Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from the line of Brian Singer with Goldman Sachs.
Brian Singer - Goldman Sachs
Since you kind of asked for the question, maybe you could talk about the cost trajectory at Haynesville and then also touch on some of the decline rates you are seeing relative to expectations from the earlier Haynesville wells you drilled at the beginning of the year.
Chuck Stanley
Hi, Brian, Chuck Stanley here. We currently carry an AFE cost on our Haynesville wells of $9.5 million and that assumes about 69 days from spud to rig release. We are averaging well under that, about 55 days about $8.9 million for our most recent wells; and the most recent well that we drilled and TD'd in 41 days, so the drill times are coming down.
We have had our biggest challenge is frankly not in the actual drilling but in the downhole equipment and the high temperatures that we encountered in the Haynesville, which tend to limit the service life of NWD and directional equipment downhole. We're finding service providers who are responding to the need for high temperature equipment and it's making a big difference. So we're not having to trip out as often to replace those tools.
Long-term, I've given up trying to predict performance; but the Pinedale team has continued to amaze me in the way they've delivered lower well costs, improvements in drill times. We're identifying new bids that have significantly reduced our well costs at Pinedale. As we mentioned in our ops release, we've trended below $5 million. We've drilled wells in 16 days. Our average time there is down dramatically from what it was even a year ago and that's after over 400 wells. So I'm very optimistic on our team's ability to drive down cycle time and improve performance in the drilling side.
Second part of your question on well performance decline, you saw the results of the wells that we turned to sales. I draw your attention to a couple things. The initial rates, the 24 hour rates are quite strong on these wells. But you need to look at the IPs or the peak rates in conjunction with flowing pressures and with choke sizes. You'll see that all of these wells had flowing pressures in the high 7,000 to over 8,000 pounds per square inch range on relatively small chokes, 24 to 2,864 chokes.
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