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Woodford Shale Stocks - Companies
Drilling Woodford Shale & Cana Woodford Shale
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Continental Resources CLR - Continental Resources (CLR) is active in the Woodford Shale - Woodford Shale Play (Oklahoma)
Third quarter 2011 production in the Anadarko Woodford was 7,164 Boepd, a 78 percent increase over production of 4,031
Boepd in the second quarter of 2011. The Company's production was 1,377 Boepd in the third quarter of 2010. The Company participated
in completing 31 gross (13.5 net) wells during the third quarter of 2011. Of these wells, 15 gross (10.3 net) were Company-operated
completions. Continental successfully completed and is flowing back the Lyle 1-30H (99% WI) in Grady
County, with initial oil and gas production expected to start shortly. The Lyle is an offset to and confirmation test
for the Lambakis 1-11H (98% WI). The Company expects to announce initial test production results on the Lyle 1-30H by year
end. The Lambakis 1-11H flowed 5.4 MMcfpd of natural gas and 160 Bopd in its initial one-day test period, as announced
in August 2011. Continental projects it has an estimated ultimate recovery (EUR) of more than
8 Bcfe, or 1.33 million Boe, due to its high liquids production. The Lambakis is especially significant due to its location
25 miles south of previously known horizontal Woodford production. The Company is preparing
to spud the Tom's 1-21XH (82% WI) in Blaine County, which will be the first multiple-unit
spaced well drilled in Oklahoma. The horizontal section of the Tom's well is planned to be
twice the length of previous Anadarko Woodford wells drilled in the play. Continental expects longer laterals will have a
significant, positive impact on well productivity and economics in the Anadarko Woodford. The Company expects to complete
the Tom's well in the first quarter of 2012. Using 3-D seismic, Continental has already identified 48 potential multi-unit
drilling opportunities in the play and continues to acquire 3-D seismic over additional prospective areas. Third quarter
production in the Arkoma Woodford was 4,099 Boepd, compared with 3,236 Boepd in the second quarter of 2011. The Company participated
in completing three gross (1.6 net) wells in the Arkoma, including the Ward 1-33H (88% WI),
which flowed at 4.7 MMcfpd in its initial test period. Continental currently has 14 operated rigs in the Oklahoma Woodford,
with 11 in the Northwest Cana portion of the Anadarko Woodford, two in Southeast Cana, and one in the Arkoma Woodford. The
Company has 330,540 net acres leased in the Oklahoma Woodford, including 275,605 net acres in the Anadarko
portion of the play, where it continues to acquire acreage.
Exxon Mobile (XOM) - Exxon Mobile (XOM) Woodford Shale Update - We are also involved in multiple emerging liquids-rich shale plays, the
most active of which is the Woodford shale in
the southern Oklahoma Ardmore Basin area. To date, we have amassed more than 150,000 net acres in this play through an aggressive
leasing and acquisitions program. This leadership position has been built at an attractive cost. As we acquired resources
for approximately $0.30 per 1,000 cubic feet equivalent and added the leasehold for under $600 per acre.Our activity in the
Woodford Ardmore play has ramped up significantly
in 2011, with our operated rig count increasing from 3 to 7 rigs and gross operated production more than tripling since year-end
2010. In our core development area, peak 7-day gross production rates have averaged 325 barrels per day of crude oil and
3.7 million cubic feet per day of natural gas, with a rich 1,275 BTU gas also yielding significant natural gas liquids, providing
an average liquids rate per well of over 750 barrels per day and 2.9 million cubic feet per day of sales gas. We are continuing
to ramp up drilling activity and are progressing both marketing and infrastructure plans for the play.
Devon Energy DVN - Devon Energy (DVN) has interests in the Cana-Woodford Shale - Cana-Woodford Shale Production Growth Leads
Operating Highlights - Third-quarter production from the Cana-Woodford Shale increased 71 percent compared to the
year-ago quarter. Net production averaged a record 200 million cubic feet of natural gas equivalent per day in the quarter,
including 8,100 barrels per day of liquids. The company's Cana-Woodford gas processing facility remains on schedule to be
fully operational in the fourth quarter.
