devon's mississippian position

Devon's Missippian project area is exactly where RFE have been leasing. Sharing some leases with Devon is one thing, but having the majority of your 73,000 net acres within Devon's entire project area (which is fairly focused) is another. From the 2012 Devon Analyst Day.

The area's outside of the orange rectangle are leases which co-incide with Range Resources (Kay County) and Sandridge/Chesapeake (Grant).

Devon state unrisked resources of 840 MMboe across 230,000 net acres. Apply that across RFE's 73,000 net acres and that's 266 MMboe. And that's not including any acreage additions from the infill leasing.

Devon have the following as target well economics:

- Drill and Complete: $3.0-3.5 million
- EUR: 300-400 Mboe (80% Liquids)
- IP rate (1st month average): 275-325 boepd
- Average Royalty: 20%