Wolfcamp

Dallas independent Pioneer Natural Resources Co. said its fourth well in the Permian Basin formation has tested at a 24-hour initial production (IP) rate of 3,605 boe/d, the highest for any interval in the Spraberry/Wolfcamp to date.

Birmingham, AL-based Energen Corp. said this week it has signed an agreement with an undisclosed buyer to sell its Black Warrior Basin coalbed methane (CBM) assets in Alabama for $160 million plus standard closing adjustments. The company expects the sale to close in early October with an effective date of July 1, 2013.

Strong growth in oil production — especially in the Permian Basin — propelled Devon Energy Corp. to record the highest average daily production rate in its history during the second quarter of 2013, as the company also saw positive test results in the Woodford Shale.

Denver-based Whiting Petroleum Corp. officials said Friday they expected to greatly ramp up production in both the Bakken and Niobrara shale plays later this year as they reported production for the second quarter that was up substantially from the same period in 2012.

Japan’s Sumitomo Corp. agreed Wednesday to pay Devon Corp. $1.4 billion for a 30% stake in 650,000 net acres in the Permian Basin’s Cline and Midland-Wolfcamp shales.

Devon Energy Corp. on Wednesday said Japan’s Sumitomo Corp. agreed to pay $1.4 billion for a 30% stake in 650,000 net acres in the Permian Basin’s Cline and Midland-Wolfcamp shales. The news offset the company’s 2Q2012 earnings report, which indicated profits were down sharply from a year ago on lower commodity prices.

Comstock Resources Inc.’s second quarter results took a beating from “extraordinarily low natural gas prices,” but the company continues to shift to oil in a big way and just sealed a joint venture (JV) for its “growth engine” Eagle Ford Shale acreage. Comstock expects good things to come from the Permian Basin and plans to hold on to its Haynesville-Bossier Shale acreage in anticipation of better days for dry gas.

DCP Midstream LLC plans to build a 75 MMcf/d gas processing plant in Glasscock County, TX, and an associated low-pressure gathering system to service producers focused on the Wolfberry play in the Permian Basin of West Texas.

El Paso Corp. has decided to go it alone in developing its profitable Eagle Ford Shale acreage and has scuttled plans to take on a joint venture (JV) partner.