HOUSTON, Dec. 20 /PRNewswire/ -- Anadarko Petroleum Corporation
(NYSE: APC) today announced the results of the highest flow test to date in
its rapidly growing East Texas Bossier Play. The Lancaster A-3 well in
Freestone County, Texas, tested 26 million cubic feet of gas per day (MMcf/d)
after being drilled to a depth of 13,377 feet. Flowing wellhead pressure was
5,800 psi.
"The remarkable success of this well is yet another chapter in what has
become a very positive story for Anadarko," said John Seitz, Anadarko
President and Chief Operating Officer. "Since our operations in the Bossier
Play began three years ago, we've completed or spudded some 120 wells -- with
only one dry hole. We have increased gross field production from zero to more
than 150 million cubic feet (gross) of gas per day. The Bossier has become a
new core area for us."
In 2000, Anadarko will continue its active exploration and production
programs there, which will include adding to the more than 60,000 net acres
now under lease.
As a result, net gas production from the Bossier Play in 2000 will exceed
expected net gas production from the company's Hugoton Field in southwest
Kansas, long one of the company's most successful areas.
With 18 rigs currently running in the Bossier Play-up from six at the
beginning of 1999-and activity in a number of other domestic plays, Anadarko
is now the second-most active onshore driller in the United States.
In addition to the Lancaster A-3 well, other recent high-rate completions
by Anadarko in the Bossier Play area include:
* Stephens A-1R well (13.7 Mmcf/d)
* Blair A-1 well (13.2 Mmcf/d)
* English 8 well (12.0 Mmcf/d)
The company has an average working interest of more than 90% in the wells
completed so far, many of which also have shallower gas pay in zones above the
productive Bossier interval.
Anadarko has leveraged its high activity in the Bossier play to achieve
substantial cost savings and make it one of the more economically attractive
programs in the company's portfolio.
"With each well, we increase our expertise in the most cost-efficient way
to carry out drilling and development operations," said Seitz. "For example,
changing from turn-key to a day-work arrangement has decreased the cost per
well by around 15%, helping us reduce our cost of finding and development to
about 54 cents per thousand cubic feet."
Seitz adds that Anadarko has cut the time from well spud to first gas
sales to just 45 days, compared to more than 100 days when the program began.
Adding to the economic attractiveness of the Bossier Play is Anadarko's
Dew Gathering System, which became operational in 1998. The system is
comprised of 60 miles of pipeline connecting more than 100 wells in the Dew
and Mimms Creek Fields. A project to increase compression of the facility
from 6,000 horsepower to 8,400 horsepower was recently completed and continues
to increase field volumes. The gathering system is connected to three
different transmission pipelines, allowing the company to maximize gas prices.
SOURCE Anadarko Petroleum Corporation
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CONTACT:
analysts and investors, A. Paul Taylor, Jr.,
281-874-3471, or media, Tony Canino, 281-873-3855, both of
Anadarko Petroleum Corporation
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