Apache Reports Exploratory Success in the Whittenburg Basin in the Texas Panhandle
Apache Corporation (NYSE: APA) today reported encouraging results in its exploratory drilling program in the emerging Whittenburg Basin play in the Texas Panhandle. Five of six initial vertical tests were completed as oil producers in the Canyon Wash interval.
Apache has leased or purchased approximately 96,000 net acres in the Bivins Ranch area, a 200-square-mile block in Hartley, Oldham, Potter and Moore counties, and operates all leases, most with 73.5-percent working interests. The block is immediately south of the prolific Panhandle Dolomite field and north of two 25-well Canyon Wash fields.
The Bivins Ranch acreage play is part of Apache's stepped-up program to explore in underdeveloped areas – beyond existing operations – that can benefit from Apache's technical expertise and financial capacity. Prior to Apache's recent activity, just 21 wells were drilled on the block, which is located about 100 miles west of Apache's Anadarko Basin properties.
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