Eclipse Res. 1Q16: Drills Longest Shale Well Ever! “Purple Hayes”

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Eclipse_logo_hiresEclipse Resources released their first quarter 2016 update yesterday. Although Eclipse, a Marcellus/Utica pure play driller headquartered in State College, PA (but drilling mostly in Ohio), has curtailed or shut-in some of it's production given low prices for gas, they still posted an impressive 26% increase in production in 1Q16 over 1Q15. While we've heard of Prince and his "Purple Rain," we hadn't heard of Eclipse's "Purple Hayes"--which is a Utica well with an underground lateral reaching out 18,500 feet--3.5 miles! During 1Q16 Eclipse drilled their Purple Hayes well in under 18 days. Amazing! Even more amazing--the well was completed with 124 frac stages. It is believed to be the longest onshore later well ever drilled. Kudos to Eclipse! On the downside, the company lost $41 million in 1Q16...

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