Permian Oil and Gas

Concho Resources Acquires Permian Basin Oil Properties

Concho Resources (CXO) reported that the company will acquire the Three Rivers Operating Company, a private oil and gas company with assets in the Permian Basin.  The company will pay $1 billion for 200,000 net acres across the Delaware and Midland Basins.

Concho Resources said that the acreage is prospective for the Wolfberry, Wolfcamp and Cline shale plays.  Other details of the properties:

1. Proved reserves of 58 million barrels of oil equivalent (BOE)
2. Net production of 7,000 BOE per day
3. 65% of acreage held by production
4. 380 horizontal drilling locations in the Delaware Basin and 1,100 vertical drilling locations in the Midland Basin.

Gulfport Energy Updates Permian Basin Program

Gulfport Energy (GPOR) reported an update on its operations in the Permian Basin.  The company is operating two rigs on its acreage and started drilling its first horizontal well here in March 2012.

In 2011, Gulfport Energy drilled 39 gross or 17 net wells on its properties in the Permian Basin.

EOG Resources Updates Permian Basin Development Program

EOG Resources (EOG) is planning to increase development of the Wolfcamp formation in the Permian Basin in 2012.  The company reported five well recently completed into the Wolfcamp on its acreage in Texas.

Well Name	Oil	NGL's	Natural Gas
University 9 #2803H	883	68	388,000
University 43 #0902H	1,088	86	489,000
University 40A #0402H	1,076	129	736,000
University 40 #1309H	1,738	137	779,000
University 38 #0601H	1,077	119	678,000

 

Oil and NGL's - Barrels per day        

Natural Gas - Cubic feet per day       

EOG Resources plans to operate four rigs in the Wolfcamp in 2012.