Matador Resources announced successful test results from its first exploratory well in the Woodford formation in southeast Lea County, N.M. The Rae’s Creek well recorded initial production rates exceeding 2,200 boed (72 percent oil) during its 24-hour test June 29.
Matador said Thursday it’s still producing about 20 percent better than the average production of Woodford formation wells in Texas based on 60-day cumulative oil production. Matador said, “The Rae’s Creek well test results serve to validate the commercial viability of the Woodford formation in this area of the Delaware Basin.”
Joseph Wm. Foran, chairman and CEO, added, “We anticipate our drilling and completions teams will work quickly to integrate efficiencies across this development area to reduce well costs between 30 to 40 percent in the next 12 to 18 months.”
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