By OGJ editors
HOUSTON, Nov. 4 – Clayton Williams Energy Inc., Midland, Tex., plans to move one rig to Ward County, Tex., from Andrews County to start a multiwell drilling program in the Permian Bone Spring formation at about 11,000 ft.
This program is likely in War-Wink field, which the company said has 10 proved, 12 probable, and 59 possible drilling locations. Wells would target gross reserves of 275,000 bbl of oil equivalent at $3.4 million/well with an average 100% working interest.
To improve efficiencies and controls costs, the company has locked in costs for 90% of vendor services for 2 years, greatly shortened drilling time by operating and managing its own rigs, bought pipe for 120 wells at large discount, and hedged most existing 2010 oil production at an average $76.50/bbl.
The company will also add a rig to its Austin chalk program in Robertson and Burleson counties in early 2010.