Apassi

Apache Reports Exploratory Success in the Whittenburg Basin in the Texas Panhandle

"HOUSTON, Feb. 16, 2012 /PRNewswire/ -- Apache Corporation (NYSE, Nasdaq: APA) today reported encouraging results in its exploratory drilling program in the emerging Whittenburg Basin play in the Texas Panhandle. Five of six initial vertical tests were completed as oil producers in the Canyon Wash interval.

Apache has leased or purchased approximately 96,000 net acres in the Bivins Ranch area, a 200-square-mile block in Hartley, Oldham, Potter and Moore counties, and operates all leases, most with 73.5-percent working interests. The block is immediately south of the prolific Panhandle Dolomite field and north of two 25-well Canyon Wash fields."

Apache's new producing wells in the Bivins Ranch area include:

• The Bivins-LIT 3-2 averaged 1,001 barrels of oil and 839 thousand cubic feet (Mcf) per day from 80 feet of pay during the first 30 days of production.

• The Bivins-LIT 28-2 averaged 315 barrels of oil and 123 Mcf from 140 feet of pay for the first 30 days of production.

• The Bivins-LIT 115-1 averaged 175 barrels of oil and 97 Mcf from 231 feet of net pay for the first 30 days of production.

• The recently completed Bivins-LIT 4-3 has been on production less than a week; it is currently producing 137 barrels of oil and 105 Mcf of gas from 150 feet of pay.

• The Bivins-West 219-2 has averaged 107 barrels of oil and 42 Mcf per day from 50 feet of pay during the first 21 days of production.

Blokki on yhtenäinen, joten Apache on todennäköisesti saanut koko resurssin suurelta osin haltuunsa.