Cano Successfully Drills First Well at Davenport
|Wednesday, October 20, 2004
Cano has successfully drilled its first infill well at Davenport to a target depth of 3,600 feet. Production is expected to begin in approximately two weeks and flow rates will be determined once production commences. Concurrently, Cano has commenced drilling of its second infill well at Davenport.
These wells mark the beginning of Cano's extensive enhanced recovery program designed to revitalize the Davenport Unit and make use of existing infrastructure. In keeping with the company's strategic plan, the drilling program is designed to stimulate production of the oil remaining in the field.
"Our enhanced recovery program at Davenport is progressing on schedule and we are confident that our specialized knowledge in secondary and tertiary recovery methods will reactivate this field to yield economic production," said Jeff Johnson, Chairman and CEO of Cano Petroleum. "To maximize the recovery of remaining oil reserves we are evaluating each existing shut in well and all opportunities for new drilling.
Cano's Davenport Unit is a 2,178 acre property located in the mature and prolific Davenport Field in Lincoln County, Oklahoma. Initial development of approximately 180 wells by Magnolia Petroleum (the predecessor to Mobil Oil) began in 1924. Prior production stands at approximately 22-million barrels of oil. The original oil in place is estimated at over 70-million barrels, indicating that approximately 48-million barrels remain in the formation.