Vine Energy Inc. Drills Longest Onshore Horizontal Well in State of Louisiana

Rhea-AI Summary

Vine Energy Inc. (NYSE: VEI) announced the successful drilling of the longest onshore horizontal well in Louisiana, the CHKMIN 20-29-32HC-01 ALT. This well, drilled in Sabine Parish, achieved a lateral length of 15,240 feet and a total depth of 27,520 feet over 35 days, costing approximately $400 per lateral foot—setting a record for the company. Completion is expected in January 2022. Additionally, Vine is in the process of being acquired by Chesapeake Energy (NASDAQ: CHK) as part of a definitive agreement established on August 11, 2021.

Positive

• Successful drilling of the longest onshore horizontal well in Louisiana.
• Record lateral length of 15,240 feet and total depth of 27,520 feet.
• Drilled in a record time of 35 days at $400 per lateral foot.

Negative

• None.

PLANO, Texas--(BUSINESS WIRE)-- Vine Energy Inc. (NYSE: VEI) announced today the conclusion of the drilling phase of the longest onshore horizontal well in the State of Louisiana.

The CHKMIN 20-29-32HC-01 ALT was recently drilled in Sabine Parish to the Mid-Bossier formation with an estimated lateral of 15,240 feet and total measured depth of 27,520 feet. The well was drilled in 35 days and the drilling phase cost approximately $400 per lateral foot, a Vine record for both drilling time and cost. The well is scheduled for completion in January 2022.

Commenting on the news, David Elkin, Vine’s Executive Vice President and Chief Operating Officer said, “I want to congratulate the Vine team for what is quite simply a remarkable achievement that complements the numerous, best-in-class milestones we’ve realized since Vine’s inception. It reflects our commitment to operational excellence, safety and sustainable value creation for all stakeholders.”

About Vine Energy Inc.

Vine Energy Inc., based in Plano, Texas, is an energy company focused on the development of natural gas properties in the stacked Haynesville and Mid-Bossier shale plays in the Haynesville Basin of Northwest Louisiana. The Company is listed on the New York Stock Exchange under the symbol “VEI”.

On August 11, 2021, Vine and Chesapeake Energy (NASDAQ:CHK) entered into a definitive agreement whereby Chesapeake will acquire Vine. For more information about this transaction, visit investors.chk.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211026005994/en/

David Erdman

Director, Investor Relations

(469) 605-2480

IR@VineEnergy.com

Source: Vine Energy Inc.

FAQ

What is the significance of Vine Energy's recent drilling announcement?

Vine Energy's recent announcement highlights the successful completion of the longest onshore horizontal well in Louisiana, reflecting operational excellence and efficiency.

What are the drilling details of the CHKMIN 20-29-32HC-01 ALT well?

The CHKMIN 20-29-32HC-01 ALT well was drilled to a lateral length of 15,240 feet with a total depth of 27,520 feet, completed in 35 days.

When is the completion of the new well expected?

The completion of the new well is scheduled for January 2022.

What is the financial implication of the drilling cost for Vine Energy?

The drilling cost for the well was approximately $400 per lateral foot, setting a new company record for cost-efficiency.

What is the relationship between Vine Energy and Chesapeake Energy?

Vine Energy is in the process of being acquired by Chesapeake Energy under a definitive agreement announced on August 11, 2021.