Austin, Texas-based Jones Energy continues moving eastward in Oklahoma with its drilling exploration, making three finds in Canadian County, not to mention 7 other wells around the state. And it is moving to focus only in the Anadarko Basin.
As reported on OK Energy Today’s well completion reports, the company had a multi-unit operation at the north edge of Mustang near SW 59th and Frisco road, 24 11N 6W. the Hardy well produced 261 boed while the Bennett had production of 247 barrels a day. Both wells also had more than 1,000 Mcf of natural gas out of the Woodford play. The third Canadian County well by Jones Energy was at the south edge of El Reno, 20 12N 7W with production of 628 boed and 6,233 Mcf of natural gas. The Bomhoff well had spud in March and drilling finished in April with completion in May.
But Jones Energy wasn’t finished. Typically, the Texas company has made its home in western Oklahoma and the Texas Panhandle. It reported completion of six wells in Ellis County west and north of Arnett and not far from the state line. The top producer was 322 boed while others ranged from 124 to 180 barrels a day. All six were in the Cleveland play.
Jones had one other well. The Belyeu well was drilled in Grady County just south of Bridge Creek, 4 8N 5W with production of 120 Boed.
The well completions were reported as the Austin company reported a net loss for the second quarter 2017 of $145.3 million. But total operating revenues for the quarter were nearly $49 million compared to $29 million one year ago. The company also moved to reduce its 2017 Capex budget from $275 million to $250 million.
Jonny Jones, founder, chairman and CEO said there are seven wells currently on production and pad drilling underway with a two-rig program. He said the company updated its drilling schedule and now expects to drill 24 gross Merge wells this year of which 17 gross wells are planned to be Meramec and the remaining to be Woodford.
The company recently finalized a $65 million sale of its Arkoma Basin holdings, making Jones Energy a pure play Anadarko Basin company.