HOUSTON, April 8, 2008 /PRNewswire-FirstCall/ -- Apache Corporation
(NYSE: APA; Nasdaq) announced today that horizontal wells drilled in the
Ootla shale play in Northeast British Columbia test-flowed at rates of 8.8
million cubic feet (MMcf), 6.1 MMcf and 5.3 MMcf of gas per day.
The three wells drilled during the 2008 winter season are producing
from the Muskwa shale and flowing through Apache's Missile gas plant. The
Ootla area is in the northeast corner of British Columbia, about 60 miles
from Fort Nelson, B.C.
"Although we are still in the early stages of understanding the full
scope of this play, these three wells help validate our view that Ootla has
the potential to be one of the larger shale gas accumulations in North
America," said G. Steven Farris, Apache's president and chief executive
officer.
Apache began acquiring acreage in the area in 2000, and completed the
first producing well from the Muskwa shale during the 2005 winter season.
Apache and EnCana have formed an area of mutual interest controlling more
than 400,000 acres at the center of the play. Apache's net interest is
207,000 acres.
Apache performed 18 fracture stimulations in the three horizontal
wells, pumping a total of 7.8 million pounds of sand and 280,000 barrels of
water into the formation. EnCana has drilled, but not yet completed, two
horizontal wells in the area, and is drilling a third well. The two
companies have drilled approximately half of the wells drilled in the play
to date.
"While it will take significant investment in infrastructure to unlock
this play, we estimate the gas resource potential at Ootla could be in the
range of 9 to 16 trillion cubic feet net to Apache's interest," Farris
said.
Apache Corporation is a large oil and gas independent with operations
in the United States, Canada, the United Kingdom North Sea, Egypt,
Australia and Argentina.
This news release contains certain "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995 including, without limitation, expectations,
beliefs, plans and objectives regarding production and exploration
activities. Any matters that are not historical facts are forward-looking
and, accordingly, involve estimates, assumptions, risks and uncertainties,
including, without limitation, risks, uncertainties and other factors
discussed in our 2007 Form 10-K and on our Web site. 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. We
assume no duty to update these statements as of any future date.
APA-CA
SOURCE Apache Corporation
 back to top
Related links:
http://www.apachecorp.com/
CONTACT:
Bill Mintz, +1-713-296-7276, office, or
+1-713-392-3406, mobile; Investors, Robert Dye, +1-713-296-6662,
or David Higgins, +1-713-296-6690
|
