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Vitruvian Unveils Plans For SCOOP Assets

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Tulsa, OK - March 7, 2014 – By the end of this year, Vitruvian Exploration II aims to have 16 producing horizontals in the Woodford SCOOP (South Central Oklahoma Oil Province) shale play with an operated production growth of 270%.

Richard Lane, the company's president and CEO, shared insight on the company's operations and plans for the SCOOP area during Hart Energy's DUG Midcontinent conference Monday. The company is entering the second year of its drilling campaign in the area after acquiring Chitwood-Knox legacy assets in December 2012.

"What really got us interested in the SCOOP area was the excellent reservoir rock," Lane said. "Our team described it as the best unconventional reservoir rock that we've come across. That's after looking at a lot of plays in a lot of different basins.
"It's got the right kerogen type. It's got great organic carbon. It has good maturity indexes. It has the condensate to go with it and the NGLs," Lane continued, later adding the average estimated ultimate recoveries are greater than 2 MMboe. "The thickness is excellent, high porosities, good permeability, fairly silica-rich rock. All of that gives rise to a tremendous resource with about 150 to 200 Bcf per section."

Vitruvian operates about 62 sections.

The Woodlands, Texas-based company's SCOOP assets, totaling about 38,000 contiguous net acres, are located in a highly concentrated liquids-rich window. About 350 vertical wells came with the purchased acreage. "We have to manage those vertical wells, but the other nice attribute is our acreage block is held by production," Lane said.

But this year Vitruvian will dive deeper into its drilling campaign, investing US$181 million. The company currently has three rigs operating, with averaged initial productions of about 1,400 boe/d. A fourth rig is expected to be operating by July 2014. Plans for the year includes spudding six 4,500-ft laterals and 12 7,500-ft laterals. Of the 18 wells spud, hopes are for 16 to be producers by year-end with production ramping up to about 12,000 boe/d.

That equates to revenue. The company anticipates bringing in more than $12 million in revenue per month and will consider adding rigs based on how well operations go in the first half of this year. "In the pretty near term, with the activity levels we have planned, this starts to be a self-funding asset from the cash-flow that is generated," Lane said.

However, the positive outlook doesn't mean there is nothing left to learn or improve.

Vitruvian has learned that not all wells are the same. Each requires area specific optimization. The company is learning, as it goes, where to drill wells longer and where not to, and continues to learn from its nonoperated interests to gain data points to obtain more knowledge.

Lane said the company is working to get its drill time down with bit selection and understanding the geology, working on stimulation practices and design, and trying to understand how the reservoir is being contacted in the vertical and horizontal sense. The company also plans to collect microseismic data to learn from an imaging standpoint, figure out whether there is potential to stack laterals and how closely can they be spaced, and learning as much as possible about recovery efficiencies and optimal well spacing.

With 38,000 acres in the SCOOP area, Vitruvian estimates its reserve potential at 558 MMboe.

"The SCOOP area is just an outstanding reservoir. It's much thicker, exceeds 400 feet in the area of our leasehold, it's about 2,500 feet deeper. That affects the maturity. It affects the pressure and the energy that the reservoir has," Lane said. "The IPs that we are seeing in the south part in the Scoop area are almost twice as in the Cana [Woodford] proper area. The EURs are significantly higher as well. The gas is richer, and that gives rise to the condensate and the NGLs. So overall, it's a pretty outstanding reservoir."

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