Monday, February 20, 2012

Cardium Shale - Alberta Canada Oil Field - Devon Energy (DVN)

By Tim -

Devon Energy has also confirmed positive results in the Cardium Shale oil field. Located west of Alberta Canada, the Cardium Shale is a new emerging oil field.

On the exploration front in Canada, we continue to evaluate the oil and liquids-rich potential of numerous play types across our more than 4 million net acres. Our most encouraging results from our 2011 program came in at the Ferrier Area where we are targeting cardium oil. We drilled 8 wells in the area and saw 30-day IP rates as high as 940 barrels of oil equivalent per day.

This could be a sign of things to come. One thing is for sure, Forest Oil (FST), Exxon Mobil (XOM), and ConocoPhillips (COP) are drilling for oil in the Cardium as well.