Apache Reports Exploratory Success in the Whittenburg Basin in the Texas Panhandle
Monday, Feb 20, 2012
Apache Corporation (NYSE, Nasdaq: APA) today reported encouraging results in its exploratory drilling program in the emerging
Apache has leased or purchased approximately 96,000 net acres in the
"We are very encouraged that our early results support our geological model. We plan to expand our exploratory program using newly acquired 3-D seismic," said
"We are eager to continue to test the acreage, and we plan to commence horizontal development drilling in mid-2012," Johnston said.
Apache's new producing wells in the
- The Bivins-LIT 3-2 averaged 1,001 barrels of oil and 839 thousand cubic feet (Mcf) per day from 80 feet of pay during the first 30 days of production.
- The Bivins-LIT 28-2 averaged 315 barrels of oil and 123 Mcf from 140 feet of pay for the first 30 days of production.
- The Bivins-LIT 115-1 averaged 175 barrels of oil and 97 Mcf from 231 feet of net pay for the first 30 days of production.
- The recently completed Bivins-LIT 4-3 has been on production less than a week; it is currently producing 137 barrels of oil and 105 Mcf of gas from 150 feet of pay.
- The Bivins-West 219-2 has averaged 107 barrels of oil and 42 Mcf per day from 50 feet of pay during the first 21 days of production.
Apache's initial drilling locations were developed using a 64-square-mile 3-D seismic survey. Apache recently completed a 244-square-mile 3-D survey over the remainder of the acreage with final processing expected in the first quarter. Ten additional wells are scheduled during 2012.
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