(MENAFN- GlobeNewsWire - Nasdaq) Denver, Colorado, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Phoenix Capital Group CEO Adam Ferrari recently shared significant milestones from the company's Williston Basin drilling operations in North Dakota's Bakken Formation. After releasing impressive production numbers from the company's Nate Pad in early October, Ferrari announced the successful completion of five 3-mile horizontal wells on both the Daniele and Axel Ferrari pads. Phoenix is now managing 37 gross operated wells, with 32 currently in production, marking the rise of the 5-year-old company as a top producer in the basin.
The Daniele pad began producing oil on September 28, 2024, followed closely by the Axel Ferrari pad on October 26, 2024. Each well now delivers around 800 barrels of oil per day (BOPD), operating at a 40/64ths choke with a flowing tubing pressure of around 650 psi. At startup, these wells have a 1,200 PSI of shut-in tubing pressure.
At current production rates, these two pads alone are projected to generate approximately $14 million in monthly gross revenue. This revenue stream helps power Phoenix Capital Group's commitment to reinvesting in additional drilling operations across the Bakken, aligning with the company's long-term growth strategy of becoming one of the region's top producers. In just the past year, Phoenix has gone from limited production capacity to the 17th most prolific producer in the region behind household names like Marathon.
Phoenix Capital Group CEO Adam Ferrari shared his enthusiasm surrounding the Axel and Danielle pads, stating,“Our operational success on the Axel Ferrari and Danielle pads demonstrates our team's expertise and commitment to efficiency in the Bakken. I am continually inspired by our team's ability to maximize both output and value for our investors and stakeholders. This announcement is another step in our journey to build a strong, resilient portfolio of producing assets.”
Phoenix Capital Group's continued success in the Bakken reflects the company's integrated approach to oil and gas operations, which combines mineral acquisition with active drilling. This strategy provides Phoenix with the flexibility to pivot based on market conditions and operational needs, an approach unique among private operators in the sector.
About Phoenix Capital Group
Phoenix Capital Group is a leading player in energy investment, specializing in oil and gas exploration and production across key basins in North America. From the beginning, Phoenix has been focused on maximizing value through smart, efficient operations and a commitment to responsible resource management. With a track record of operational excellence and a growing industry footprint, Phoenix is positioned to be a leader in the energy sector for years to come.
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Phoenix Capital Group
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CONTACT: Mark Kaley
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