Devon Energy Reports Production On Matthews 1H Well

Devon Energy (DVN) reported production results on the Matthews 1H well, the company’s first horizontal well drilled into the Mississippian oil play.

The Matthews 1H well produced at a rate of 960 barrels of oil equivalent (BOE) during a 24 hour period, and averaged 590 BOE per day during the first thirty days.

Devon Energy said that 80% of the production was crude oil, with an API gravity of “around 40” and low sulfur content.  The company plans to drill 15 wells into the Mississippian oil play in 2012.