Denver, Colorado, Oct. 09, 2024 (GLOBE NEWSWIRE) -- Phoenix Capital Group Holdings, LLC (“Phoenix”), an emerging leader in domestic oil and gas production, and its operating division, Phoenix Operating LLC (also “Phoenix”), are proud to announce several recent drilling results within North Dakota’s prolific Williston Basin. Phoenix launched its operating arm in early 2023 and quickly established itself as a formidable participant by breaking long-standing drilling records and achieving impressive production growth.
Notable Achievements in Short Timeline
Before the third quarter of 2024 had ended, Phoenix had drilled four of the five fastest wells ever drilled in the Bakken Formation, setting new standards for efficiency in the basin’s rich history of horizontal drilling. This demonstration of speed and efficiency is a significant accomplishment, considering horizontal drilling has occurred in the basin since at least 2007.
As a standout example of the team’s commitment to efficiency, Axel Ferrari 25-36-1 4H reached a total depth of 25,175 feet in just 6.46 days from spud. This set an all-time drilling speed record in the Bakken, surpassing the prior record set by Phoenix Operating just weeks earlier on the Daniele pad. Phoenix’s speedy drilling times are a testament to its operational efficiency and the expertise of its seasoned team. Drilling speed, a critical performance indicator in the oil and gas sector, allows Phoenix to maximize resource extraction and minimize operational costs, strengthening its financial foundation for sustained growth.
In addition to Axel Ferrari 25-36-1 4H, other notable drilling accomplishments include the following:
- Daniele 26-35-2 2H: 6.52 days from spud to total depth of 25,225 feet
- Jacobson 19-30-31 3H: 6.52 days from spud to total depth of 25,513 feet
- Axel Ferrari 25-36-1 5H: 6.60 days from spud to total depth of 24,946 feet
Phoenix CEO Adam Ferrari commented, “We aim to be the most efficient operator in the Williston Basin in both cost and well performance, and these milestones demonstrate our progress toward that goal.”
2024: A Year of Record Production
Phoenix has experienced unprecedented growth this year in terms of revenue, EBITDA, and, most importantly, oil production. Output for H1 2024 surpassed 1.57 million barrels, eclipsing the company’s total production for 2023, which stood at 1.45 million barrels. Phoenix is on track to end 2024 with an exit rate of nearly 25,000 barrels of oil equivalent per day (BOEPD), of which 18,500 BOEPD will come directly from its operated wells.
The increase in production during H1 2024 allowed Phoenix to climb 38 positions to become the 17th most prolific operator in the Williston Basin, behind household names like Hess, EOG, Conoco, and others. Competing with major corporations demonstrates Phoenix's arrival as a fixture in the basin.
Executive Vice President of Operations David Scadden added, “As of right now, we are running one of the most efficient operations in the entire basin, and we will continue pushing the envelope where possible. Our investors deserve the best, and the hard-working men and women on Team Phoenix in North Dakota are up for the challenge.”
Future Growth and Expansions
Phoenix continues to expand its production capabilities and will bring up to 14 more wells online before the end of the year, bringing the total number to 34. Notable projects expected to come online include the Axel Ferrari (5 wells), Jacobson (6 wells), and Scadden South (3 wells). Each of the projects will further increase the company's production numbers.
“Our more than 4,500 investors and over 150 employees are aligned with Phoenix’s vision for the future,” added Ferrari. “We are focused on efficiency and results, driven by a best-in-class team, ensuring that Phoenix can deliver on its commitments at scale in the Williston Basin.”
Media Contact:
Phoenix Capital Group
Website
Contact Email: PublicRelations@phxcapitalgroup.com
Disclosure: Investing involves risk, including the possible loss of the money you invest. The sale of any securities is subject to investor qualification and minimum investment. Private placements are speculative and illiquid. Past performance is not indicative of future results. Forward-looking statements are made based on our current expectations and beliefs concerning future developments and their potential effects on us. Such forward-looking statements are not guarantees of future performance, and actual results may differ materially from the results anticipated in the forward-looking statements. Investors should read the investment information, disclosures, risks, and other important information contained in our offering documents available at PHXOffering.com and consider the risks therein before investing.
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