Friday, February 17, 2012

Devon's Earnings Call

Devon had their quarterly earnings call on Wednesday.  Their statement, while brief, is very encouraging regarding their commitment to this "R&D" phase of the play.  Their initial potential released to the state was 120 bopd and in the call they state 186 bopd.
"In the Tuscaloosa Marine Shale, we have completed our first 2 horizontal wells in the play. The Beech Grove 68H was a short-lateral horizontal and had a series of mechanical problems but still managed to deliver a 24-hour IP of 186 barrels per day. This well is not indicative of what a properly completed long-lateral horizontal well can do in the Tuscaloosa. The second well, the Soterra 6H-1, is just starting to flow back, following the fracture stimulation. We are adding a second rig in the Tuscaloosa in March and expect to have 10 wells down in the play by year end."

Transcript:
http://seekingalpha.com/article/369301-devon-energy-s-ceo-discusses-q4-2011-results-earnings-call-transcript

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