Permian Oil and Gas

Whiting Petroleum To Focus On Bone Spring Play

Whiting Petroleum (WLL) has 120,719 gross or 89,820 net acres at the Big Tex prospect in the Permian Basin.  The company is targeting various formations including the Brushy Canyon, Bone Spring, and Wolfcamp plays.

Whiting Petroleum plans to spend $57 million here in 2012 and drill 13 wells on its properties, with most of the wells horizontal targeting the Bone Spring play.  The company will also begin a vertical Wolfbone development program that will produce from the Wolfcamp and Bone Spring plays.

EXCO Resources Discloses Permian Basin Capital Budget For 2012

EXCO Resources (XCO) announced a $32 million capital spending plan for 2012 on the company’s properties in the Permian Basin.  This level of spending will fund the drilling of 38 gross or 36.2 net wells across its portfolio.

EXCO Resources is targeting several formations including the Clearfork, Wolfcamp and Canyon plays and will operate one rig here in 2012.

EXCO Resources - Permian Basin Summary

EXCO Resources (XCO) is active in the Permian Basin and is working the Sugg Ranch Field, which is located mostly in Irion County, Texas.  The company is developing the Canyon Sand at a depth from 6,700 to 7,900 feet.

EXCO Resources drilled 18 gross or 16.9 net wells into the Canyon Sand during the first quarter of 2011.  The company is operating two rigs and plans to spend $48 million to drill 72 gross or 69.8 net wells in 2011 into this Permian Basin formation.

EXCO Resources reported net production from the Permian Basin of 22 million cubic feet of natural gas equivalents per day in the first quarter of 2011.