Concho Resources (CXO) is working on various oil and gas formations in the Permian Basin and drilled a total of 229 gross wells (196 operated) in the second quarter of 2011. The company reported that 72 of these Permian Basin wells were completed during the quarter, and 157 were in various stages of completion.
Second Quarter of 2011 Summary
New Mexico Shelf – Concho Resources operated twelve rigs developing the Yeso, and two rigs developing the Lower Abo. The company drilled 131 wells and completed 60 wells into both these formations during the second quarter of 2011. Concho Resources also completed 52 wells that were drilled prior to the quarter. The company estimates that it has 2,846 drilling locations on its leasehold here, with 2,113 Yeso locations and 327 Lower Abo locations.
Texas Permian - Concho Resources operated sixteen rigs during the second quarter of 2011 to develop the Wolfberry formation on the Texas side of the Permian Basin. The company drilled 73 operated wells on its acreage and completed 68 total wells here in the quarter. Concho Resources has 4,449 drilling locations in the Texas Permian, with 1,893 locations into the Wolfberry play on forty acre spacing and 2,444 locations into the Wolfberry play on twenty acre spacing.
Delaware Basin - Concho Resources operated six rigs targeting the Bone Spring formation during the second quarter of 2011, and drilled or participated in 25 Bone Spring wells. The company also completed 18 wells during the quarter, and reported average daily production of 5,600 BOE per day from the Bone Springs. Concho Resources estimates that it has 1,464 drilling locations targeting the Wolfbone play.