Devon Energy Announces Record STACK Well Reaching 6,000 BOE per Day, Provides Development UpdateDownload
The record-setting Privott 17-H well was brought online in southwest
The Privott 17-H well was drilled with a 10,000-foot lateral and landed in the upper Meramec interval near the company’s Showboat development, which will spud in the third quarter. A key contributor to this prolific well result was an improvement in stimulated rock volume around the wellbore through a new proprietary completion design.
Devon also brought online four additional high-rate Meramec wells in the core of the over-pressured oil window during the second quarter that benefitted from the company’s recently enhanced completion design. In aggregate, these four wells attained an average 30-day initial production rate of 2,000 Boe per day. These well results were even more impressive on a per-lateral-foot basis with average well productivity of greater than 300 Boe per day per 1,000 feet of gross perforated interval.
“The outstanding well results we’re achieving from our enhanced
completion design in the STACK is another example of Devon’s technology
leadership in the upstream space. This operational excellence is
delivering best-in-class well productivity in this world-class play,”
Full-Field Development Update
Devon has an industry-leading position in the STACK that has consistently generated best-in-class well productivity (see Q1 2017 operations report for more details). Importantly, the unique library of information the company has accumulated through participation in the majority of industry wells has positioned Devon for its first multi-zone development. Devon will spud the Showboat development project, which includes approximately 25 wells across 4 landing zones, in the third quarter.
“Devon will continue to test development concepts including well
density, multi-layer well stacking, intra-layer well staggering and
further completion design improvements,” said
To date, the company has three operated spacing pilots online in the core of the over-pressured oil window. These highly successful tests, which were 5,000-foot laterals, have delivered average 180-day cumulative production rates of approximately 220,000 Boe per well, with oil approaching 50 percent of the product mix.
Overall, Devon’s premier STACK position encompasses more than 600,000 net acres by formation and is concentrated in the economic core of the play. In aggregate, the company has exposure to 5,400 risked locations and possesses tremendous upside with greater than 10,000 unrisked locations. Given the STACK’s excellent positioning on the North American cost curve, this franchise asset provides the company with high-return, sustainable growth opportunities for the foreseeable future.
This press release contains forward-looking statements within the
meaning of the federal securities laws. Such statements are subject to a
number of assumptions, risks and uncertainties, many of which are beyond
the control of the company. These risks include, but are not limited to:
our ability to replicate the results described in this release for
future wells; all the other uncertainties, costs and risks involved in
exploration and development activities; and the other risks identified
in the company’s Annual Report on Form 10-K and its other filings with
Devon Energy Corporation
Scott Coody, 405-552-4735
Chris Carr, 405-228-2496
John Porretto, 405-228-7506