OKLAHOMA CITY--(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/
Source: Devon Energy Corporation