Devon's TMS commentary was brief, but positive this morning:
In the Tuscaloosa Marine Shale, we drilled our first 3 wells in the northern
portion of our acreage position. The Richman Farms 74H located in East
Feliciana parish was brought online in the second quarter with an average
30-day IP rate of just shy of 300 barrels of oil per day. Now our next well,
we've landed the lateral in a more optimal position and we saw significant
improvement in rate. After 20 days of production, the Weyerhaeuser 14H, in St.
Helena Parish has averaged 670 barrels of oil per day from a 5,700-foot
lateral. Our third well in the area, the Murphy 63H in West Feliciana Parish, a
4,700-foot lateral, is slated to begin the completion operations early next
week. We plan to drill our future Tuscaloosa wells with 8,000-foot laterals. We
expect this trend of improving performance to continue as we make additional
improvements to our drilling incompletions. Reducing costs and improving well
performance over time are keys to making this play economic going forward."
I expect Devon's results to improve as they shift their focus to some of their deeper acreage.