FIG Tree Capital Ventures, LLC; An oil and gas investment company with projects in the, The Woodbine Formation of South East Texas, and The Cotton Valley Bossier/Haynesville Shale of East Texas.
FIG is pleased to announce the successful completion of the Miller #1H well in Madison County, TX. The horizontal well-bore was drilled into the Woodbine formation and successfully fracture stimulated with 10 individual stages. FIG and its partners have participated in a non-operated position in the well with PetroMax Operating (PMO) out of Garland Texas. The Miller #1H is the third horizontal Woodbine oil well that has been completed by the operator and the first that FIG and its partners have an interest in. The well is in the first week of clean up with the most recent two days of production being 547 and 556 BOPD respectively. These early results support the operator’s belief that by implementing these continually evolving horizontal completion techniques in the Woodbine formation, significant improvement could be realized in terms of initial production (IP) rates and expected ultimate recovery (EUR) in comparison with the vertical wells drilled into the formation. With the amount of gas being produced from the well, a gas lift system will be installed on the Miller #1H well which is expected to improve lifting efficiency by 20% to 30%. The fourth well in the development, and the 2nd well FIG and its partners own an interest in, the Schiflet #1H, is currently in the drilling process. In addition, a gas pipeline system is being designed in order to capture the additional value in the casing head gas.
President of FIG, Richard Main has stated, “We are extremely pleased with the initial results from the Miller #1H and the tremendous job that the operator has done over the last two years evaluating and identifying the reservoir. We feel that the Miller well is just a stepping stone and better results are possible in the future as the completion techniques are perfected. Our partners at FIG couldn’t be happier to be involved with PMO on the future development.”