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Petroleum industry

DLB Oil & Gas Reports 1996 Operations and Highlights Growth Opportunities

Strategic Insights

— 2 min read

DLB Oil & Gas, Inc., a leading oil and gas exploration and development company, reported a significant increase in production and revenue for 1996. The company's current production stands at approximately 6,250 barrels of oil equivalent per day, a 100% increase from the same period in 1995. DLB's growth is attributed to its strategic focus on applying state-of-the-art technologies to underanalyzed and underexplored areas.

Key Takeaways:

  • DLB Oil & Gas' current production is approximately 6,250 barrels of oil equivalent per day, a 100% increase from December 1995.
  • The company estimates prices for the fourth quarter of 1996 will be around $22.90 per barrel of oil and $2.75 per mcf of gas, compared to $18.26 per barrel of oil and $2.00 per mcf of gas in the same period of 1995.
  • The Ouinlan-Cedardale project has become a significant development area, with 15 wells drilled and completed, and an additional five wells planned for the first quarter of 1997.
  • The Osage project is currently producing around 450 mcf of gas per day, with a 3-D seismic shoot approximately 50% complete.
  • DLB's major fields, including West Cement, South Peek, Putnam, and South Newcastle, are showing significant production increases, with some areas experiencing over 100% growth.
  • The company has entered into agreements to develop the onshore oil and gas reserves of Barbados through a joint venture with Waggoner (Barbados) Ltd. and the Barbados National Oil Company, Ltd.
  • DLB expects to allocate $3.0 million for its share of initial projects in Barbados, including 36 development wells, 60 advanced stimulation treatments, 16 recompletions, and three horizontal wells.

Statistics:

  • Current production: approximately 6,250 barrels of oil equivalent per day.
  • 1995 production: 3,115 barrels of oil equivalent per day.
  • Fourth-quarter 1996 oil price estimate: $22.90 per barrel.
  • Fourth-quarter 1996 gas price estimate: $2.75 per mcf.
  • December 1996 oil price realization estimate: $24.50 per barrel.
  • December 1996 gas price realization estimate: $3.85 per mcf.
  • Number of wells drilled and completed in the Ouinlan-Cedardale project: 15.
  • Number of wells planned for the first quarter of 1997 in the Ouinlan-Cedardale project: 5.
  • Current average daily production from the Ouinlan-Cedardale project: approximately 3,400 mcf of gas per day, net to DLB.
  • Number of wells planned for the first quarter of 1997 in the Osage project: 4.
  • Number of development wells planned for the Barbados joint venture: 36.
  • Number of advanced stimulation treatments planned for the Barbados joint venture: 60.
  • Number of recompletions planned for the Barbados joint venture: 16.
  • Number of horizontal wells planned for the Barbados joint venture: 3.

Sources:

  • DLB Oil & Gas, Inc. press release dated December 30, 1996.
  • PR Newswire, December 30, 1996.

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