PERRY — Devon Energy Corp. is trying to drill its way to its next big oil play.
The Oklahoma City-based oil producer is exploring about 650,000 net acres it has leased in northern Oklahoma with access to two potentially productive rock formations: the Mississippian limestone and Woodford Shale.
Devon officials hailed the Woodford's potential in the company's Aug. 7 earnings call, but it hasn't given up on the Mississippian either.
The company is evaluating various zones across its acreage position where the two plays overlap, Chief Operating Officer Dave Hager said Nov. 12 at the Jeffries Global Energy Conference in Houston.
“We think overall, the Woodford is going to be a little bit less geologically complex than the Mississippian is,” he said.
Devon was running 14 rigs in the play as 2013 wound down, with most of that activity focused on the area covered by its joint venture with Sinopec.
The Chinese firm committed $1.6 billion to fund Devon's drilling operations in several emerging oil plays as part of the deal struck in 2012.
The Mississippian-Woodford acreage covered by that deal is centered in Logan, Payne and Noble counties.
Devon planned to drill about 350 wells in the area last year.