Occidental Logs Pay in Texas Permian Basin

Occidental Petroleum has made a wildcat discovery in the Wolfcamp formation in its Anton-Irish Clearfolk field in the Texas Panhandle. The discovery well, Snead #1, was drilled to a total depth of 6,780 feet. Current production is approximately 3,000 barrels of oil per day, with potential structure-wide reserves estimated at 12 million barrels of oil. Eighteen development wells have been drilled to date with up to 10 new wells planned for 2003.

This is the first significant discovery on the Matador Arch in more than 40 years and was discovered by reprocessing existing 3-D seismic data of the deeper Anton-Irish structure.