Several operators are pursuing gas in an infant unconventional shale play in the Palo Duro basin.
FieldPoint Petroleum Corp., Austin, said the play encompasses Briscoe, Floyd, and Motley counties about 85 miles northeast of Lubbock and that it acquired 3,235 acres in Floyd County for an average $25/acre.
Vintage Petroleum Inc., Tulsa, drilled a well in Motley County and was analyzing core.
Vintage told analysts it holds more than 130,000 acres in the play. It describes the reservoir as being of Pennsylvanian age at 7,000-10,500 ft with 300-600 ft of net black shale thickness within 500-1,000 ft of gross thickness.
Total organic carbon in the Palo Duro shale averages 2%, compared with 4.5% in the North Texas Mississippian Barnett shale where it is not a participant, Vintage said. ✦