Devon to Drill 8 Wells on a Single Unit in Oklahoma

US onshore-focused junior oil firm Magnolia Petroleum reported Monday that partner Devon Energy is to drill eight wells on the same spacing unit in Oklahoma as the Marion 1-23 HW well. This will be to maximize the recovery of reserves from both the Mississippi Lime formation and the lower-lying Woodford formation, the firm said.

Magnolia, which has a 4.1-percent interest in the area being drilled, said this will be the first time it will have participated in eight wells on a single section in Oklahoma. It added that it expects to receive similar proposals for other leases and is "confident that the strong growth in production and reserves seen to date will continue".

Magnolia Chief Operating Officer Rita Whittington commented in a company statement:

"With the Woodford formation lying below the Mississippi Lime, we believed it was only a matter of time before we received proposals from operators to drill eight wells per spacing unit on our leases in Oklahoma. Just as it has become established practice to drill eight wells on a single unit to maximize the recovery of reserves from both the Bakken and the lower lying Three Forks Sanish formation in North Dakota, we believe more and more operators will do the same in Oklahoma, targeting the Mississippi Lime and Woodford.

"This has the potential to significantly increase the number of drilling locations on our leases in Oklahoma, as was the case with our North Dakota leases, which in turn has positive implications for our production and reserves growth going forward."



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Petrofac Suspends Group Chief Operatin... (May 25)
 -  EnQuest On Track For Kraken First Oil ... (May 25)
 -  Energean Signs Lease Agreement for Exp... (May 25)
 -  Seadrill CEO Praises Workforce (May 24)
 -  Serinus Shuts-In Sabria Field Due to S... (May 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
Equipment Operator - San Antonio
Expertise: Coil Tubing|Driller|Production Operator
Location: San Antonio, TX
 
Field Specialist
Expertise: Field Development|Field Service Tech
Location: Dickinson, ND
 
Field Technician Intern
Expertise: Field Development
Location: Charlotte, NC
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours