In its second quarter earnings call last month, officers at Riley Exploration Permian said the Oklahoma City-based company set multiple Yoakum County records in San Andres. The new standards include longest lateral drilled at 10,375 feet, fastest spud to total depth, and fastest spud to rig release for both 1- and 2-mile wells.
“This campaign was our most efficient and cost effective,” Daniel Doherty, senior vice president, said Aug. 6. “Due to added drilling efficiencies, however, we were able to keep total costs down compared to our previous drilling efforts – reducing our total average drilling cost per lateral foot by 15 percent over our previous program in 2024 despite the added tariff costs.”
Riley closed its acquisition of Silverback Exploration in July to increase its Yeso trend footprint to 30,000 net acres – 98 percent held by production.
Net production of oil declined marginally from 1.41 million in Q1 to 1.38 million in 2Q, but it marked an increase of 3 percent compared to Q2 last year. Total production was up from 1.94 million boe in 1Q to 2.22 million boe in 2Q. Average daily production in 2Q was 15,200 b/d of oil and 24,400 boed. Bobby D. Riley, chairman, CEO and president, said the company “adjusted our development activity and capex downward in response to lower oil prices.”
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