Sunday, February 19, 2012

Upton County, Texas - Wolfcamp Shale - Oil Drilling

By Tim -

Wolfcamp Shale Update - Upton County, Texas - Pioneer Natural Resources (PXD)

Pioneer Natural Resources (PXD) continues to see great oil well results in the Wolfcamp Shale located in Upton County, TX.

“We recently completed our second successful horizontal well in the Wolfcamp Shale in Upton County, Texas. This well is performing similarly to the first well we announced in 2011, with a 24-hour initial production rate of 807 barrels oil equivalent per day (BOEPD) and a peak 30-day average natural flow rate of 677 BOEPD. The first well continues to flow naturally and produced 45 thousand barrels oil equivalent (MBOE) over its first 90 days of production, which is seven times the production from a Spraberry vertical well over the same time period. These results, which are above our expectations, coupled with the strong production from other industry players drilling horizontal wells in this interval and Pioneer’s extensive geologic interpretation of the area, suggest significant horizontal Wolfcamp Shale potential exists within Pioneer’s acreage. We are the largest acreage holder in the Wolfcamp Shale play with more than 400,000 prospective acres. Our current focus is on 200,000 acres in the southern part of the field where we plan to drill 30 to 35 wells by year end.”