Question-and-Answer Session
Operator
(Operator Instructions). Your first question comes from the line of Ronny Iceman (ph). Please proceed.
Unidentified Analyst
Good morning, guys. What are you seeing right now in terms of well costs in the Haynesville?
Robert Turnham, Jr.
Yeah, Ronny this is Rob, and we've seen pretty dramatic drop in cost really on the completion side more than anything. I think we have historically been averaging $8 million if you look at the wells that we've drilled in the past, we've seen pressure pumping the stimulation portion of that AFE dropped pretty dramatically over the last two to four months.
Current AFE estimate is about $7 million depends on the number of stage fracs. Obviously, we're currently are planning for 10 stage fracs, at least in our better areas and potentially 12 stage fracs in some of the other areas which would increase the cost by probably 250,000 per well.
Unidentified Analyst
And do you guys have color as to why the Sharp 1H-1 well was so much better than the Percy Sharp well?
Robert Turnham, Jr.
Well, the first obvious reason is that they had 12 successful frac stages before prior to completion on the Percy Sharp well we only had 80 that were pumped to completion. Other than that there was a little bit more fluid cost in the Exco well than our wells there on the Percy Sharp. But other than I think it's just execution with that frac and getting all 12 stages off.
Unidentified Analyst
Thank you, guys.
Operator
Your next question comes from the line of Kistler Chow (ph). Please proceed.
Unidentified Analyst
Good morning.
Robert Turnham, Jr.
Good morning.
Unidentified Analyst
Going back to the Exco- Sharp well just a second ago, does that changed your view I guess of the overall Longwood field area?
Walter Goodrich
Well, hi, good morning, Kistler, it's Gil. It certainly is encouraging and positive I would say follow-up to the previous question we don't see anything geologically or in the rocks that's any different between the two areas. So we do kind of tend to think that length is more in the completion and the things that Rob mentioned.
So yes, in bottom-line we're certainly much more encouraged about the area than we were, we would not written off by any means before. This gives us some added access to get backup there, although as Rob mentioned in his prepared remarks we don't have any additional wells planned there this year. But hopefully sometime in '10 we'll get backup there and grow some additional wells.
- To read the full transcript on Seeking Alpha, click here »
