By Andrea: http://oilshalegas.com
Devon Energy Corp. (DVN) released a positive update on the Woodford shale located in western Oklahoma. They are currently in the process of acquiring a significant amount of additional acreage in this play. Most of this new acreage is primarily term and located in the liquids-rich portion of the play. They are currently running nine operated rigs and will bring additional rigs into the play over the next few months to secure the term acreage.
Devon Energy continues to relay excellent results from Cana-Woodford and believes that the field offers some of the best economics among gas plays in North American shale. In the second quarter, they brought 10 operated wells online with average 24-hour IP rates of 6.8 million cubic feet equivalent per day, including 86 barrels of condensate and 350 barrels per day of NGLs.
Second quarter net production from Cana-Woodford averaged a record 105 million cubic feet of equivalent per day, included in 1,000 barrels per day of condensate and 3,000 barrels of NGLs. This was up 43% on a sequential-quarter basis.
They initiated an in-field [ph] pilot program at Cana-Woodford to help them better understand optimal well spacing. This was a joint project with another operator that consisted of nine total horizontal wells being drilled and completed within one square mile. Five of these wells were spaced at 500 feet apart and the other four wells at 660 feet apart. Excluding the first well in the section that had been producing for some time, the average 30-day IP from the eight new wells was 5.4 million cubic feet equivalent per day, including 46 barrels of condensate per day and 245 barrels of NGLs per day.
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Showing posts with label oklahoma shale. Show all posts
Showing posts with label oklahoma shale. Show all posts
Saturday, August 14, 2010
Friday, January 30, 2009
Woodford Shale: Newfield Exploration NFX 2009
Newfield Exploration ( NFX ) has come out and given an operational update on the Woodford Shale located in Oklahoma.
The Woodford Shale, located in the Arkoma Basin of southeastern Oklahoma, was Newfield's largest investment region in 2008 and will remain so in 2009. Total Woodford production in 2008 increased 65% over 2007 volumes. Gross operated production from the Woodford in early December exceeded the Company's year-end goal of 250 MMcfe/d. Due to longer lateral completions and efficiency gains, Newfield expects to grow its 2009 Woodford production by about 30%, despite running fewer operated rigs.
"The positive benefits of moving from the 'hold the ground' phase in the Woodford to development mode in 2008 is obvious from the improvement in our finding costs in the Mid-Continent," said Lee K. Boothby, Newfield Senior Vice President. "Our drilling and completion costs in 2008, stated on a lateral foot basis, were 38% lower than in 2007. We have drilled about 250 horizontal wells to date and our lateral lengths continue to grow. We now expect that our average lateral length in 2009 will be about 5,000', compared to just 2,428' in 2007 and 4,436' in 2008. This should result in higher initial production rates, greater recoveries per well and improved finding cost metrics."
http://phx.corporate-ir.net/phoenix.zhtml?c=63798&p=irol-newsArticle&ID=1250144&highlight=
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The Woodford Shale, located in the Arkoma Basin of southeastern Oklahoma, was Newfield's largest investment region in 2008 and will remain so in 2009. Total Woodford production in 2008 increased 65% over 2007 volumes. Gross operated production from the Woodford in early December exceeded the Company's year-end goal of 250 MMcfe/d. Due to longer lateral completions and efficiency gains, Newfield expects to grow its 2009 Woodford production by about 30%, despite running fewer operated rigs.
"The positive benefits of moving from the 'hold the ground' phase in the Woodford to development mode in 2008 is obvious from the improvement in our finding costs in the Mid-Continent," said Lee K. Boothby, Newfield Senior Vice President. "Our drilling and completion costs in 2008, stated on a lateral foot basis, were 38% lower than in 2007. We have drilled about 250 horizontal wells to date and our lateral lengths continue to grow. We now expect that our average lateral length in 2009 will be about 5,000', compared to just 2,428' in 2007 and 4,436' in 2008. This should result in higher initial production rates, greater recoveries per well and improved finding cost metrics."
http://phx.corporate-ir.net/phoenix.zhtml?c=63798&p=irol-newsArticle&ID=1250144&highlight=
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Thursday, January 29, 2009
Woodford Shale: PQ Petroquest 2009
Petroquest Energy released earnings this morning and gave investors an operational update on how the Woodford Shale is going. January 29, 2009
As previously announced, the Company completed two operated horizontal wells in the Woodford Shale during October 2008. The Company recently completed three additional operated horizontal wells during the fourth quarter of 2008. The following is a summary of the results:
In addition to the above completions, the Company initiated completion operations on its 7,057 foot extended lateral well. After conducting two stages of the completion, the wellbore encountered mechanical problems. The Company has repaired the wellbore and the first two stages began producing at rates as high as 3,695 Mcf. The Company plans to conduct the remaining 16 stages of the completion during 2009. The Company estimates that its current net production from its Oklahoma properties is approximately 40 MMcfe per day.
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As previously announced, the Company completed two operated horizontal wells in the Woodford Shale during October 2008. The Company recently completed three additional operated horizontal wells during the fourth quarter of 2008. The following is a summary of the results:
In addition to the above completions, the Company initiated completion operations on its 7,057 foot extended lateral well. After conducting two stages of the completion, the wellbore encountered mechanical problems. The Company has repaired the wellbore and the first two stages began producing at rates as high as 3,695 Mcf. The Company plans to conduct the remaining 16 stages of the completion during 2009. The Company estimates that its current net production from its Oklahoma properties is approximately 40 MMcfe per day.
