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https://globenewswire.com/news-release/2018/04/03/1458943/0/en/Percussion-Petroleum-Announces-Strong-Well-Results.html

 

HOUSTON, April 03, 2018 (GLOBE NEWSWIRE) -- Percussion Petroleum, LLC (“Percussion”) today announced record results from four horizonal wells it recently completed in Eddy County, New Mexico, including the highest reported 30-day initial production for any horizontal Yeso formation (“Yeso”) well in southeast New Mexico’s Northwest Shelf.

Percussion, an independent oil and gas exploration and production company based in Houston, completed the Goodman 22 4H horizontal well (API #: 30-015-44366) across 4,835 feet of productive lateral within the Yeso.  The well achieved a 30-day initial production rate of 1,208 barrels of oil equivalent per day on a three-stream basis (92% liquids, 80% oil).  Production rates on a 24-hour basis peaked at 1,440 barrels of oil equivalent per day.

To date, Percussion has completed four consecutive horizontal wells in the Yeso with modern completion and stimulation techniques utilizing more than 1,000 pounds of proppant and 2,500 gallons of water per foot of lateral length.  The four wells, which cost approximately $3 to $4 million each, average 4,915 feet of productive lateral at just under 3,000 feet TVD and have an average 30-day initial production rate of 1,080 barrels of oil equivalent per day on a three-stream basis (91% liquids, 80% oil).

“Our well results in the area continue to exceed legacy results,” said John Campbell III, Percussion’s Chief Executive Officer.  “As we apply new completion technology across the multiple benches of the 2,000 foot-thick Yeso, we have seen the results continue to improve; the wells are demonstrating that our high oil IPs and increased EURs are repeatable across our position, yielding some of the best economics in the Lower 48.”

About Percussion Petroleum, LLC

Percussion is an independent oil and gas exploration and production company headquartered in Houston, Texas, led by John Campbell III, Lupe Carrillo and Brian Zwart.  Percussion is currently pursuing horizontal Yeso opportunities in the Northwest Shelf in Eddy and Lea Counties, New Mexico, with more than 30,000 net acres currently owned.  For more information, please visit www.percussionpetroleum.com.

About Carnelian Energy Capital Management, L.P.

Carnelian is an energy investment firm based in Houston, Texas.  With $1 billion of cumulative equity commitments, Carnelian focuses on lower-to-middle market equity investments in the North American upstream, midstream and oilfield services sectors.  For more information, please contact Carnelian at info@carnelianec.com or visit www.carnelianenergy.com.

 

February 01, 2016

Percussion Petroleum, LLC Announces Partnership With Carnelian Energy Capital

HOUSTON, TX--(Marketwired - February 01, 2016) - Percussion Petroleum, LLC ("Percussion" or the "Company") today announced the closing of an equity commitment from Carnelian Energy Capital Management, L.P. ("Carnelian") through Carnelian's fund, Carnelian Energy Capital, L.P.

Percussion, an independent oil and natural gas company headquartered in Houston, was formed to pursue an acquisition and exploitation strategy in select onshore basins in North America.

The founders of the Company, John Campbell III, Lupe Carrillo and Brian Zwart, previously worked together at two successful private-equity backed ventures, QR Energy, L.P. and Rockcliff Energy, LLC.

"We are excited to be partnering with Carnelian during this dynamic time in the energy markets," said Campbell. "Carnelian's financial expertise and value-added relationships, coupled with Percussion's proven exploitation skill set, provide us the flexibility to move quickly as we evaluate and capture opportunities."

Tomas Ackerman, a Carnelian Partner, said: "We are thankful to have the opportunity to team up with such highly talented and driven entrepreneurs. We look forward to working with them and are excited they chose Carnelian to be their partner in this venture."

About Percussion Petroleum, LLC

Percussion is an independent oil and natural gas company based in Houston, Texas. Percussion focuses on acquisition and exploitation opportunities in select onshore basins in North America.

About Carnelian Energy Capital Management, L.P.

Carnelian is a private equity firm based in Houston, Texas. Carnelian focuses on lower and middle market energy investments requiring between $35 million and $75 million of equity capital in the North American upstream, midstream and oilfield services sectors.