duvernay exceeds chevron's expectations

Might cause a renewed round of interest in the Duvernay Shale.
"Chevron Canada Ltd., the Canadian subsidiary of Chevron Corp. (NYSE: CVX), has completed the initial exploration phase in the Kaybob area of the Duvernay play, located in west-central Alberta, Canada.

Chevron Canada Limited concluded the initial twelve well exploration drilling program in the liquids-rich portion of the Duvernay shale play. Five wells have been completed and are tied into production facilities, and an additional four wells are waiting on completion and tie-in. The company's acreage is positioned in the condensate-rich and volatile-oil portion of the play. Liquids yield for the completed wells range from 30 to 70% with initial production rates up to 7.5 million cubic feet of natural gas per day and 1,300 barrels of condensate per day.

"Well performance and condensate yields exceeded our expectation and strengthen our plans going forward. Near term plans include transitioning to a two-rig drilling program to optimize well and completion design, and full field spacing requirements," said Jeff Shellebarger, president of Chevron North America Exploration and Production Company.

With the acquisition of Alta Energy Luxembourg S.à.r.l. and affiliates' acreage announced earlier this year, Chevron now has approximately 325,000 net acres in the Kaybob area of the Duvernay play."
http://www.ogfj.com/articles/2013/10/chevron-establishes-recoverable-resource-in-canadas-duvernay-shale.html