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Penn Virginia PVA- PVA announces that it has established a position in the Woodford Shale ( Caney ). In
the third quarter of 2008, we participated in three (0.5 net) non-operated horizontal Woodford Shale wells in the Arkoma Basin,
producing at initial rates of approximately 3.6, 4.6 and 2.7 MMcfe per day (working interests of 11, 31 and 13 percent, respectively).
Based on the encouraging results of the five Woodford Shale wells in which we have participated to date, we plan to continue
to participate in the drilling of additional wells in the near term in the Arkoma Basin. Our internally generated Woodford
Shale prospect in the Anadarko Basin will be tested during the fourth quarter of 2008. Update: One (1.0 net) Woodford Shale well is under evaluation and all of the remaining wells were successfully drilled and
completed. Production in the first quarter averaged 31.7 MMcfe per day, 98 percent higher than the 16.1 MMcfe per day produced
in the first quarter of 2008 and flat compared to the 31.8 MMcfe per day produced in the fourth quarter of 2008.
- PetroQuest Energy PQ - PetroQuest Energy PQ Woodford Shale Update - In addition to the above completions,
the Company has two Woodford operated wells (PQ #58 - PQ #59) that are in the early stages
of completion and has reached total depth on four additional wells (PQ #54 - PQ #56 - PQ #57 - PQ #61). Including the four
wells that have reached total depth, the Company expects to complete 10-12 additional Woodford
operated wells before year end and currently has four operated rigs working in the basin.
- SM Energy SM - In the Woodford shale, the Company is finishing the drilling of four (4) wells
that are scheduled for simul-frac completion in December 2010. The activity in this program is focused in the rich gas window
of the play, which is located in the central part of our acreage position.
- Quicksilver Resources KWK- Quicksilver KWK is exploring the Woodford and Barnett Shales: The company is beginning to test the Woodford formation out in our Delaware Basin project in West Texas. We will be drilling
several more wells in the next few months. Our plan is to commingle the Woodford with the overlying Barnett. The team will also evaluate additional formations up the hole. And we'll
talk about these results as we've said before, probably by year-end.. - Questar STR- Questar STR is active in the Woodford Shale Play. And
we're also pleased with early results in the emerging Anadarko Woodford shale play in Canadian and Blaine Counties in Western Oklahoma. With our revised capital program,
we plan to drill or participate in 20 Woodford
shale wells in '09.
- Cimarex Energy XEC - Cimarex Energy (XEC) Cana-Woodford Shale - For the first-nine months of 2011 Cimarex drilled and completed
128 gross (52 net) wells, completing 99% as producers. At quarter-end, 19 gross (9 net) wells were awaiting completion. Mid-Continent
production averaged 303.1 MMcfe/d for the third quarter of 2011, a 15% increase over third-quarter 2010 average of 262.8 MMcfe/d.
The majority of the current year drilling activity has been in the Anadarko Basin, Cana-Woodford shale play, where Cimarex
drilled and completed 108 gross (40 net) wells. At quarter-end 14 gross (6 net) wells were being completed or awaiting completion
in this area. Since the Cana play began in late 2007, Cimarex has participated in 283 gross (111 net) wells. Of total
wells, 251 gross (96 net) were on production at quarter-end and the remainder were either in the process of being drilled
or awaiting completion. Third-quarter 2011 net production from Cana-Woodford averaged 139.2 MMcfe/d, a 66% increase versus
the third-quarter 2010 average of 83.9 MMcfe/d.
- Marathon Oil MRO - Marathon Oil (MRO) Woodford Shale - Marathon Oil completed
drilling the Shi Randall well [50 percent working interest (WI)] in the third quarter in the Anadarko Woodford in Oklahoma.
