By OGJ editors
HOUSTON, Sept. 6 -- Whiting Petroleum Corp., Denver, acquired from an unnamed private independent oil company a 15% working interest in 170,000 leased acres in the Central Utah hingeline play for an undisclosed sum.
Drilling of the first of three planned wells, on seismically defined prospects on trend with play's only oil field, Covenant field in Sevier County, is to start in the fourth quarter, Whiting said.
Covenant field, discovered in 2004 and now producing 7,000 b/d from 10 wells, is pegged to have ultimate recovery of 70 million bbl of oil, said Whiting quoting published reports (see map, OGJ, Jan. 17, 2005, p. 43).
A third-party oil company owns 65% working interest in the acreage and will be operator for the majority of the acreage. The seller of the acreage retained 20% working interest.
The operator will pay 100% of Whiting's drilling and completion cost on the first three wells.
