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Oklahoma is Still a Sweet Spot for New Wells

Written by Tim McNally


Many large oil and gas companies have found the prospect of drilling new wells and operating in new areas to be unattractive. The reasoning is sound enough — if certain plays are not profitable with an oil price within the $40-$50 range, then why pursue those options? This explains the decline in offshore production and the rise of shale production in the northeast. However, Oklahoma seems to still be a place where companies are willing to begin anew with fresh wells using clever strategies.

For example, Wright Drilling & Exploration, based in Denison, Texas, recently announced that it had successfully completed its sixth Oklahoma oil well project. On June 14, the company revealed that it had completed testing and drilling on its JULIE #2 project, located in Okfuskee County in Oklahoma, and the firm had deemed it to be a productive well. The release notes that JULIE #2 is a direct-offset well to another Wright Drilling project, JULIE #1. An offset well is typically a previously existing wellbore that is used to smooth along the process of drilling a new well in a nearby or similar region.

“We’re excited that our partners are developing oil fields with us and taking advantage of direct-offset drilling opportunities,” stated the President of Wright Drilling & Exploration, Scott M. Casper. “Drilling new wells based on your own successful oil and gas well data is just another way to potentially improve your end results.”

The firm’s strategy of having multiple oil and gas wells located near to each other is clearly a hand to their operations in drilling new wells, using existing data from previously-drilled wells to optimize drilling and production for future operations.

Written by Tim McNally

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