Devon Energy (DVN) - Permian Basin Update

By Tim - http://oilshalegas.com

Devon Energy (DVN) is currently drilling for oil in the Permian Basin, Midland Basin, and the Bone Spring Shale play. Devon Energy (DVN) is one of the leaders in the Bone Spring Formation.

In the Permian Basin, Devon increased oil and natural gas liquids production 22 percent compared to the fourth-quarter 2010. Liquids production accounted for nearly 75 percent of the 53,000 equivalent barrels per day produced in the Permian Basin during the quarter.

The company completed eight operated Bone Spring wells within the Permian Basin in the fourth quarter. Initial daily production from the eight wells averaged more than 600 Boe per day per well.

From the recent conference call - February 2012

Mark Gilman - The Benchmark Company, LLC, Research Division

Okay. My follow-up, Dave, relates primarily to the Bone Springs in the Permian, an area where, in the recent past, results have been pretty good. I wonder if you could update us. I didn't hear you specifically mention Bone Springs activity in your review of the quarter.

David A. Hager

Well, we've had a number of good Bone Springs wells in the quarter. I think we highlighted, actually, in the earnings release that we had a number of good Bone Springs wells on the order of around 600 barrels a day or so that we achieved out there. I think we had 8 wells average more than 600 barrels per day, 8 operated wells in the fourth quarter that achieved more than 600 barrels a day so we're seeing very good results out there. We see a good inventory of opportunities sitting out there. We estimate we probably have 350 to 400 locations remaining in the Bone Springs just on our existing inventory and will probably drill somewhere around 80 this year. So again, you can see 4- to 5-year inventory of Bone Springs opportunities.

http://blackberrystocks.blogspot.com/

http://www.oilshalegas.com/permianbasinoil.html

http://www.bonespring.com

Utica Shale - Devon Energy (DVN)

By Tim - http://oilshalegas.com

Utica Shale News - Devon Energy (DVN) provides an update on the Utica Shale located in Ohio.

In the Ohio Utica, Devon and Sinopec have assembled 235,000 net acres in the play. We just TD-ed our first horizontal well, the first of 15 horizontal wells that we expect to drill here this year. While we are still in the early stages of evaluating these plays, we have seen positive subsurface data and encouraging rate indications in several of them. By the end of 2012, we expect to have drilled approximately 125 wells in aggregate across these 5 plays, giving us a much better understanding of the potential of these positions.

http://blackberrystocks.blogspot.com/

http://oilshalegas.com/uticashale.html

Tuscaloosa Marine Shale - Devon Energy (DVN)

By Tim - http://oilshalegas.com

Devon Energy (DVN) just reported on the new emerging oil field in the U.S called the Tuscaloosa Marine Shale. The Tuscaloosa Marine Shale is located in Mississippi and Louisiana. While Devon Energy (DVN) reported some mechanical problems with their first well, the future is very bright for large oil recoveries.

In the Tuscaloosa Marine Shale, we have completed our first 2 horizontal wells in the play. The Beech Grove 68H was a short-lateral horizontal and had a series of mechanical problems but still managed to deliver a 24-hour IP of 186 barrels per day. This well is not indicative of what a properly completed long-lateral horizontal well can do in the Tuscaloosa. The second well, the Soterra 6H-1, is just starting to flow back, following the fracture stimulation. We are adding a second rig in the Tuscaloosa in March and expect to have 10 wells down in the play by year end.

http://blackberrystocks.blogspot.com/

http://oilshalegas.com/tuscaloosamarineshale.html

Niobrara Shale - Devon Energy (DVN)

By Tim - http://oilshalegas.com

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.

http://blackberrystocks.blogspot.com/

http://oilshalegas.com/niobrarashale.html

Bone Spring Shale - Devon Energy (DVN)

By Tim - http://oilshalegas.com

Devon Energy (DVN) is currently drilling for oil in the Permian Basin, Midland Basin, and the Bone Spring Shale play. Devon Energy (DVN) is one of the leaders in the Bone Spring Formation.

In the Permian Basin, Devon increased oil and natural gas liquids production 22 percent compared to the fourth-quarter 2010. Liquids production accounted for nearly 75 percent of the 53,000 equivalent barrels per day produced in the Permian Basin during the quarter.

The company completed eight operated Bone Spring wells within the Permian Basin in the fourth quarter. Initial daily production from the eight wells averaged more than 600 Boe per day per well.

From the recent conference call - February 2012

Mark Gilman - The Benchmark Company, LLC, Research Division

Okay. My follow-up, Dave, relates primarily to the Bone Springs in the Permian, an area where, in the recent past, results have been pretty good. I wonder if you could update us. I didn't hear you specifically mention Bone Springs activity in your review of the quarter.

