Sanchez Energy reported operational details on the company's recent oil and gas exploration and development activity in the United States. The company also released financial results for the quarter ending December 31, 2011.
Sanchez Energy reported total oil and gas production of 56,007 barrels of oil equivalent (NYSE:BOE) in the fourth quarter of 2011. This production level represented growth of 41% sequentially and 38% on a year-over-year basis.
Sanchez Energy is currently operating three rigs on the company's oil and gas properties in south Texas, where the company is testing the Eagle Ford Shale and Austin Chalk formations. The company said that a recent vertical well on its acreage produced at a production rate of 207 BOE per day during an initial test period.
Sanchez Energy reported sales of $4.6 million in the fourth quarter of 2011, up 50% from the $3.1 million reported in the corresponding quarter of 2010. The company realized a price of $102.32 per barrel for crude oil and $2.37 per thousand cubic feet for natural gas.
Sanchez Energy has 92,000 net acres under lease and plans to drill 16.5 net wells in 2012. The company has set a capital budget between $136 million and $154 million for the year.
For more information on the company, go to www.sanchezenergycorp.com
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