By George E. King HOUSTON-Refracturing wells within even the first few years of production may provide significant economic benefits, especially during periods of downturns in oil and gas prices when drilling budgets are reduced. Horizontal wells drilled in tight oil and shale gas plays are characterized by steep decline curves and generally low overall recovery rates. Given the size of the resource in unconventional formations, and the cost of drilling and completing new wells versus refracturing existing wells, will refrac activity increase with decreased drilling counts in resource plays? Refracturing oil and gas wells is not a new endeavor; refracs were common in the mid- to late-1950s through the 1970s as the "new" technology of fracturing evolved technically into a more highly effective stimulation mechanism for specific formations. The economics of vertical well refracs in conventional formations were often very favorable, with many 60-day payouts. The cost of a refrac in a vertical well is only a fraction of the cost of a new well, but what is the prediction for refracs in horizontal wells completed with multistage hydraulic fracturing? Surprisingly, refracturing horizontal laterals-even multiple refracs of the same wellbore-may make sense when adding reserves by drilling does not. APRIL 2015 63