The well had an initial 30-day production rate of 1,693 boepd, of which 35 percent was liquids. The Company currently has
six rigs drilling in the play.
Newfield Exploration NFX - Newfield Exploration NFX Woodford Shale - Newfield recently completed an additional seven wells in the "oily"
portion of its Woodford Shale play, located in the Arkoma
Basin of Oklahoma. To date, the Company has completed a total of 13 wells with an average
24-hour gross IP rate of more than 1,000 BOEPD. Average working interest for the 13 wells is approximately 90%.
Evolution Petroleum EPM - EPM is active in the Woodford Shale - We began actively acquiring leases in these two projects in May
2007. At September 30, 2008, we had acquired approximately 18,000 net acres across the two projects. The northern
project targets the Woodford Shale at a depth of approximately 1500’ and has been offset by more than 50 wells drilled
to the Woodford by another operator. The southern project targets the Woodford Shale at depths from 4000’ to 5000’
and has been offset by at least one producing Woodford Shale well at an initial rate of approximately 1 MMCFD.
Unit Corp - UNT - Unit (UNT) Woodford Shale - On July 28, 2011, Unit acquired certain producing oil and gas properties for $30.5 million
in cash, subject to closing adjustments, from an unaffiliated seller. Included in the acquisition were more than 500 wells
located principally in the Oklahoma Arkoma Woodford and Hartshorne Coal plays along with other properties located throughout
Oklahoma and Texas. The proved reserves associated with the acquisition are approximately 31.2 Bcfe (99% natural gas), 83%
of which is proved developed. The acquisition also included approximately 55,000 net acres of which 96% is held by production.
Panhandle Oil & Gas PHX - During the most recent quarter, Panhandle participated with a 7.9% Net Revenue Interest (NRI) in a Southeastern Oklahoma
Woodford Shale well, which was producing 12,500 Mcf per day after being on sales for 15 days. As of April
30th, 2010 we have nine working interest wells drilling or completing in our three major shale plays, and there are
another 29 working interest wells, which we have approved to drill. "We anticipate that the
first well in our Joiner City prospect in Southern Oklahoma will begin drilling this summer.
Panhandle will have an average NRI of 7% in this prospect, which will test a liquids-rich area of the Woodford Shale. If successful,
this test has the potential to add an additional shale resource play to the Company's portfolio. "We
have also entered into an agreement to explore for and develop high potential oil prospects utilizing 36 square miles of modern,
high quality 3-D seismic in Oklahoma. The project utilizes existing 3-D seismic; therefore
the Company's cost of entry into the venture was very low. Panhandle will have a 50% interest in this project, and we
anticipate that our first well will spud during this fiscal year. This new area is an exploration prospect for Panhandle,
but, given the seismic data we have evaluated to date, we believe this project could develop into an exciting Mid-Continent
vertical oil play"
Range Resources RRC - Range Resources RRC recently started drilling the Woodford Shale and the Cana Shale - In the Woodford
play of the Ardmore Basin, three wells were connected to sales during the quarter at combined rates of 2,738 gross (1,307
net) boe per day. Activity by other companies in the Cana Woodford is further de-risking our held by production leasehold
position of 42,000 net acres in the play. Range has participated in three non-operated wells in the Cana during the year.
Leasing activity expanded during the quarter in the Mississippian horizontal play of northern Oklahoma. Having started
the year with 15,000 net acres, Range's position has increased to 105,000 net acres. Reserve projections are estimated in
the range of 400-500 Mboe per well for approximately 2,000 foot laterals at depths of 5,000 feet. These potential reserves
generate attractive finding and development costs, along with strong rates of return in this liquids-rich play. Range's production
from the Mississippi horizontal area continues to hold at 3,400 gross (2,709 net) boe per day. With its larger acreage position,
Range is targeting a two rig drilling program in 2012 and is currently focused on adding the necessary infrastructure to facilitate
future development.
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