Devon holds about 650,000 acres in the Mississippian. Officials estimate about 400,000 acres could have Woodford potential.
Goforth said Devon's acreage in the region is unique because there is a thick zone of shale sitting below the limestone that makes up the Mississippian formation.
She said the company's first wells in the Woodford have produced about 80 percent oil. Over time, the play is expected to yield an equal mix of oil, natural gas and natural gas liquids.
Oklahoma City-based SandRidge Energy Inc., the leading producer in the Mississippian, also is looking at the Woodford.
“SandRidge has initiated its Woodford testing program, and we have a large acreage position that is prospective for Woodford development,” spokesman Greg Dewey said. “We believe the potential exists for stacked Mississippian and Woodford development.”
Devon will focus on the Woodford this year, with 15 active rigs in the play, even though it is still shooting 3-D seismic in some areas.
Goforth said the company, which has established a field office in Stillwater, has a budget for up to $1.3 billion for the Woodford, thanks to its joint venture with Chinese oil giant Sinopec.
Devon will concentrate on Payne, Logan and Noble counties, with plans to drill 350 wells by the end of the year.