Devon Energy (DVN) held a conference call on February 17, 2010, to discuss its fourth quarter of 2009 earnings report and updated investors on its operations in the Cana Woodford Shale. The company recently purchased 9,000 net acres bringing its total position to 118,000 acres.
“In the Cana-Woodford Shale in Western Oklahoma, we recently added about 9,000 net acres to our position, including 4,500 that we purchased through a bankruptcy proceeding.”
“And in the Cana, we had 68 PUD booked, compares to some 3,500 risk locations that we’ve identified in the Cana.”
“Devon continues to be the largest risk holder in the play, now at 118,000 net acres. We added one rig during the fourth quarter, and are currently running seven operated rigs. We also plan to add two additional rigs in the second quarter. The additional rigs will allow us to further accelerate the process of de-risking and securing our acreage.”
Source: Seeking Alpha