Drilling / Well Results | Top Story | Quarterly / Earnings Reports | Second Quarter (2Q) Update | Capital Markets | Drilling Activity | Suspend or Reduced Operations | Capex Decrease
Amplify Suspends East TX Drilling as Results Fail to Impress
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Amplify Energy reported its Q2 2018 results.
Suspends 2018 East TX Drilling as Results 'Below Expectations'
Since the start of the year Amplify has completed three wells drilled in 2017 and drilled and completed an additional well from the 2018 drilling program. The four wells were completed in the Cotton Valley formation in the Joaquin Field in Panola County, TX, and produced an average IP30 of 5.5 MMcfe/d, which was below expectations.
Due to these results and a recent decline in forecasted natural gas prices, the Company made the decision to suspend its 2018 East Texas drilling program in the second quarter of 2018. The Company is currently evaluating these drilling results and future East Texas activity will be considered as part of the Company's overall asset exploitation plan.
Due to the suspension of the East Texas drilling program, the Company's capex program for the third quarter of 2018 has been reduced to approximately $5 to $7 million.
Production Down from 1Q18, YOY
- Q2 production of 168.9 Mmcfe/d (down -3% from 1Q18 and down -1.4% YOY)
Production and Drilling Program Update
- Below quarterly guidance due to the impact of the previously mentioned South Texas divestiture.
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