Devon Energy (ticker: DVN) announced July 11th that it had brought a record setting well to production. The well reached a 24-hour peak production rate of 6,000 BOEPD, 50% of which was oil. The record-setting well, called the Privott 17-H, produced out of the Meramec in the STACK play.
The well’s initial production rate is the highest of any STACK well by a significant margin. Devon believes that the well will produce over two million BOE over its life. The well itself was drilled with a 10,000 foot lateral landed in the upper Meramec interval and is close to Devon’s Showboat development.
To give context to the magnitude of Devon’s Privott 17-H, its production exceeded the average daily production for 12 of the 104 companies that EnerCom tracks in its weekly reports.
Devon stated that the well’s high initial production can be attributed to improved stimulated rock volume, utilizing a proprietary completion design. Privott 17-H well is accompanied by four other high-rate wells in the Meramec area, which were brought to production during the second quarter.
The other four wells averaged 2,000 BOEPD for a 30-day initial production rate and an average well productivity of 300 BOE per 1000 feet of gross perforated interval.
Future developments in the STACK
Devon plans to spud the previously mentioned Showboat project in Q3, 2017. The project will include approximately 25 wells in four landing zones.
Source: Devon Energy
The company also has three spacing plots currently underway in its core over-pressured oil window of the STACK. The tests have been undertaken on 5,000-foot lateral wells, resulting in 180-day production rates of approximately 220,000 BOE per well.
Devon’s STACK assets are composed of over 600,000 net acres, with 5,400 risked and more than 10,000 unrisked locations.
Results from Q1
The company’s oil production averaged 261,000 BOPD in the first quarter of 2017, with much of the production coming out of the Eagle Ford and STACK operations. The company’s overall oil and gas production averaged 563,000 BOEPD throughout Q1, 2017.
Devon’s U.S. Q1 oil production was 17% higher than Q4, 2016. The company exited Q1 with 15 rigs running. During the quarter, the presence of those rigs contributed to 70 wells that came on production and averaged 30-day rates of 1,800 BOEPD.
The company’s Jackfish facility in its heavy oil play in Canada allowed Canadian production to increase to 138,000 BOPD, up 9% from the previous year. The Jackfish complex itself produced 125,100 BOPD—20% higher than its nameplate capacity.
