A privately held E&P has combined its Granite Wash, Cleveland, Marmaton, and Tonkawa assets with an international super-independent's legacy western Anadarko basin position.
Deal includes sale of approximately 200 miles of gathering assets.
From Hart Energy's Granite Wash Playbook, February 2010.
Contract cancellations for three rigs imply that one operator foresees an extended period of lower commodity prices.
The Granite Wash play has emerged as one of this fastest growing liquid plays with an approximate 33.3% boost in production from 2009 to 2010.
The acquisition includes approximately 84,000 net acres primarily in the Granite Wash, Cleveland, and Marmaton plays in western Oklahoma and the Texas Panhandle.
Sell-side downgrades are coming to the land drilling sector with the rapidity of an auctioneer’s chant.
During its first eight days of stabilized production, the well averaged daily production of 5,400 barrels of oil, 1,200 bbls of natural gas liquids and 4.6 million cubic feet of natural gas.
The assets feature 103 nonoperated wells with multiple-zone ongoing development activity targeting the Granite Wash, Cleveland, Marmaton, Woodford and Tonkawa formations.
The first package now includes 19.64% to 20% working interest in 1,840 gross acres in Wheeler County targeting the Mississippian, Granite Wash, Morrow and Hunton formations.