depth of approximately 7,900 feet. The well had an effective lateral length of roughly 4,000 feet and used a 14 stage completion.
The Galvan Ranch 4H (SM 100% WI) spud in late August and was drilled to a vertical depth of roughly 9,100 feet. The well had an effective lateral length of 5,000 feet and used a 15 stage completion. The well's sales rate has been constrained by temporary pipeline limitations.
For the fourth-quarter, the company expects oil and gas production to be in the range of 24.75 BCFE - 26.25 BCFE, and lease operating expense to $1.35 MCFE - $1.40/MCFE.
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