Saturday, August 14, 2010

Devon Energy Corp. (DVN): Permian Basin Update

By Andrea:

Devon Energy Corp. (DVN) announce in their 2010 2Q earnings call that they have been actively acquiring acreage in the Permian Basin. In their Wolfberry light oil play in West Texas, they added 58,000 net acres since the beginning of 2010 and they now have 200,000 prospective net acres in play. They have four operated rigs running and they drilled 26 wells during the 2nd quarter. The 2nd quarter activity included their best well to date, known as the Helen Crump B. They well provides over 500 barrels of oil equivalent per day.

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