Devon Energy Announces Successful STACK Spacing Test and Record-Setting Oil Well
July 18 2016 - 4:15PM
Business Wire
Devon Energy Corp. (NYSE: DVN) announced today it has brought
online another successful spacing pilot and a record-setting oil
well in the over-pressured oil window of the STACK play.
The Alma spacing pilot tested five wells per section across a
single interval in the upper Meramec, delivering 30-day production
rates averaging 1,400 oil-equivalent barrels (Boe) per day per
well, of which 60 percent was light oil. In addition to the strong
initial-production rates, early flow-back results from the Alma
pilot indicate minimal interference between wells, suggesting
potential for tighter spacing in the over-pressured oil window. The
Alma wells were drilled with 5,000-foot laterals and were
conservatively brought online with a 12/64-inch choke and gradually
increased to a 20/64-inch choke.
The Company also recently brought online a record-setting oil
well in the over-pressured oil window in southwest Kingfisher
County. The Pony Express 27-1H was drilled with a 5,000-foot
lateral and achieved a 30-day average rate of 2,100 Boe per day,
consisting of 1,500 barrels of oil per day, or 70 percent of the
production mix. Oil productivity from the Pony Express is the
highest of any Meramec well drilled to date in the play on a per
lateral foot basis.
“The Alma spacing pilot and record-setting Pony Express oil well
are examples of the excellent results we are achieving in the
Meramec formation, which has quickly evolved into the best emerging
development play in North America,” said Tony Vaughn, chief
operating officer. “These successful well results help us further
understand the optimal development scheme for Devon’s industry
leading STACK position as we prepare for full-field development in
2017.”
Additional Spacing Tests Underway to Optimize 2017
Development Plan
With the Alma test, Devon now has two successful spacing pilots
in the core of the Meramec oil window. Production from the two-well
Born Free pilot (announced first-quarter 2016) continues to perform
exceptionally well, achieving a 90-day average rate of 1,500 Boe
per day per well (60 percent oil). The Born Free pilot wells were
spaced 400-feet apart and landed in two intervals in the upper
Meramec.
The next pilot Devon expects results from is the Pump House test
in southwest Kingfisher County. The Pump House is testing seven
wells per section in a single interval in the Upper Meramec and
initial flow rates are expected in the third quarter of 2016.
To determine the optimal approach for developing stacked-pay
intervals in the Meramec, the Company is participating in several
additional spacing pilots during the remainder of 2016. The spacing
pilots are focused in the over-pressured oil window and are testing
up to eight wells per section in a single Meramec interval and
evaluating the joint development of multiple stacked-pay intervals
through staggered well pilots.
Results from these Meramec spacing pilots will help Devon
optimize its master development plan in the over-pressured oil
window, where the Company expects to progress into full-field
development in 2017.
About Devon Energy
Devon Energy is a leading independent energy Company engaged in
finding and producing oil and natural gas. Based in Oklahoma City
and included in the S&P 500, Devon operates in several of the
most prolific oil and natural gas plays in the U.S. and Canada with
an emphasis on a balanced portfolio. The Company is the
second-largest oil producer among North American onshore
independents. For more information, please visit
www.devonenergy.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. Such statements are
subject to a number of assumptions, risks and uncertainties, many
of which are beyond the control of the Company. These risks
include, but are not limited to our ability to replicate the
results described in this release for future wells; all the other
uncertainties, costs and risks involved in exploration and
development activities; and the other risks identified in the
Company’s Annual Report on Form 10-K and its other filings with the
Securities and Exchange Commission. Investors are cautioned that
any such statements are not guarantees of future performance and
that actual results or developments may differ materially from
those projected in the forward-looking statements. The
forward-looking statements in this press release are made as of the
date hereof, and the Company does not undertake any obligation to
update the forward-looking statements as a result of new
information, future events or otherwise.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160718006299/en/
Investor ContactsHoward Thill, 405-552-3693Scott Coody,
405-552-4735Chris Carr, 405-228-2496Media ContactJohn
Porretto, 405-228-7506
Devon Energy (NYSE:DVN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Devon Energy (NYSE:DVN)
Historical Stock Chart
From Apr 2023 to Apr 2024