Linn Energy (LINE) issued an operational update for the fourth quarter of 2010 on its properties that are exposed to the Granite Wash in Texas and Oklahoma. During the quarter the company increased its rig count to four.
Linn Energy plans to drill approximately 35 operated wells into the Granite Wash in 2011, and reported current net production capacity of 60 million cubic feet equivalent per day. The company has ten operated wells producing from the Granite Wash.
Linn Energy plans has allocated $480 million in 2011 for its capital program and plans to spend 50% of this capital for Granite Wash activities.
Linn Energy drilled its first operated horizontal well into the Granite Wash in Oklahoma during the fourth quarter of 2010. The Cooprider 1-34H well is located in Roger Mills County, and according to the company,” produced volumes below expectations.”