Sage Natural Resources LLC Announces Robust Year-end drilling results

TULSA, Okla., Dec. 7, 2022 /PRNewswire/ -- Sage Natural Resources LLC ("Sage" or the "Company") announced today that it recently completed eight horizontal wells targeting the Barnett Shale formation in the wet-gas window at its Blanton Lewis Pad located in Wise County, Texas. Sage has drilled 36 horizontal wells in basin since October 2020.

The eight Blanton Lewis wells were drilled with an average lateral length of approximately 10,500 feet per well. At an average completed well cost of  $6.13 million, each well came in at approximately $600 per completed lateral foot. Peak IP30 pad production exceeded 28,000 Mcfepd and supports an average EUR in excess of 6.7 Bcfe per well. Each well will yield approximately 120 bbl of NGLs per million cubic feet of wellhead gas and 20 barrels of light oil per million cubic feet of wellhead gas.     

Gavin D. McQueen, President and CEO of the Company stated, "Our incredible team of experts and professionals continue to drive efficiencies and performance in the Barnett Shale through advanced drilling and completions. This resource play was highly underexploited in the infancy of unconventional shale technology. Today this play represents a significant arbitrage to other shale gas plays at a much lower risk premium and cost. We continue to add meaningful gas volumes within the borders of the great state of Texas for power generation, heat generation, and industrial consumption. Natural gas remains the most viable low-carbon fuel globally, and Sage is proud to responsibly source and develop this life-sustaining commodity." 

Sage is a privately held onshore exploration and production company headquartered in Tulsa, Oklahoma focused on unconventional shale development through applied technology. Sage currently produces over 150 million cubic feet of natural gas equivalent per day and has 1.15 Net Tcfe of Proven Reserves.

SOURCE Sage