APEX Natural Gas LLC is the undisputed leader in Haynesville drilling activity, currently operating 11 active rigs and 6 frac crews — more combined activity than any other operator in the basin. Production has ramped dramatically from ~0.58 Bcf/d in January 2025 to ~1.73 Bcf/d by mid-2026, a 3x increase driven by aggressive completion activity. Using a cohort-based projection model calibrated to APEX's actual type curve (16.7 MMcf/d median peak IP, 54% first-year decline) and current completion pace (10-14 wells/month with 6 frac crews), we project production reaching 2.4–2.8 Bcf/d by March 2027. APEX's 63-well DUC inventory provides additional upside. With ~1,511 remaining single-zone locations across an estimated 4,400 sq mi footprint, APEX has 7.7+ years of drilling inventory at 11 rigs — and their current 6 frac crews can support up to 15 rigs without adding a single crew (2.5:1 Haynesville ratio). Bottom line: APEX does NOT need acquisitions to sustain growth — acreage and frac capacity are not constraints.
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