Devon Energy Announces 5,100 Boe per Day STACK Well Offsetting Coyote Development
November 14 2017 - 4:30PM
Business Wire
Devon Energy Corp. (NYSE: DVN) announced today it has brought
online a high-rate Lower Meramec oil well offsetting its Coyote
development in the over-pressured oil window of the STACK play.
The Faith Marie 1-H resides directly adjacent to the company’s
Coyote development project in Blaine County and achieved a peak
24-hour rate of 5,100 oil-equivalent barrels (Boe) per day. The
projected 30-day rate for this 9,000-foot lateral well is 4,600 Boe
per day (65 percent oil). Oil productivity from the Faith Marie is
the highest of any STACK well to date targeting the Lower Meramec
interval.
Well productivity at Faith Marie was enhanced by a new
completion design that improved stimulated rock volume through the
systematic cycling of pressure and fluid rates. The new completion
design also lowered well costs at Faith Marie to $9 million. This
improvement compared to legacy wells in the area was driven by the
use of a higher viscosity slickwater fluid system, increases in
frac stage length and other proprietary modifications. The
learnings from this enhanced completion design will be deployed to
future full-field development activity.
“As we shift to full-field development in the STACK, we expect
to achieve a step-change improvement in capital efficiency and
returns,” said Tony Vaughn, chief operating officer. “The
advancement of Devon’s multi-zone development activity in the STACK
coupled with the deployment of our cutting-edge completion design
is expected to improve capital efficiencies by up to 20 percent
while continuing to deliver best-in-class well productivity in the
play.”
In the fourth quarter, the company expects to bring online
approximately 25 wells in the STACK play that will benefit from the
improved completion design. This new well activity will primarily
reside in the over-pressured oil window of the play and is expected
to increase net production in the STACK to more than 120,000 Boe
per day by year end.
Coyote and Showboat Development Projects Progressing
Devon began drilling at its seven-well Coyote development
project in September. The Coyote project is immediately adjacent to
the Faith Marie well and is targeting the same landing zone in the
Lower Meramec interval. The drilling program at Coyote has reached
target depth on three wells, with drilling times improving by
approximately 15 percent compared to the results of the offsetting
Faith Marie well. Devon has three rigs dedicated to the Coyote
project with initial production rates expected in the first quarter
of 2018.
Drilling also is underway at Devon’s Showboat project in
Kingfisher County, which is the company’s first multi-zone
development in the STACK play. The Showboat project consists of 24
wells across two drilling units, co-developing four intervals.
Devon is currently running five rigs at Showboat and is on track to
complete the drilling phase of the project by year end. The
Showboat development is offset by the Privott well, which was
landed in the Upper Meramec that recently achieved a peak rate of
6,000 Boe per day. Initial production rates at Showboat are
expected in the second quarter of 2018.
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. 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; the timing and
results of the development projects described in this release; 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20171114006567/en/
Devon Energy Corp.Investor ContactsScott Coody,
405-552-4735Chris Carr, 405-228-2496Media ContactJohn
Porretto, 405-228-7506
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