devon energy q4 2013

Good to see at least that Devon Energy hasn't given up on the Mississippian-Woodford play. The following is an extract from their latest quarterly presentation relating to the Mississipian/ Woodford play:

"And finally, on the emerging play front, we continue to evaluate potential across our Mississippian-Woodford Trend position in North Central Oklahoma.

December production for their play averaged 16,000 Boe per day, representing a 47% increase from the September average and exceeding our target exit rate of 15,000 Boe per day. For the fourth quarter, total production averaged 14,000 Boe per day. This solid production was driven by 66 wells tied in on our joint venture acreage with average 30-day IP rates of about 300 Boe per day, right in line with our tight curve expectations.

As I mentioned earlier, the anticipated addition of the Eagle Ford assets to our opportunity set and our decision to grow within operating cash flow has resulted in high grading across our portfolio and the Mississippian-Woodford is no exception. In 2014, WE EXPECT TO MAINTAIN POSITIVE MOMENTUM IN THIS PLAY focusing our activity on our joint venture acreage where we have the benefit of the JV carry. The partnership will spend approximately $850 million to run an inter-rig program and drill more than 200 wells. After the benefit of Devon’s drilling carry, Devon’s portion will be about $200 million in the play this year."

http://seekingalpha.com/article/2031841-devon-energys-ceo-discusses-q4-2013-results-earnings-call-transcript?part=single

RFE are drilling in exactly the same area so hopefully, they will be able to replicate the results that Devon are currently getting. There is also the potential upside in the share price from a takeover if Devon continue to get good results.

All the best.