HOUSTON, April 5 /PRNewswire-FirstCall/ -- 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.
APA-US
SOURCE Apache Corporation
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CONTACT:
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
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