Plano Petroleum LLC, private Plano, Tex., operator, has reported consistent results in locating and completing Pennsylvanian Marmaton horizontal oil and gas wells in the Anadarko basin in western Oklahoma as the result of a proprietary mapping technique, precise geosteering, and a dependable completion design.
Production results from the first seven completions are near the top of the 84 total wells that several operators have drilled in the Marmaton (Lower Cleveland) in the past 2 years. Plano plans to operate more than 50 Marmaton locations based on 160-acre spacing in the above average reservoir quality area defined by the proprietary mapping technique.
Plano, which completed its first two Marmaton wells in 2011, is drilling two more that are expected to go on production this month. It has completed five Marmaton wells so far in 2012.
The Marilyn 3H-8, in 8-17n-24w, Ellis County, had an initial flow potential of 930 b/d of oil with 1.8 MMcfd of gas. Cumulative production is 39,364 bbl of oil, 9,376 bbl of natural gas liquids, and 59 MMcf of gas in 4 months.
The Agnes 2H-12, in 12-17n-25w, Roger Mills County, initialed at 724 b/d and 2.37 MMcfd after stimulation. It has recovered 37,340 bbl of oil, 12,086 bbl of NGL, and 107 MMcf of gas in 105 days.
The BMB 2H-6, in 6-17n-24w, Ellis County, came on at 963 b/d and 2.36 MMcfd. In 71 days it made 28,422 bbl of oil, 8,064 bbl of NGL, and 58 MMcf of gas.
Plano extended the play south at the Francis 1H-21, in 21-17n-24w, Ellis County. Completion rate was 552 b/d and 2.4 MMcfd, and recovery is 18,374 bbl and 44 MMcf in 52 days. It then extended the play several miles west at the Nellie 2H-10, in 10-17n-25w, Roger Mills County. Initial rate was 557 b/d and 2.2 MMcfd after a 20-stage slickwater frac.
Plano's seven Marmaton completions averaged IPs of 1,014 b/d of oil equivalent, and the company reports exceptional economics.
Cory Richards, Plano's chief executive officer, said, "The high producing rates of these wells generate exceptional economics and are remarkably consistent. Now that we have substantially derisked the play by establishing production over a wide area which we control and operate, these assets are poised for widespread development. This stacked oil pay area is unique and will be developed for many years to come."
In addition to the Marmaton, Plano has a substantial inventory of proven oil locations in the Tonkawa, Cottage Grove, and Cherokee formations. Plano holds over 8,900 net acres in the area, more than 90% of it held by production. Most of the position includes all four formations.
With at least four reservoirs being developed with horizontal drilling on and around its acreage, Plano's total development potential exceeds 40,000 net acres, including 28,000 in the four "black oil" formations.
Plano's net production was 1,200 boe/d in June and is projected to exceed 1,450 boe/d by October. More than 90% of Plano's undeveloped reserves are operated, and working interest in its operated wells exceeds 54%.