Fairway Resources III, LLC (“Fairway III”) announced that its Burson 1-33H, a one-mile horizontal Upper Osage well, has produced 100,000 barrels of oil in only 169 days. The well has also produced 149 million cubic feet of gas for a total of 125,000 barrels of oil equivalent (80% oil). The well is located in extreme southern Woods County, Oklahoma near the northern edge of Fairway’s acreage position in the NW STACK play.
Fairway III President & CEO, Matt Eagleston, commented, “The Burson is an excellent well and highlights the outstanding potential of Fairway’s position in the NW STACK play. We are looking forward to further delineating our position over the next 12 months, while at the same time improving performance and driving down costs. By this time next year, we project that we will have 35 wells completed and on-line in the NW STACK.”
Fairway III is a privately-owned oil and gas company based in Southlake, Texas, backed by management and a large commitment from Denham Capital, an energy-focused global private equity fund.