Well's rate pleases Cabot Oil
Cabot Oil & Gas Corp. recently completed a well in Oklahoma's Marmaton play that reached production of 1,470 barrels of oil equivalent, the Houston-based producer announced Wednesday. The well, which cost $3.8 million to drill, produced 50,000 barrels of oil equivalent in 50 days. Officials said the well highlights the area's potential. “These results are significantly greater than any well previously drilled in the play,” CEO Dan O. Dinges said. “This highly fractured zone is what our science effort is attempting to identify throughout the basin.”
Evolution has partner in state
Evolution Petroleum Corp. is moving into the Mississippian Lime formation in Oklahoma, thanks to a joint venture deal with an unnamed private company in the state, the Houston-based oil and natural gas producer announced this week. The companies will develop 24,000 gross acres in Kay County. Evolution is contributing upfront cash and a drilling carry for a 45 percent share of the joint venture. “This project meets our strategic criteria for developing resource properties: high oil content, well defined reservoirs with multi-well penetrations supported by geologic study, moderate risk with reasonable well costs which have the potential for delivering superior well economics, excellent land accessibility and expansion, and application of our horizontal expertise,” President Robert Herlin said. “As a bonus, we are working with an experienced operator in the area.”
HELMERICH & PAYNE INC.
TULSA — Helmerich & Payne Inc. earned $130 million, or $1.18 a share, in the second quarter, the contract driller reported Thursday. The company earned $99 million, or 91 cents a share, during the same period of 2011. Its rig utilization rate improved from 85 percent to 91 percent in that time, while the company's average daily rig revenue was up $764 to $27,625. “The U.S. land market transition toward oil and liquids-rich-gas directed drilling continues, along with a clear trend toward more complex well designs and higher performance rig requirements,” CEO Hans Helmerich said. “Our FlexRigs, combined with our premium service offering, are well positioned to make the transition. We are fortunate to have a customer roster with substantial multiyear drilling inventory that is capable of shifting targets and taking advantage of strong oil prices.”
From Staff Reports