The FINANCIAL -- Devon Energy Corporation (NYSE: DVN) on November 2 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."
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