Lexington Resources & Newfield Tie-In Oklahoma Gas Well
Lexington Resources has completed the joint participation well with Newfield Exploration Mid-Continent. The Newfield POE 1-29 gas well located in Hughes County, Oklahoma, was drilled to an approximate depth of 8,600 feet and is completed and producing gas from the Woodford formation. The well is tied-in to a gas supply pipeline and sales of gas began on March 21, 2005. Lexington Resources has a 25% working interest in the well, which is located in the Company's Panther Creek leases that were acquired last year. Initial production from the Newfield POE 1-29 is about 500 MCF/Day of gas. Alternative zones for possible commingled production and additional fracs are being assessed.
This completion is Lexington's first well to be carried out by way of elected participation with Newfield Exploration Mid-Continent, Inc. As a result of this successful well completion and Lexington's strategic lease hold positions, the Company expects further joint well drilling opportunities with Newfield to follow.
The Panther Creek Prospect is the third of six leased areas slated for
drilling by the Company as part of the development of its Arkoma Basin gas
- Big Shale Turns OPEC Ally From Foe With Focus on Oil Returns (Dec 04)
- Shale Drillers Show Few Signs of Slowing as Profits Expand (Aug 02)
- $2 Billion Gulfport Buy Shows Drillers Thirsting for Next Play (Dec 15)
Company: Lexington Resources more info
- Lexington Resources Spuds Petta #1 Well (Sep 06)
- Lexington Announces New Gas Production From Peyton 1-25 (Jul 24)
- Lexington Resources Closes Equity Placement (May 17)