Denver, Colorado, Oct. 21, 2024 (GLOBE NEWSWIRE) -- Phoenix Capital Group CEO Adam Ferrari recently announced exciting results from the company’s latest operated wells in the Williston Basin, North Dakota. Since becoming an operator in the region in September 2023, Phoenix has rapidly expanded its footprint, now managing 37 gross operated wells, with 26 currently in production. Most of the wells are less than a year old, marking Phoenix’s swift growth as a top producer in the basin.
The company’s latest success comes from its Nate pad wells, located along the Divide/Williams county line. The Nate pad includes five 3-mile horizontal wells in the Middle Bakken formation and began producing oil on September 26, 2024. The wells currently deliver about 725 barrels of oil per day (BOPD) each, operating at a 40/64ths choke with a flowing tubing pressure of around 650 psi. At startup, these wells had 1,200 psi of shut-in tubing pressure.
Phoenix Capital Group’s CEO, Adam Ferrari, called this performance “an amazing result for the area,” emphasizing the company’s focus on long-term value over quick, flashy headlines. “Throughout our entire business, we are focused on long-term value creation with minimal risk. Both our management team and our investors are in this business for the long haul, and we are committed to making decisions today that will keep our company on solid footing long into the future. This is evidenced in every aspect of our operations, including our flowback strategy," Ferrari added.
Smart Management Yields Sustainable Success
Phoenix Capital Group’s flowback approach centers on drawing down the reservoir pressure at a modest and calculated rate, which extends the productive life of the wells while minimizing operational risks. This strategy results in steadier oil output and reduced wear and tear on equipment, ultimately lowering maintenance costs over time.
At current production levels, the Nate pad alone is generating $6.5 million in monthly gross revenue. The revenue stream from the Nate pad is being invested back into the new drilling projects. Phoenix also manages nearly 100% of its produced water on-site using its own saltwater disposal system, which eliminates the need for trucking and reduces operational risks. “Water management is a critical part of our efficiency, and it’s just another way we minimize risks for our investors,” Ferrari explained.
Aiming for Continued Growth
Phoenix Capital Group is also in the process of bringing an additional 19 wells online, drilled right after the Nate wells. These new wells will further boost the company’s record-setting growth in the Williston Basin. With ambitious plans to expand into North Dakota and Montana, Phoenix is determined to become a dominant player in the region for years to come.
“Our focus is on building long-term partnerships and operating successfully for decades to come,” Ferrari said, highlighting the company’s commitment to sustainable growth and responsible operations.
Phoenix Capital Group continues to build its reputation as a leader in the oil and gas industry, building confidence for investors and driving value for the communities where it operates.
About Phoenix Capital Group
Phoenix Capital Group is a leading player in the energy investment world, 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 footprint in the industry, Phoenix is positioned to be a leader in the energy sector for years to come.
Contact Information:
Phoenix Capital Group
123 Main Street, Suite 400
Williston, ND 58801
Phone: (949) 992-7573
Email: publicrelations@phxcapitalgroup.com
Website: www.phxcapitalgroup.com
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