News listings

energy-pedia general news


South America / GoM >>> USA

US: Zephyr Energy announces fourth quarter 2023 production results from the Williston Basin portfolio

29 Feb 2024

Photo - see caption

Zephyr Energy, the Rocky Mountain oil and gas company, has provided initial fourth quarter 2023 results related to hydrocarbon production from its non-operated asset portfolio in the Williston Basin, North Dakota, U.S.

  • Q4 production averaged 1,053 barrels of oil equivalent per day ("boepd") compared to production in the third quarter of 2023 ("Q3") of 983 boepd, representing an increase of 7% quarter on the quarter.
    • Peak daily production rates of 1,440 boepd were achieved in late November 2023 with the commencement of the initial production from the six wells operated by Slawson Exploration Company (the "Slawson wells").
    • Production from the Slawson wells was temporarily curtailed in mid-December 2023 due to adverse weather conditions and infrastructure constraints.  Zephyr has been informed by the operator that production from the Slawson wells resumed in late January 2024.
    • Q4 production rates from the remainder of the portfolio were as expected.
  • 2023 full-year production was only marginally under forecast (1,040 boepd actual vs 1,150 boepd forecast) despite the above-mentioned factors impacting the Slawson wells. All other wells performed in line with management expectations during the year. 
  • 2023 full-year revenues from the portfolio are estimated to be, subject to audit, circa US$26.3m of which it is expected more than 90% is made up of oil sales.
    • Q4 revenues are estimated to be, subject to audit, circa US$6.9m compared to Q3 revenues of US$6.0m.
  • At 31 December 2023, 225 wells in Zephyr's portfolio were available for production (versus 220 wells at the end of Q3).
  • Net working interests across the Zephyr portfolio now average 8% per well (equivalent to 15.1 net wells).
  • During February 2024, ten wells in which Zephyr holds working interests and which are operated by Continental Resources (Harms Federal and Quale Federal) were placed in production. Early production data shows these wells performing ahead of management expectation, adding initial production rates, net to Zephyr, of circa 75 boepd.
  • The Company has hedged 27,000 barrels of oil over the first quarter of 2024 at a weighted-average price of US$82.20 per barrel.  The Company will continue to evaluate its commodity price risk management strategy on a regular basis.

Colin Harrington, Chief Executive of Zephyr, said: 'Our non-operated assets continue to deliver strong and robust cash flows, allowing us to proceed with the next phase of our Paradox project in the near-term.

'The initial indications of the performance of the Slawson wells continue to exceed our estimates and the wells have the potential to materially increase our 2024 cash flows. Very strong initial performance from the Harms Federal and Quale Federal wells is also highly encouraging.

'We continue to make good progress ahead of the commencement of drilling on the Paradox project and will be providing a further update on this in the coming days.'

Original announcement link

Source: Zephyr Energy

Bookmark and Share

A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.

Subscriber Only Deals

Current Deals

Current Upstream Deals: 237

Completed Deals

Completed Upstream Deals: 6558

Company Profiles

Current Company Profiles: 2912

Corporate Activity

Current Corporate Activity articles: 4134

Companies Looking

Current number of articles: 466

Company Sales

Current Company Sales articles:1653


Current Geostudies articles: 964

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...

energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...

energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...


Subscribe to the FREE
energy-pedia Daily Newsletter

Government of South Australia
Telos NRG
Union Jack Oil 149
Rose & Assocs
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans

Tel: +44(0)1727 822675