Dallas-based Matador Resources said last week it drilled a pilot project of two wells on its Wolf acreage in Loving County using a “horseshoe” design. Matador drilled a two-mile lateral on a section only large enough for a traditional one-mile lateral. The U-shaped lateral drills out part of the wellbore, makes a 180-degree turn, and drills back toward the rig to double the lateral length.
Glenn Stetson, executive vice president, said Matador experienced successful development on surrounding acreage. Matador expects to save $10 million with the two U-shaped laterals compared to four one-mile laterals on the same acreage. Matador expects to average 9,800 feet per well this year compared to 8,700 feet in 2020.
Production in 2023Q1 was 106,654 boed (58,941 b/d of oil) – up six percent from expectations – primarily because of better-than-expected production in Matador’s Stateline asset. Matador expects to use dual-fuel fracturing equipment for more than 95 percent of wells completed in 2023. Fullyear production is expected at high end of guidance of 44.35 million boe to 46.25 million boe.
Joseph Wm. Foran, chairman and CEO, said April 25, “Our results for the first quarter of 2023 were above our expectations both operationally and financially and constituted a strong start to the year. We set new operational records in the first quarter.”