Canyon Creek Energy-Arkoma LLC (CCEA), Tulsa, plans to drill 18 wells in 2018 targeting the Woodford shale and Mayes shale in various locations throughout the Arkoma basin of southeastern Oklahoma as part of a joint development agreement with Pivotal Petroleum Partners II LP.
The agreement is to jointly fund development of wells on CCEA’s acreage in Atoka, Coal, Hughes, and Pittsburg counties, targeting the stacked pay formations in the Arkoma STACK play.
Pivotal will fund 75% of CCEA’s working interest in all wells covered by the agreement. Once Pivotal achieves a preferred return, most of the wellbore working interest and net revenue interest will revert to CCEA. CCEA holds an operated leasehold position in 100,000 gross acres.
CCEA is managed by an affiliate Canyon Creek Energy Operating LLC.
