TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
AMD Shares Slide Despite Earnings Beat as Cautious Revenue Outlook Weighs on Stock 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
Australian Scandium Project Backed by Richard Friedland Poised to Support U.S. Critical Minerals Stockpile 
Nvidia Nears $20 Billion OpenAI Investment as AI Funding Race Intensifies 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
Anthropic Eyes $350 Billion Valuation as AI Funding and Share Sale Accelerate 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
Ford and Geely Explore Strategic Manufacturing Partnership in Europe 
Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
HOUSTON, Oct. 13, 2017 -- 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: [email protected]
