A frequently heard concern is that refracs cannot compete with new well economics, however, to-date there have been no published studies that verify this assertion with actual refrac results.  A total of 56 single well leases were analyzed from public data in the Haynesville and 84 single well leases in the Eagle Ford.  EURs were extrapolated using the Arps method with actual post-refrac production data and forecasted declines out to 30 years.  Economics were run using measured and extrapolated data employing operators’ price decks.  Haynesville economics were run based on a $6MM AFE and Eagle Ford economics were run based on a $4MM AFE for liner refracs.  A full-cycle P50 NPV that includes infill child well protection was $13MM for the Haynesville vs a P50 NPV of $20.2 MM for a new drill.  The Eagle Ford full-cycle P50 NPV was actually $2.9 million higher than for a new drill.   In addition to the competitive rates of return, refracs have the advantages of lower up-front capital cost, fewer operational issues that rely on functioning supply chains, and a significantly lower carbon footprint than new wells that need to be drilled prior to completion.