American Oil and Gas Reporter - December 2022 - 54

SpecialReport: Eagle Ford Playmakers
alone, we experienced a 50% increase in
production and a 60% increase in proven
reserves. "
Ahead of the Lonestar Resources acquisition,
Ranger also acquired a bolt-on
from Rocky Creek Resources. Now, this
year, Ranger has closed eight more transactions
for an aggregate $139 million,
adding 20,000 net acres and 2,000 boe/d
in and around the company's existing
Eagle Ford portfolio.
Several additional deals are also in
the works, according to Henke, including
a potential acquisition that could close
as soon as the fourth quarter that would
increase Ranger's working interest in
some future wells.
" Our team navigated a challenging
macro-environment and has created significant
long-term value for our shareholders, "
Henke stated in the company's
third-quarter earnings report. " Our continued
capital discipline and focus on highreturn
development drilling allowed us to
generate significant free cash flow, expand
our cash return framework and significantly
strengthen our capital structure. In addition,
we captured a number of accretive boltons
this year that deepened our inventory
of top-tier development projects. "
Ranger Oil is operating exclusively in
the oily Lower Eagle Ford. " As of the
end of the third quarter, we had drilled
51 gross wells and turned in line 42
wells. We are the operator of more than
900 gross wells with over 45,000 boe/d
of net production, " Henke explains, noting
that Ranger's production is 72% oil and
87% liquids.
Pure-Play Player
" We are a pure-play Eagle Ford company, "
Henke continues. " The thing I like
about the Eagle Ford is its close proximity
to the Gulf Coast. We have been getting
a premium compared to WTI pricing on
every barrel over the last six months.
The Eagle Ford also makes only one
barrel of water per barrel of oil. In a lot
of other plays it is as many as 10 barrels
of water for every barrel of oil. So our
operating expenses are lower.
" Those things coupled are why we've
consistently had the number one EBITDAX
margin, " he goes on. " Another plus
is the regulatory environment in Texas.
There is none better. We do not have any
issue getting our product to market. The
Eagle Ford is a great place to be. "
He says the Lower Eagle Ford in
Ranger's area ranges in depth from 9,000
feet to 13,000 feet at its deepest, with an
average well depth of about 11,000 feet.
" We start wells flowing naturally for
30-90 days, " Henke offers. " Then we install
a jet pump or a high-volume annular
gas lift system. We are actually experimenting
in the fourth quarter with two
electrical submersible pumps. On the
lower gas-to-oil ratio wells, we eventually
switch to rod pumps. "
The Lower Eagle Ford wells have a
steep initial decline, according to Henke,
and then generally flatten out to a 5-7%
decline. " But they should produce for
more than 30 years, " he claims.
Although Henke admits his company
is studying the Austin Chalk and neighboring
operators are drilling in the formation,
Ranger Oil has no immediate
plans to deviate from its exclusive Lower
Eagle Ford focus.
" We have a 15-year drilling inventory
Ranger Oil Corp. has enjoyed
a remarkable year
since it was rebranded in
2021 following Penn Virginia's
acquisition of Lonestar
Resources, recording
a 50% increase in production
and a 60% increase in
reserves. Since closing the
deal with Lonestar, Ranger
has made eight other transactions
that added more
than 20,000 net acres in
and around the company's
existing Eagle Ford portfolio.
Through the end of the
third quarter, Ranger had
drilled 51 gross Lower Eagle
Ford wells and turned 42
wells in line.
54 THE AMERICAN OIL & GAS REPORTER
in the Lower Eagle Ford, which has a
lower risk and the highest expected rate
of return. We can watch other operators,
and when it is comparable to the Lower
Eagle Ford, we likely will drill in the
Austin Chalk, " he states. " In the meantime,
we will continue to drill in the
Lower Eagle Ford, which still yields
exciting wells. "
In the last two years, Henke says
Ranger Oil has extended its lateral lengths
from 6,000-6,500 feet to nearly 10,000
feet. Ranger is also now casing all of its
new wells with 6-inch instead of 5½inch
pipe. The larger casing means quicker
execution and lower costs with fewer
frac stages, wireline runs and plugs, he
relates. Henke says this allows the company
to increase frac pumping rates from
90 to 120 barrels/minute.
He notes that Ranger is using 500foot
spacing between wells. It typically
drills two-four wells per pad, in many

American Oil and Gas Reporter - December 2022

Table of Contents for the Digital Edition of American Oil and Gas Reporter - December 2022

Contents
American Oil and Gas Reporter - December 2022 - Intro
American Oil and Gas Reporter - December 2022 - Cover1
American Oil and Gas Reporter - December 2022 - Cover2
American Oil and Gas Reporter - December 2022 - 3
American Oil and Gas Reporter - December 2022 - 4
American Oil and Gas Reporter - December 2022 - Contents
American Oil and Gas Reporter - December 2022 - 6
American Oil and Gas Reporter - December 2022 - 7
American Oil and Gas Reporter - December 2022 - 8
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American Oil and Gas Reporter - December 2022 - Cover3
American Oil and Gas Reporter - December 2022 - Cover4
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