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 Schiflet #1H well in Madison County, TX. FIG and its partners have participated in a non-operated position in the well, which is operated by PetroMax Operating (PMO) out of Garland Texas, and had an initial production (IP) rate of 437 BOPD. It is the 4th horizontal Woodbine well that PMO has drilled in the Kurten Field area of Madison County and the second well FIG and its partners have participated in. The Schiflet #1H well is located in the eastern portion of the Kurten Field in Madison County, Texas. The location of this latest well is significant, as it is the most easterly well drilled to date. The field which has been producing since 1976 continues to be expanded thru the utilization of emerging horizontal completion technology. The Schiflet was successfully fracture stimulated in 9 stages. These stages were staggered in the horizontal leg of the well which reached approximately 5,700 feet with an IP of 437 BOPD and is still producing 200-250 BOPD respectively after 60 days on line. The operator is in the final stages of implementing a gas pipeline system in order to capture additional value in casing head gas.
Richard Main, President of FIG stated, “We are very pleased with the initial results from the Schiflet #1H because not only do our partners have interest in what looks to be another solid well, but this completion is further confirmation that the technology is working and is repeatable. We feel like we are in a good position with this development and were looking forward to seeing how things look once the laterals are extended and additional stages are added.”