PXP reports 'impressive' Granite Wash results

HOUSTON - On August 5, Plains Exploration & Production Co. (NYSE: PXP) announced its plan to monetize certain of its Gulf of Mexico assets to focus on production growth from its onshore resources in the Haynesville shale and Granite Wash. Of the 15% production growth targeted by the company, 80% is expected from Haynesville shale and Granite Wash asset development. 

Initial production rates for two wells drilled in the Granite Wash in 2Q10 look promising.

In a research report released this morning by Dahlman Rose, the results were listed as “impressive” at 22 and 23 MMcfe/d.

“PXP has identified 100 Granite Wash potential locations, 40% of which are in the Marvin Lake area. We note that only 6 Granite Wash wells will be placed on production in 2010, shifting much of the production growth into 2011,” noted the report.

PXP expects to produce near the lower end of its guidance range of 88-92MBOEPD. Dalhlman Rose estimates 2010 average production at 87 MBOEPD. 

Source:  PXP, Dahlman Rose

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