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Wednesday, January 7, 2009
Woodford Shale: Canadian County, OK Marathon Oil MRO
Marathon Oil ( MRO ) has come out and given an update on the Woodford Shale - Natural Gas Field located in Canadian County Oklahoma. This mean, the Woodford Shale is moving West in the State of Oklahoma.
As part of the Company's targeted expansion into key resource plays of North America, Marathon Oil Corporation (NYSE: MRO) announced today that it has participated in a successful step-out discovery well on the Brickyard prospect, located in the northeast area of the Anadarko Basin, targeting the Woodford Shale resource play in Canadian County, Oklahoma.
The Cana No. 1-15H discovery well was drilled to a true vertical depth of 13,177 feet and horizontally for 4,090 feet, for a total measured well depth of 17,267 feet. The well flowed at an initial rate of 5.2 million cubic feet of gas per day. Marathon is the well operator and holds approximately 57 percent interest in the Cana No. 1-15H well. Other interest owners include Questar Corporation and Cimarex Energy.
"Marathon is encouraged by the results of the Brickyard prospect as we continue to develop the emerging Woodford Shale resource play," stated Annell R. Bay, senior vice president, Worldwide Exploration. "We are using 3-D seismic technology to better define our targets and applying advanced drilling technology to reduce drilling days and well costs thereby improving overall well economics."
Marathon holds approximately 30,000 net acres in the expanding Woodford Shale resource play with approximately 10,000 of those net acres in the immediate Brickyard prospect area. The Company is currently drilling two additional company-operated wells and is participating in two non-operated wells in the Brickyard prospect. Marathon also plans to participate in 15 to 25 gross wells in this area through 2010 with an anticipated 50 percent overall working interest. This limited program is designed to enhance the company's technical understanding of the play and reflects the company's focus on capital discipline. Marathon expects that with the successful development of this program, the play could yield an additional 200 to 300 gross locations.
Full Article - http://www.marathon.com/News/Press%5FReleases/Press%5FRelease/?id=1241249
http://blackberrystocks.blogspot.com/
As part of the Company's targeted expansion into key resource plays of North America, Marathon Oil Corporation (NYSE: MRO) announced today that it has participated in a successful step-out discovery well on the Brickyard prospect, located in the northeast area of the Anadarko Basin, targeting the Woodford Shale resource play in Canadian County, Oklahoma.
The Cana No. 1-15H discovery well was drilled to a true vertical depth of 13,177 feet and horizontally for 4,090 feet, for a total measured well depth of 17,267 feet. The well flowed at an initial rate of 5.2 million cubic feet of gas per day. Marathon is the well operator and holds approximately 57 percent interest in the Cana No. 1-15H well. Other interest owners include Questar Corporation and Cimarex Energy.
"Marathon is encouraged by the results of the Brickyard prospect as we continue to develop the emerging Woodford Shale resource play," stated Annell R. Bay, senior vice president, Worldwide Exploration. "We are using 3-D seismic technology to better define our targets and applying advanced drilling technology to reduce drilling days and well costs thereby improving overall well economics."
Marathon holds approximately 30,000 net acres in the expanding Woodford Shale resource play with approximately 10,000 of those net acres in the immediate Brickyard prospect area. The Company is currently drilling two additional company-operated wells and is participating in two non-operated wells in the Brickyard prospect. Marathon also plans to participate in 15 to 25 gross wells in this area through 2010 with an anticipated 50 percent overall working interest. This limited program is designed to enhance the company's technical understanding of the play and reflects the company's focus on capital discipline. Marathon expects that with the successful development of this program, the play could yield an additional 200 to 300 gross locations.
Full Article - http://www.marathon.com/News/Press%5FReleases/Press%5FRelease/?id=1241249
http://blackberrystocks.blogspot.com/
Thursday, October 9, 2008
Woodford Shale: AOG Sells Woodford Stake
Aurora Oil & Gas has sold its stake in the Woodford Shale:
Sale of Oklahoma Project Area
Effective September 15, 2008, Aurora Oil & Gas Corporation ("Aurora") completed the sale of approximately 33,000 net acres, representing its entire Woodford shale position, for cash and other consideration valued in excess of $15 million. The transaction was completed with a private operator, Presidium Energy, LC ("Presidium"), which had been working to purchase the project from Aurora for several months. During that time period, Presidium made a $2 million non-refundable payment for the acreage and paid over $1 million of obligations to Aurora's operating partner in Oklahoma. At closing, Presidium made an additional $1 million cash payment and provided a promissory note in the amount of $12 million. In addition, Presidium assisted in negotiating a resolution to the lawsuit between Aurora and its operating partner, which led to a dismissal of the litigation, with prejudice.
Sale of Oklahoma Project Area
Effective September 15, 2008, Aurora Oil & Gas Corporation ("Aurora") completed the sale of approximately 33,000 net acres, representing its entire Woodford shale position, for cash and other consideration valued in excess of $15 million. The transaction was completed with a private operator, Presidium Energy, LC ("Presidium"), which had been working to purchase the project from Aurora for several months. During that time period, Presidium made a $2 million non-refundable payment for the acreage and paid over $1 million of obligations to Aurora's operating partner in Oklahoma. At closing, Presidium made an additional $1 million cash payment and provided a promissory note in the amount of $12 million. In addition, Presidium assisted in negotiating a resolution to the lawsuit between Aurora and its operating partner, which led to a dismissal of the litigation, with prejudice.
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