Oklahoma City-based Riley Exploration Permian said recently it averaged 20,400 boed of production in first quarter, including 14,200 barrels per day of oil. Total activity-based capital expenditures before acquisitions were $26 million, and cash capital expenditures before acquisitions were $35 million. The company signed agreements in Q1 and closed during Q2 on purchases of oil and natural gas properties in Eddy County, N.M., for $20.5 million.
Bobby Riley, chairman and CEO, said, “We’re experiencing improved cycle times and efficiencies in our development activities, leading to measurable cost savings… We recently closed on the previously announced acquisition contiguous to our existing New Mexico assets which adds valuable development inventory in the region.”
During Q1 Riley drilled 7 gross operated horizontal wells, completed 4 gross operated horizontal wells, and turned to sales 6 gross operated horizontal wells.