Devon Energy Hits 1 Tcf Milestone in Barnett Shale

abarrelfullabarrelfull wrote on 20 Jul 2015 08:11

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July 26 2005

Devon Energy Corporation (NYSE: DVN) announced today that it has reached a significant milestone in the life of the Barnett Shale natural gas field in north Texas. The company reported that cumulative gross production from Devon's operated wells reached one trillion cubic feet (Tcf) of natural gas in June. Devon operates 1,830 wells in the Barnett Shale. According to the U.S. Department of Energy, one Tcf of gas would heat 15 million homes for one year.

The company acquired its initial interest in the Barnett Shale by purchasing Mitchell Energy & Development Corp. in January 2002. Devon has drilled nearly 1,000 additional wells since the acquisition and has increased daily production by over 200 million cubic feet (Mmcf) per day.

"Reaching one Tcf of cumulative production demonstrates Devon's ability to identify and develop one of the world's most prolific unconventional gas resources with speed and efficiency. Devon has increased production from about 350 Mmcf per day in early 2002 to more than 570 Mmcf per day, today," said Stephen J. Hadden, senior vice president, exploration and production. "It is also notable that when Devon acquired the Barnett Shale assets in 2002, we booked gas equivalent proved reserves of about 1.9 Tcf. In spite of the significant production we have realized from the Barnett to date, we have more reserves booked today than when we acquired it."

Devon continues to actively expand its leadership position in the Barnett Shale with 18 rigs currently running. Horizontal drilling and other technologies have allowed the company to extend the productive boundaries of the field well beyond the core area originally defined by Mitchell. The Barnett Shale accounts for approximately 25 percent of Devon's company-wide natural gas production of about 2.2 billion cubic feet per day.

Devon's Barnett Shale production is located primarily in Denton, Johnson, Parker, Tarrant and Wise counties. Devon holds approximately 550,000 net acres in the Barnett Shale and produces more gas from the field than all other producers combined. Devon is also the largest natural gas producer in the state of Texas and the third largest gas producer in the United States.

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