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Our Operations

Operations Update

March 1, 2019

As of February 2019, we had drilled and completed 15 horizontal wells, nine of which are on production with the remaining six in early stages of flow back. These first 15 wells targeted the Lower Eagle Ford formation with average lateral lengths of approximately 7,750 feet. We expect to drill four additional wells commencing in March, one of which will be our initial test of the Upper Eagle Ford formation.

In addition to growing production and cash flow, we are gathering valuable information that should allow us to optimize well spacing and completion design as we determine how best to move forward with additional development of our Eagle Ford position. We have tested several completion designs and worked to determine the optimum completion recipe for lateral length, well spacing, frac water volumes, sand concentration and hydraulic fracture density, among other aspects. We have made progress in understanding how best to develop our acreage, but our work is not finished.

A key issue that we are closely analyzing is the optimal well spacing that will allow us to fully develop our acreage position without compromising well performance. Our nine most recent wells, the Vega, Persimmon and Katherine Brown wells, were all drilled 660 feet apart from one another and early production data indicates that wider spacing between wells may result in improved performance going forward. Freedom is working to optimize well spacing assumptions which should result in better wells and overall fewer wells, thus requiring less total capital to develop our acreage.

Like all good oil and gas operators, we will continuously adjust our drilling and well completion designs to achieve the best results possible from our acreage position. Over the last 18 months, we have varied the intensity of our hydraulic fracturing process. The three Vega wells were completed in December with significantly lower amounts of fluids and recently reached peak production after delays related to shut-ins required to accommodate nearby completion activities on other wells. The Persimmon and Katherine Brown wells were recently completed using less fluids and are in the early stages of flowback.

On February 20, 2019, we announced the initial 30-day production of the three Vega wells, which averaged 614 barrels of oil equivalent per day (“BOE/D”) per well with current flowing pressures averaging 294 psi per well. The wells have each flowed an average of 672 barrels of water per day over the initial 30-day period, and currently produce over 300 barrels of water per day each as they continue to recover the fluids used in the hydraulic fracturing.

Operations Update

March 1, 2019

As of February 2019, we had drilled and completed 15 horizontal wells, nine of which are on production with the remaining six in early stages of flow back. These first 15 wells targeted the Lower Eagle Ford formation with average lateral lengths of approximately 7,750 feet. We expect to drill four additional wells commencing in March, one of which will be our initial test of the Upper Eagle Ford formation.

In addition to growing production and cash flow, we are gathering valuable information that should allow us to optimize well spacing and completion design as we determine how best to move forward with additional development of our Eagle Ford position. We have tested several completion designs and worked to determine the optimum completion recipe for lateral length, well spacing, frac water volumes, sand concentration and hydraulic fracture density, among other aspects. We have made progress in understanding how best to develop our acreage, but our work is not finished.

A key issue that we are closely analyzing is the optimal well spacing that will allow us to fully develop our acreage position without compromising well performance. Our nine most recent wells, the Vega, Persimmon and Katherine Brown wells, were all drilled 660 feet apart from one another and early production data indicates that wider spacing between wells may result in improved performance going forward. Freedom is working to optimize well spacing assumptions which should result in better wells and overall fewer wells, thus requiring less total capital to develop our acreage.

Like all good oil and gas operators, we will continuously adjust our drilling and well completion designs to achieve the best results possible from our acreage position. Over the last 18 months, we have varied the intensity of our hydraulic fracturing process. The three Vega wells were completed in December with significantly lower amounts of fluids and recently reached peak production after delays related to shut-ins required to accommodate nearby completion activities on other wells. The Persimmon and Katherine Brown wells were recently completed using less fluids and are in the early stages of flowback.

On February 20, 2019, we announced the initial 30-day production of the three Vega wells, which averaged 614 barrels of oil equivalent per day (“BOE/D”) per well with current flowing pressures averaging 294 psi per well. The wells have each flowed an average of 672 barrels of water per day over the initial 30-day period, and currently produce over 300 barrels of water per day each as they continue to recover the fluids used in the hydraulic fracturing.

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