Capital and the year ahead
$246.0M approved for the year · $155.9M spent in 8 months against $153.4M phased
Annual budget
$246.0M
board approved
Spent, year to date
$155.9M
+1.6% against phasing ·
63% of the year
Open AFEs
22
22 total this year
Rigs running
3
5 wells scheduled
Spend against budget, by month
Bars turn red where the month came in above its phased budget;
the dashed line is the budget itself. Budget is phased to the activity plan rather
than split into twelve equal slices, so it dips over the holidays and peaks in
spring. Capital is lumpy by nature — one spud moving two weeks shifts several
million between months — so read the run rate, not any single bar.
$90.1M of the annual authorisation remains.
Authorizations for expenditure
An AFE that is 80% spent and 40% complete is the earliest warning an executive gets, and it is invisible in the ledger alone — the ledger knows the dollars, but per cent complete lives in the drilling system. Sorted by the size of that gap.
| AFE | Field | Type | Authorized | Spent | Complete | Progress | Variance | Status |
|---|---|---|---|---|---|---|---|---|
| AFE-2026-CWB-109 opened Dec 25 |
Cottonwood Bend | Drill & complete | $9.9M | $11.3M | 93% | $2.1M | In progress | |
| AFE-2026-ANT-109 opened Jun 26 |
Antelope Draw | Drill & complete | $8.8M | $9.1M | 80% | $2.0M | In progress | |
| AFE-2026-ANT-103 opened Oct 25 |
Antelope Draw | Drill & complete | $8.2M | $8.5M | 91% | $1.0M | In progress | |
| AFE-2026-SGB-106 opened Mar 26 |
Sagebrush Flats | Drill & complete | $8.5M | $8.9M | 95% | $793k | In progress | |
| AFE-2026-SGB-103 opened Jul 25 |
Sagebrush Flats | Drill & complete | $9.6M | $7.0M | 66% | $617k | In progress | |
| AFE-2026-MQR-100 opened Jan 26 |
Mesquite Ridge | Drill & complete | $7.8M | $3.3M | 38% | $356k | In progress | |
| AFE-2026-RMN-103 opened May 26 |
Rimrock North | Drill & complete | $9.9M | $3.1M | 34% | -$345k | In progress | |
| AFE-2026-ANT-106 opened Jan 26 |
Antelope Draw | Drill & complete | $9.3M | $1.4M | 18% | -$240k | In progress | |
| AFE-2026-MQR-106 opened Jul 25 |
Mesquite Ridge | Drill & complete | $8.1M | $3.1M | 36% | $202k | In progress | |
| AFE-2026-CWB-100 opened Feb 26 |
Cottonwood Bend | Drill & complete | $9.0M | $1.3M | 12% | $169k | In progress | |
| AFE-2026-CWB-112 opened Jan 26 |
Cottonwood Bend | Drill & complete | $9.1M | $2.3M | 23% | $165k | In progress | |
| AFE-2026-RMN-106 opened Sep 25 |
Rimrock North | Facility | $2.7M | $1.1M | 47% | -$159k | In progress | |
| AFE-2026-ANT-100 opened Feb 26 |
Antelope Draw | Facility Non-op | $2.5M | $790k | 36% | -$134k | In progress | |
| AFE-2026-RMN-100 opened Mar 26 |
Rimrock North | Drill & complete | $9.8M | $1.5M | 14% | $134k | In progress | |
| AFE-2026-CWB-115 opened Jun 25 |
Cottonwood Bend | Recompletion | $1.8M | $598k | 39% | -$105k | In progress | |
| AFE-2026-RMN-109 opened Feb 26 |
Rimrock North | Recompletion | $1.6M | $701k | 41% | $52k | In progress | |
| AFE-2026-SGB-100 opened Jul 25 |
Sagebrush Flats | Recompletion | $1.7M | $374k | 20% | $37k | In progress | |
| AFE-2026-SGB-109 opened Dec 25 |
Sagebrush Flats | Facility | $2.2M | $199k | 11% | -$36k | In progress | |
| AFE-2026-MQR-103 opened Jun 25 |
Mesquite Ridge | Recompletion | $1.3M | $379k | 27% | $35k | In progress | |
| AFE-2026-CWB-106 opened Apr 26 |
Cottonwood Bend | Facility | $2.6M | $1.3M | 50% | $25k | In progress | |
| AFE-2026-CWB-103 opened Oct 25 |
Cottonwood Bend | Water infrastructure | $2.7M | $1.7M | 63% | $24k | In progress | |
| AFE-2026-MQR-109 opened Feb 26 |
Mesquite Ridge | Recompletion | $1.6M | $240k | 14% | $17k | In progress |
Variance is spend to date against what should have been spent at
this stage of completion. A positive number means the money is going out faster
than the work is getting done.
Production outlook
Projection, not a plan. The solid line is closed months.
The dashed line carries the observed six-month decline forward and adds the wells
on the rig schedule at first production. The shaded band is
−8% to +9% around it. Every assumption is on this page on purpose — a
forecast that hides its assumptions is worse than no forecast.
Rig schedule
| Rig | Well | Lateral | AFE | $/ft | Phase |
|---|---|---|---|---|---|
| Rig 1 Antelope Draw |
Antelope 40-1H
spudded 14 d ago |
15,000 ft | $9.5M | $752 | Drilling |
| Rig 3 Cottonwood Bend |
Cottonwood 40-1H
spudded 11 d ago |
15,000 ft | $9.3M | $614 | Drilling |
| Rig 2 Sagebrush Flats |
Sagebrush 40-1H
spudded 6 d ago |
10,000 ft | $9.7M | $713 | Drilling |
| Rig 3 Cottonwood Bend |
Cottonwood 41-2H
spud in 8 d
|
12,400 ft | $10.7M | $679 | Scheduled |
| Rig 2 Sagebrush Flats |
Sagebrush 41-2H
spud in 28 d
|
12,400 ft | $10.1M | $756 | Scheduled |
| Rig 1 Antelope Draw |
Antelope 41-2H
spud in 37 d
|
12,400 ft | $11.1M | $736 | Scheduled |
| Rig 2 Sagebrush Flats |
Sagebrush 42-3H
spud in 70 d
|
12,400 ft | $8.7M | $766 | Scheduled |
| Rig 2 Sagebrush Flats |
Sagebrush 43-4H
spud in 85 d
|
12,400 ft | $10.8M | $696 | Scheduled |
Cost per lateral foot is the number that makes wells comparable
across fields and vintages, regardless of how long the lateral is.
Monthly capital detail
| Month | Budget | Actual | Variance | Variance % |
|---|---|---|---|---|
| Aug 26 month to date | $4.1M | $3.4M | -$737k | -18.0% |
| Jul 26 | $19.9M | $20.7M | $726k | +3.6% |
| Jun 26 | $21.6M | $23.8M | $2.2M | +10.1% |
| May 26 | $23.6M | $19.7M | -$3.9M | -16.6% |
| Apr 26 | $24.1M | $27.1M | $3.0M | +12.5% |
| Mar 26 | $23.1M | $24.1M | $928k | +4.0% |
| Feb 26 | $19.4M | $20.2M | $730k | +3.8% |
| Jan 26 | $17.5M | $17.1M | -$413k | -2.4% |
| Dec 25 | $13.0M | $15.0M | $2.0M | +15.2% |
| Nov 25 | $17.2M | $18.9M | $1.7M | +10.0% |
| Oct 25 | $22.4M | $21.9M | -$523k | -2.3% |
| Sep 25 | $22.9M | $23.2M | $372k | +1.6% |
| Aug 25 | $21.2M | $23.6M | $2.5M | +11.6% |