Potter County, Texas - Oil and Natural Gas Field

By Tim - http://oilshalegas.com

Apache (APA) recently came out and discussed a new emerging oil play in the Granite Wash area. This formation is called the Whittenburg Basin Play and is located in the Texas Panhandle.

Apache Corporation (NYSE, Nasdaq: APA) today reported encouraging results in its exploratory drilling program in the emerging Whittenburg Basin play in the Texas Panhandle. Five of six initial vertical tests were completed as oil producers in the Canyon Wash interval.

Apache has leased or purchased approximately 96,000 net acres in the Bivins Ranch area, a 200-square-mile block in Hartley, Oldham, Potter and Moore counties, and operates all leases, most with 73.5-percent working interests. The block is immediately south of the prolific Panhandle Dolomite field and north of two 25-well Canyon Wash fields.

The Bivins Ranch acreage play is part of Apache's stepped-up program to explore in underdeveloped areas — beyond existing operations — that can benefit from Apache's technical expertise and financial capacity. Prior to Apache's recent activity, just 21 wells were drilled on the block, which is located about 100 miles west of Apache's Anadarko Basin properties.

"We are very encouraged that our early results support our geological model. We plan to expand our exploratory program using newly acquired 3-D seismic," said Robert Johnston, Apache's Central Region vice president. "Advances in horizontal drilling and multi-stage fracture stimulations have greatly improved the economics of drilling in oil and liquids-rich formations across western Oklahoma and the Texas Panhandle; the wells we have drilled thus far in the Bivins Ranch area have all the ingredients to suggest that these techniques may generate even greater productivity.

"We are eager to continue to test the acreage, and we plan to commence horizontal development drilling in mid-2012," Johnston said.

Apache's new producing wells in the Bivins Ranch area include:

• The Bivins-LIT 3-2 averaged 1,001 barrels of oil and 839 thousand cubic feet (Mcf) per day from 80 feet of pay during the first 30 days of production.
• The Bivins-LIT 28-2 averaged 315 barrels of oil and 123 Mcf from 140 feet of pay for the first 30 days of production.
• The Bivins-LIT 115-1 averaged 175 barrels of oil and 97 Mcf from 231 feet of net pay for the first 30 days of production.
• The recently completed Bivins-LIT 4-3 has been on production less than a week; it is currently producing 137 barrels of oil and 105 Mcf of gas from 150 feet of pay.
• The Bivins-West 219-2 has averaged 107 barrels of oil and 42 Mcf per day from 50 feet of pay during the first 21 days of production.

Apache's initial drilling locations were developed using a 64-square-mile 3-D seismic survey. Apache recently completed a 244-square-mile 3-D survey over the remainder of the acreage with final processing expected in the first quarter. Ten additional wells are scheduled during 2012.

http://blackberrystocks.blogspot.com/

http://investor.apachecorp.com/releasedetail.cfm?ReleaseID=649195

Potter County, PA: Marcellus shale update

By Andrea: http://oilshalegas.com

SM Energy Company (SM) announced yesterday that they will engage in either a sale or joint venture of their 43,000 acres of land in the Marcellus shale in Potter County, PA and in McKean County, PA:

SM Energy Company (NYSE: SM) announces today that it is planning to raise at least $300 to $500 million through divestitures of non-strategic assets and/or joint venture agreements over the next 12 months, including the following potential transactions.

Part of the planned activities include the potential sale or joint venture of the Company's roughly 43,000 net acre Marcellus shale position in McKean and Potter counties, Pennsylvania. Bank of America Merrill Lynch has been engaged to market these assets. SM Energy also announces today that its second Marcellus well in McKean County, the Potato Creek 3H, began producing to sales in early August at a facility constrained initial gas production rate of over 7 MMCFE/D.

The Company has also engaged Albrecht & Associates to market a package of non-core, primarily proved developed properties, with a goal of completing a transaction by the end of 2010. Current production associated with this package as it is currently configured is 13 MMCFE/D.

Tony Best, President and CEO, commented, "Our goal is to continue to refine our portfolio in a manner that optimizes value for our stockholders. A key element in support of that goal will be divesting non-strategic assets and/or entering into joint ventures to fund the development of our core resource play opportunities."

For more shale updates, visit: http://blackberrystocks.blogspot.com

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McKean County, PA: Marcellus shale update

By Andrea: http://oilshalegas.com

SM Energy Company (SM) announced today that they plan to raise $300-$500 Million through either the sale of or a joint venture of their 43,000 acres in the Marcellus shale located in McKean County and Potter County, Pennsylvania. SM Energy also announced today that its second Marcellus well in McKean County, the Potato Creek 3H, began producing to sales in early August at a facility constrained initial gas production rate of over 7 MMCFE/D. They plan to execute the sale and/or joint venture over the next 12 months.

For more shale updates, visit: http://blackberrystocks.blogspot.com

For more stock updates, visit: http://daytradingstockblog.blogspot.com