Apache Oklahoma Gas Wells Test 5.3 and 3.4 MMcf/Day
HOUSTON, April 5, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Apache Corporation (NYSE, Nasdaq: APA) today reported that its Central Region recently completed two Oklahoma wells that tested at 5.3 million cubic feet (MMcf) and 3.4 MMcf of natural gas per day.
The Apache West 8-14, in the Verden Field, located in Caddo County, Oklahoma, encountered 380 feet of gas pay and was completed from perforations in the Middle Wamsley member of the Springer formation between a measured depth of 16,391 feet and 16,521 feet. The well test-flowed 5.3 MMcf of natural gas and five barrels of condensate per day on a 10/64-inch choke with 6,850 pounds per square inch of wellhead pressure, following another mid-January completion in the Lower Wamsley that yielded an initial rate of 4.4 MMcf per day.
The Verden Field was discovered in 1976 and has produced a cumulative 5.1 million barrels of oil and 593 billion cubic feet of natural gas. Since 1993, Apache has drilled 88 wells in the fields, where current gross production averages 57.8 MMcf per day from Apache-operated wells.
The West 8-14 is the eighth well drilled in this 640-acre unit, which the company operates with a 56 percent working interest. It is indicative of the downspacing opportunities afforded by reservoir compartmentalization in the Verden Field, where the company is currently running four drilling rigs. The Apache 9-14 well, in the same unit, is currently drilling toward Springer objectives below 17,000 feet.
The Apache Switzer 2-32, in the Strong City Field of Roger Mills County, Oklahoma, discovered 81 feet of natural gas pay in the Lower Red Fork Formation. The well was perforated between a measured depth of 12,996 feet and 13,036 feet. It tested at a rate of 3.4 MMcf of gas and 25 barrels of condensate per day from a 12/64-inch choke with 2,880 psi of wellhead pressure. Apache operates the well with a 93.75 percent working interest.
Apache is one of the most active drillers in the Red Fork formation, having participated in the play since the late 1970s. The company participated in 65 Red Fork wells last year, 41 of them operated by Apache; 11 of those wells that test-flowed in excess of 3 MMcf of gas per day. Apache is currently operating nine rigs in the Red Fork Trend.
Apache has operated in the Anadarko Basin since the company's inception in 1954 and the region remains an important cornerstone of the company. Large acreage positions with running room and consistent, predictable growth are key attributes of this original core area after which Apache's worldwide portfolio has been modeled.
Apache Corporation is a large oil and gas independent with operations in the United States, Canada, the UK North Sea, Egypt, Australia and Argentina.
This release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation, expectations, beliefs, plans and objectives regarding reserves and future production. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are future exploration and development results, availability of needed equipment and personnel and completion of required infrastructure. There is no assurance that Apache's expectations will be realized, and actual results may differ materially from those expressed in the forward-looking statements.
SOURCE Apache Corporation
media, Tony Lentini, +1-713-296-6227, or Bill Mintz, +1-713-296-7276, or investors, Robert Dye, +1-713-296-6662, or David Higgins, +1-713-296-6690, all of Apache Corporation
Copyright (C) 2007 PR Newswire. All rights reserved
News Provided by COMTEX