El Paso (EP) is involved with the development of the Permian Basin and has 138,000 net acres in Reagan, Irion and Crockett Counties in Texas. The company is pursuing the Wolfcamp formation on its properties and drilled three wells during the first quarter of 2011.
El Paso is currently operating two rigs in the play and is working in delineating the extent of the Wolfcamp on its acreage in the Permian Basin. The company estimates that it has 860 future drilling locations and risked resource potential of 155 million barrels of oil equivalent. This estimate only pertains to the Upper Wolfcamp and the company has additional upside from the Lower Wolfcamp and other formations on its Permian acreage.
El Paso said that the Wolfcamp lies at a depth between 5,880 and 7,930 feet and is anywhere from 976 to 1,080 feet thick. The porosity of the formation ranges from 9.4% to 12% and has a total organic content between 4 and 8.2.