Devon Energy (DVN) reported an update on its operations in the Woodford Shale. The company is leasing additional acreage in the Cana Woodford Shale and finds they play attractive due to the liquids content of the wells in that area.
“During the second quarter, we are also leasing additional acreage in the Cana play. Recently, we entered into agreements to acquire about 50,000 additional net acres in the liquids-rich portion of the Cana. This brings our position in the Cana to roughly 230,000 net acres, representing many years of drilling inventory."
"As many of you know, some industry observers have characterized our Cana play in Western Oklahoma as one of the most economic shale plays in North America. The liquids-rich portion of the play offers a significant oil or condensate component, as well as natural gas liquids.”
“We are in the process of acquiring a significant amount of additional acreage in this play (Cana). Most of this new acreage is primarily term and located in the liquids-rich portion of the play. We are currently running nine operated rigs and will bring additional rigs into the play over the next few months to secure this term acreage.”