Abstract: A method of forecasting well production in an accurate and computational cost-efficient manner implementing a hybrid, iterative approach which is computationally efficient, numerically stable, and improves the accuracy of results. The iterative method of forecasting well production can estimate a set of scaling factor, determining the average adjusted pressure in the matrix, conductive reservoir volume, and oriented hydraulic fracture, applying an algorithm to convert the average adjusted pressure to an actual average pressure, using actual average reservoir pressure to estimate a new set of scaling factor, estimating a relative error based upon the new scaling factor, determining if the relative error is within a user-defined tolerance, and performing the above steps again if relative error is not within the user-defined tolerance or storing the new scaling factors. The new scaling factors can be used to determine a production rate.

Abstract: A recursive method of optimizing rate of penetration while drilling a well. The method can include collecting historical data on a plurality of drilling parameters, performing a mathematical analysis on the historical data to correlate each drilling parameter to a rate of penetration, determining an importance of each drilling parameter, establishing an operating envelope for each drilling parameter, and adjusting at least one drilling parameter to achieve a desired rate of penetration. The steps can then be repeated at a user defined interval.