By OGJ editors
HOUSTON, July 21 – Unit Petroleum Co., Tulsa, will run two to three rigs in a Pennsylvanian Marmaton horizontal oil play in Beaver County, Okla., on properties acquired in June from an undisclosed private seller for $75 million.
The acquisition included 45,000 net acres and 11 producing oil wells, giving Unit more than 56,000 net undeveloped leasehold acres in the play, in which it has identified 300 potential well locations. Recovery is expected to average 120,000 boe/well.
Proved developed producing net reserves in the 11 acquired producing wells is 600,000 bbl of oil, 200,000 bbl of natural gas liquids, and 700 MMcf of gas. The wells averaged 850 b/d of oil and 1 MMcfd of gas in April 2010.
Photo from SABIC Limburg BV.
US Department of the Interior.
