OKLAHOMA CITY, Nov. 2 /PRNewswire-FirstCall/ -- Devon Energy Corporation (NYSE: DVN) today announced the results of a successful Haynesville Shale well in San Augustine County, Texas. The Kardell Gas Unit 1H achieved an average continuous 24-hour flow rate of approximately 30.7 million cubic feet of natural gas equivalent per day through a 37/64-inch choke. Flowing pressure was 6,824 pounds per square inch.
The Kardell well was drilled to a total measured depth of 18,350 feet, including a horizontal lateral section of approximately 4,500 feet. Devon operates the well with a 48 percent working interest. Crimson Exploration Inc. (OTC Bulletin Board: CXPO) owns the remaining 52 percent working interest.
Following the outstanding success of this first well in San Augustine County, Devon plans to accelerate drilling activity in the area. Devon's southern Haynesville Shale acreage comprises 47,000 net acres principally located in the Texas counties of San Augustine and Sabine and in Sabine Parish, Louisiana. Devon holds a 100 percent interest in its primary term leases in the southern area.
Devon holds approximately 570,000 net acres in the greater Haynesville trend of east Texas and north Louisiana. The company began defining its Haynesville acreage by drilling in the Carthage area in Texas. Devon has operated in the Carthage area for many years, where it owns interests in more than 1,800 producing wells. The company holds approximately 110,000 net acres in the greater Carthage area.
Devon has previously drilled eight horizontal Haynesville wells in the greater Carthage area, where it believes it has established a repeatable, economic Haynesville play. To date, Devon has identified about 950 risked drilling locations at Carthage.
"With a flow rate of more than 30 million cubic feet per day, we believe the Kardell well is the highest rate well ever drilled in the Haynesville Shale. This is clearly a very positive development for the southern portion of the Haynesville Shale play," said David A. Hager, executive vice president of exploration and production. "We plan to go to a five-rig program in 2010 in this southern play area. Our longer-term objective is to continue to systematically evaluate and de-risk our entire Haynesville Shale position."
Devon Energy Corporation is an Oklahoma City-based independent energy company engaged in oil and gas exploration and production. Devon is the largest U.S.-based independent oil and gas producer and is included in the S&P 500 Index. For additional information, visit www.devonenergy.com.
This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission. Such statements are those concerning strategic plans, expectations and objectives for future operations. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. Statements regarding future drilling and production are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to the volatility of oil, natural gas and NGL prices; uncertainties inherent in estimating oil, natural gas and NGL reserves; drilling risks; environmental risks; and political or regulatory changes. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. The forward-looking statements in this press release are made as of the date of this press release, even if subsequently made available by Devon on its website or otherwise. Devon does not undertake any obligation to update the forward-looking statements as a result of new information, future events or otherwise.
The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. This release may contain certain terms, such as resource potential, reserve potential, probable reserves, possible reserves and exploration target size. The SEC guidelines strictly prohibit us from including these terms in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 10-K, File No. 001-32318, available from us at Devon Energy Corporation, Attn. Investor Relations, 20 North Broadway, Oklahoma City, OK 73102. You can also obtain this form from the SEC by calling 1-800-SEC-0330.
SOURCE Devon Energy Corporation
Zack Hager, +1-405-552-4526
Chip Minty, +1-405-228 8647
both of Devon Energy Corporation