Credo Petroleum Announces Major Discovery in Oklahoma
The exploratory well was drilled on the company's 1,280-acre Sand Creek Prospect to test the Morrow formation at 7,600 feet. It encountered two Morrow zones totaling 31 feet which calculate productive on logs. The well was completed naturally (without acid or fracture treatments) from one of the two Morrow zones, and was tested at an absolute open flow rate of 6.3 million cubic feet of gas per day (MMcfgd). It was put on pipeline sales in late October and is currently producing on a 24/64-inch choke at the daily rate of 3.0 MMcfg, six barrels of condensate, and no water. The reservoir pressure is stable at near virgin levels. CREDO owns 40% of the well and is the operator.
James T. Huffman, President, stated: "Initial production data from the new well is very encouraging with good stabilized pressures and high production rates. Because one zone came in naturally at a high rate, it is not prudent to complete the second zone at this time. Our geology indicates that the reservoir may have good extent and we anticipate drilling additional delineation wells."
Approximately six miles north of the new well, CREDO has commenced drilling on its 1,320-acre Two Springs Prospect to test the Morrow and Chester formations at approximately 7,400 feet. CREDO owns 48% of the well and is the operator.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension