Monday, February 20, 2012

Niobrara Shale - Devon Energy (DVN)

By Tim -

Devon Energy (DVN) is currently drilling for oil in the Niobrara Shale Formation located in Colorado and Wyoming.

In the Niobrara, industry results to date have been mixed and somewhat challenged in some areas, but we are still in the early stages of evaluating our acreage. However, we recently completed our first well in the Turner formation on our Niobrara acreage with encouraging results. After being online for 22 days, the Waterbuck 2342 had averaged 427 barrels of oil equivalent per day. In addition to the Niobrara and Turner formations, we expect to drill Cordell, Mowry and Frontier wells in our Powder River and DJ Basin acreage this year. In total, we expect to have 35 wells drilled here by year end.