Its 131,400-acre position straddles the Irion and Crockett county line, with additional leasehold in central Reagan County. “EOG’s results have been great,” chief executive Mark Papa touted in a recent quarterly conference call. “I don’t know whether that’s due to better acreage or better technology, but the results speak for themselves.” All of the company’s early wells targeted the middle Wolfcamp, with recent results producing from 700 to 1,700 barrels of oil with a gasliquids and rich-gas mix. These wells were drilled with 7,000- to 7,500-foot laterals and completed with 30 to 34 stages. Newer wells have laterals averaging 7,600 feet....
Based on his unique perspective, the horizontal Wolfcamp “could become one of the most significant plays based on our current understanding of it.” Dove even goes as far as putting the “game-changer” tag on the play....
Pioneer projects ultimate recoveries from Wolfcamp horizontals in the range of 350,000 to 500,000 BOE, but the first two wells already look to exceed the average of those. “The first well has already made 45,000 barrels in the first 90 days,” notes Dove. “That’s a good sign.”...
“The Cline looks as good as or maybe slightly better than the Wolfcamp,” says Laredo president Randy Foutch. “And it holds the entire Wolfcamp section by production.”
GGP Price at posting:
1.8¢ Sentiment: LT Buy Disclosure: Held
