By OGJ editors
HOUSTON, Dec. 7 -- Exploration in a Pennsylvanian Bend shale gas play may soon pick up in the lightly explored Palo Duro basin as operators reach readiness to drill acreage holdings, some of them quite large.
The depth of the shale will give operators modern looks at numerous shallower conventional oil and gas formations.
Bankers Petroleum Ltd., Calgary, the largest participant with 260,000 net acres, said its US unit plans to drill five wells in the basin in 2006. One rig will start work in late December under a 1-year contract, and another rig will be spudded within weeks on a one-well contract.
The first two drilling permits cover the Misener 1, in Floyd County 4.5 miles northeast of Floydada, a vertical well projected to 10,500 ft, and the Jones 1, a projected 11,000-ft vertical well 2.5 miles west of Dougherty in the southeast corner of Floyd County.
Bankers Petroleum plans to operate its wells with 100% working interest. Its holdings are northeast of Lubbock in Briscoe, Floyd, Hall, and Motley counties.
Second largest land holder at about 150,000 acres is Vintage Petroleum Inc., Tulsa, which is being acquired by Occidental Petroleum Corp. Vintage Petroleum told investment analysts in November that it has drilled and is evaluating the Echols 2 No. 1 and Burleson 60 No. 1 wells in the Palo Duro play.
