By OGJ editors
HOUSTON, July 5 -- The US subsidiary of Bankers Petroleum Ltd., Calgary, plans several fracture stimulations during the third quarter in the Palo Duro basin of the Texas Panhandle.
Bankers acquired the Palo Duro acreage through its purchase of 250,000 net acres of unconventional shale gas prospects from Vintage Petroleum LLC for $30 million in cash and stock (OGJ Online, Apr. 25, 2006). The transaction also included prospects in the Arkoma and Ardmore basins of Oklahoma, the Black Warrior basin in Mississippi and Alabama, and the Appalachian basin in New York.
Palo Duro fracture stimulations will further define the potential scope and size of the basin. In the third quarter, Bakers has scheduled two fracs of the Misener 1 well. The first is a small stimulation of the Granite Wash sands in the Lower Pennsylvanian Bend group. Two Granite Wash sands previously were perforated, and the well produced 15 b/d of oil, some gas, and decreasing amounts of water during a 5-day test.
The main frac will be of the Bend shale interval, which preliminary analysis indicates is naturally fractured in the well and has no underlying water formation.
Logs of another well in the area, Jones 1, indicate 56 bcf/section of gas in place in the Bend shale and 33 bcf/section of gas in place for the Permian Wolfcamp shale interval. Bankers intends to schedule a fracture stimulation of the Jones well in the fourth quarter.
Bankers expects to finish drilling the third well in its exploratory program, Stansell 1, soon.
