Thursday, February 23, 2012

Wolfcamp Shale - Devon Energy (DVN)

By Tim -

Wolfcamp Shale Update - Devon Energy (DVN)

Devon Energy (DVN) provides an update on drilling for oil in the Wolfcamp Shale located in the Midland Basin.

We only recently began drilling on the 92,000-net-acre Wolfcamp shale position that we have established in the Southern Midland Basin. We brought 4 Wolfcamp Shale horizontal wells online in the fourth quarter, with the best well delivering a 24-hour IP of 935 barrels of oil equivalent per day. The results of our wells, combined with industry results around our position, give us confidence and consistent economic results in this play. We are continuing to fine-tune our drilling and completion techniques and have just finished drilling our first 7,100-foot lateral, which included a 30-stage completion. This well is just starting to flow back. We'll keep you posted and updated on our progress.