Tulsa-based Vital Energy said last week it expects to turn in-line 24 wells in Permian Basin in second quarter and produce an estimated 122,000 to 126,000 boed. Vital will operate four drilling rigs and run two completions crews. Capital investment in Q2 will be about $225 million to $250 million before slowing operations in second half. Q1 production was 124,000 boed with 58,500 b/d of crude oil.
Vital attributed Q1 production to accelerated timing and production outperformance from a 20-well package in western Glasscock County and a 3-well package in Reeves County. Vital drilled three horseshoe wells in Upton County – including one with total measured depth of 23,650 feet.
Jason Pigott, president and CEO, said May 8, “Results in the southern Delaware position we built last year are far exceeding industry results. Recent success drilling horseshoe wells in the Midland Basin is expected to significantly increase returns on a large portion of our inventory.”