Permian Oil and Gas

EOG Resources Reports Four Permian Basin Wolfcamp Shale Wells

EOG Resources (EOG) reported the production results for four wells drilled into the Wolfcamp formation in Irion and Crockett Counties in Texas.  The company is operating two rigs here and plans to increase activity in this Permian Basin play in 2012.

University 40 #1306H - initial maximum production rate of 1,426 barrels of oil and 900,000 cubic feet of natural gas per day.

University 40 #1308H - initial maximum production rate of 1,293 barrels of oil and one million cubic feet of natural gas per day.

University 40 #1504H - initial maximum production rate of 1,338 barrels of oil and 1.2 million cubic feet of natural gas per day.

Mayer #5002H - initial maximum production rate of 686 barrels of oil and 1.3 million cubic feet of natural gas per day.

Whiting Petroleum Completes Bone Spring Wells In Permian Basin

Whiting Petroleum (WLL) has an active development program in the Permian Basin and disclosed an update on recent operations here.  The company is working on the Wolfbone play on its properties, which include the Brushy Canyon, Bone Spring, and Wolfcamp zones.

Whiting Petroleum is active in the Big Tex area and has drilled and completed the Bissett 9701H well into the Bone Spring formation.  The Bissett 9701H was drilled with a 3,645 foot lateral and eighteen hydraulic fracturing stages, and produced an average of 336 barrels of oil equivalent (BOE) per day during the first thirty days.

Whiting Petroleum has also completed fracturing operations on the Chilton 5601H drilled into the Bone Spring and the Lizzy 402H well drilled into the Brushy Canyon formation.  The company is waiting for results on these two wells.

SandRidge Energy - Third Quarter of 2011 Permian Basin Update

SandRidge Energy (SD) issued an operations update for the third quarter of 2011and disclosed additional information on activity in Texas, where the company is developing a number of formations in the Permian Basin.

SandRidge Energy has 228,000 net acres under lease and estimates that the company has 7,900 drilling locations in inventory.  The company drilled 208 wells during the most recent quarter and 607 wells during the first nine months of 2011.

SandRidge Energy is operating 14 rigs in the Central Basin platform and is targeting the Grayburg and San Andres formations. The company is targeting 800 wells in 2011 in the Permian Basin.

SandRidge Energy reported average production from its Permian Basin properties of 30,200 barrels of oil equivalent (BOE) per day during the third quarter of 2011.  This was up from 23,600 BOE per day in the same quarter of 2010.

SandRidge Energy is reducing the rig count in the Permian Basin from 16 to 12 due to issues with low pressure gathering systems in the Central Basin Platform.  These issues are causing excessive backpressure and reduced production for the company.