Devon Energy (DVN) advanced the company’s Permian Basin oil and gas development program during the second quarter of 2011.
Devon Energy has more than one million acres under lease that is prospective for a number of formations including the Bone Spring, Avalon Shale, Wolfberry and Wolfcamp Shale.
Devon Energy reported average production of 49,000 barrels of oil equivalent (BOE) per day in the second quarter of 2011. This was 17% production growth over the second quarter of 2010, and was 75% crude oil and natural gas liquids.
One play highlighted by Devon Energy during the second quarter of 2011 was the Bone Spring, where the company completed nine wells with average initial production of 700 BOE per well.
Devon Energy is operating nineteen rigs in the Permian Basin and expects to drill approximately 300 wells in 2011.