Whiting Petroleum Corp. says oil production at its Weld County wells jumped 78 percent in the third quarter compared with the previous quarter and investors were impressed.
Shares in the Denver energy company (NYSE: WLL) rose more than 14 percent in Thursday trading, rising 69 cents to close at $5.56 yesterday.
Whiting said during the last quarter, it completed 58 gross operated wells at its DJ Basin/Redtail area in Weld County. In the fourth quarter, it said it plans to put 25 gross wells on production in its Redtail area and fourth-quarter production is expected to grow again.
"We are very pleased with results at our Redtail area where production grew 78 percent to 11,750 BOE/d (barrels of oil equivalent per day) from second quarter levels.This was ahead of schedule and reflects the quality of our Redtail assets and operations team," said James Volker, chairman, president and CEO, in a statement.
Read more at the Denver Business Journal: http://bit.ly/2i9Za2I