David A. Hager

Well, we've had a number of good Bone Springs wells in the quarter. I think we highlighted, actually, in the earnings release that we had a number of good Bone Springs wells on the order of around 600 barrels a day or so that we achieved out there. I think we had 8 wells average more than 600 barrels per day, 8 operated wells in the fourth quarter that achieved more than 600 barrels a day so we're seeing very good results out there. We see a good inventory of opportunities sitting out there. We estimate we probably have 350 to 400 locations remaining in the Bone Springs just on our existing inventory and will probably drill somewhere around 80 this year. So again, you can see 4- to 5-year inventory of Bone Springs opportunities.

http://blackberrystocks.blogspot.com/

http://www.oilshalegas.com/permianbasinoil.html

http://www.bonespring.com

Devon Energy Corp. (DVN): Granite Wash Update

By Andrea: http://oilshalegas.com

Devon Energy Corp. (DVN) is stepping up their position in the Granite Wash and plans to drill 16 Granite Wash wells by the end of 2010. President and CEO John Richels reports:

"Although we have not talked much about our Granite Wash position in the past, we delivered some very encouraging results there during the second quarter. We brought two Devon-operated Granite Wash wells online with an average 24-hour IP of 29 million cubic feet equivalent per day, including 585 barrels of oil or condensate and 1,330 barrels of NGLs. With the recent success in both the Cherokee and Granite Wash A sands, we are stepping up our activity in the area. We currently have two rigs running in the play and plan to add a third rig that we will move from the Barnett later this month. We have an inventory of about 150 Cherokee and Granite Wash A locations and 200 additional undrilled locations and other Granite Wash formations. Since we hold our position in the Granite Wash with existing production, we are under no pressure to drill. However, given the attractive rate of returns generated by these wells in this environment, we are reallocating capital to this play. We now plan to drill 16 Granite Wash wells this year."

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Barnett Shale: Devon Energy DVN February 2009

Devon Energy came out with 4th Quarter earnings and gave an update on the Barnett Shale in Texas.

( From Seeking Alpha )

Moving now to our fourth quarter operating highlights, starting with the Barnett Shale field in North Texas, we are continuing running 23 Devon operated rigs compared with a peak of 39 rigs in the fourth quarter. This curtailment in activity is reflected in our average fourth quarter net production of 1.17 Bcf equivalent per day. This was up 4% over the third quarter and up 25% over the fourth quarter of 2007.

Looking forward in 2009, we plan to invest about 750 million of capital in the Barnett and drill over 200 operated wells. We plan to decrease the number of operated rigs to 8 and we'll focus primarily on the continuing success of our 1000 foot and 500 foot offset infill programs.

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Barnett Shale: Devon Energy Awarded for Clean Water

Devon Energy ( DVN ) is some really good water treatment solutions and is finally being recognized for it, this time, in the Barnett Shale in Texas.

Devon Energy Corp. was recognized for its water treatment efforts in the Barnett Shale natural gas play by The Interstate Oil and Gas Compact Commission, a multi-state government agency based in Oklahoma that advocates incorporating environmental responsibility with energy production.

Full Article - http://www.fwbusinesspress.com/display.php?id=8912

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Haynesville Shale: Devon Energy DVN Update

Devon Energy ( DVN ) recently released earnings and highlights from their 3rd quarter operations in the Haynesville Shale:

From Seeking Alpha:

Since we announced our second quarter results; we have acquired 50,000 net acres in Haynesville Shale at an average cost of 3500 per acre.

In total we will have built a position of almost 1.4 million net acres in four new unconditional gas plays. This includes 153,000 acres in the Horn River, 580,000 acres in Haynesville and 650,000 acres in two new Shale plays that we are not ready to identify or discus.

Moving east in the Haynesville Shale and east Texas and northwest Louisiana as Larry mentioned we added 50,000 net acres in the third quarter and expect to add an additional 50,000 net acres in the fourth quarter. This will bring our total Haynesville shale position to 580,000 net acres. During the third quarter, we initiated drilling on our first two horizontal wells in the Haynesville Shale. These 100% working interest hole 103-H located in Panola County, Texas has reached total vertical depth and is now drilling the lateral section. We plan to begin completion operations next week.

Our second Haynesville Shale horizontal well the 100% owned McSwain 7H located in Shelby County, Texas is also at drilling. We expect to have these results from both these wells in our year end call. Our focus in the Haynesville Shale throughout the reminder of 2008 and 2009 will be to better characterize our acreage through additional drilling, coring and testing in order to define the areas of the play, where we believe we can achieve consistent, repeatable results just as we did in the Barnett Shale.

We planned to drill two additional horizontal wells in the Haynesville Shale during the fourth quarter with two dedicated rigs running. One of the great things about our acreage position in east Texas and Western Louisiana is the stack pay zones. An example of this is that our Stockman Field in the Carthage area. Not only does this field have Haynesville Shale potential, but it also has deeper potential in the Haynesville line.

http://blackberrystocks.blogspot.com/

Haynesville Shale Expo - Novermber 21st - 11/21 - Shreveport Convention Center

There will be a Haynesville Shale Expo located at the Shreveport Convention Center on 11/21/08. This Expo will educate the public on the impact of the natural gas industry and how it benefits people living in the Haynesville Shale area.

The free Expo is being presented by Chesapeake Energy, Devon Energy, EnCana Energy, Petrohawk Energy and XTO Energy and the Times. The chambers of commerce within the shale area will be hosts for the event, which is expected to attract thousands from northwest Louisiana and East Texas.

Full Article Here