Apache reports horizontal drilling successes in Canada' s Kaybob Dunvegan play
BY ALISON SIDER
CALGARY -- Apache announced that its results using hydraulic fracturing to recover oil from a 40-year-old field northwest of Calgary were promising and it has plans to continue developing the field.The company reported that two of its development wells in Canada' s Kaybob Dunvegan play tested at rates of 300 and 280 bopd.
Apache said it has found more than 2,000 potential drilling locations in its 238,000 acre leasehold there. "These wells were drilled in areas which have been producing for over 40 years, but which have the potential to be completely rejuvenated through the application of horizontal drilling and multistage hydraulic fracturing," said Tim Wall, president of Apache Canada.
RW Baird analysts wrote in a client note that more information is still needed about the play. "Given limited initial results, the play likely requires additional data and perhaps some bigger wells before the Street is willing to assign full credit," the analysts wrote.
Dow Jones Newswires