A Texas-based energy company on Monday unveiled a new resource play in Oklahoma.
Newfield Exploration Co. calls its discovery in western Oklahoma's Anadarko Basin the Stack play because the play's “stacked” nature provides potential access to multiple production zones.
Newfield has more than 150,000 net acres leased in the new play, whose horizons include the Woodford and Meramec shales. Much of the activity is focused in Canadian, Kingfisher and Blaine counties.
“Our early results in the Stack play are very encouraging, with initial wells providing about 35 percent rates of return,” said Gary D. Packer, Newfield's chief operating officer.
Newfield officials said the new play is adjacent to the SCOOP, the oil-rich play introduced about a year ago by Oklahoma City-based Continental Resources. The SCOOP, which is short for South Central Oklahoma Oil Province, encompasses parts of several counties.
Newfield is at least the third company to announce a new discovery in Oklahoma over the past year, following Continental and Devon Energy Corp. Devon introduced the Woodford oil shale in northern Oklahoma in August.
Oil production in Oklahoma has nearly doubled since 2005, according to a Bernstein Research report last week. The state surpassed 300,0000 barrels a day early this year.