HOUSTON, Oct. 13, 2017 (GLOBE NEWSWIRE) -- Peregrine Petroleum Partners, Ltd. announced today that it set an Ellis county record for drilling the fastest lateral run with a depth greater than 10,000 ft. and 3,500 minimum footage drilled.

Peregrine Petroleum drilled the Johnston 1-32H well lateral in Ellis County, Oklahoma targeting the Lower Cleveland Sandstone production zone. To achieve this record, Peregrine used a customized Smith bit with ONYX 360* PDC cutter technology.  ONYX 360 cutter technology increased drill bit durability and footage drilled as the entire diamond edge was used to drill the formations while it rotated 360°. The technology enabled Peregrine Petroleum to drill 4,267 feet from 10,103 to 14,370 ft at 47.41 ft/hr.  The lateral wellbore was drilled with a steerable mud motor.

This run represents our fastest, single bit lateral run to TD in the Lower Cleveland.  Utilizing the ONYX 360 technology resulted in a 35% reduction in the time required to drill the lateral versus a standard fixed cutter bit. The technology has allowed us to drill the lateral section using a single bit due to the increased bit life and on-bottom ROP.  This step change in efficiency translates directly to the bottom line through reduced well costs and improved single well economics.

-Andrew Park
Drilling Engineer – Peregrine Petroleum Partners, Ltd.

About Peregrine Petroleum
Peregrine Petroleum is a private exploration and production company generating sustainable long-term growth within the onshore continental United Sates. Peregrine delivers results through a collaborative interdisciplinary approach focusing on repeatable trend plays with long-term investment potential. Peregrine operates in a safe and environmentally sound manner in accordance with The Peregrine Way.

*Mark of Schlumberger

For more information, contact:

Name: Todd Hemphill
Title: VP Operations
Email: themphill@peregrinepetroleum.com