In a recent conference call with investors, Devon Energy Corp. talked about its Cana shale play in western Oklahoma. To date, the company has leased some 112,000 net acres in Canadian, Blaine and Caddo counties, and completed 10 operated wells, including seven long-lateral horizontals.
Devon calls its play Cana, after Oklahoma's Canadian County. Here, the Woodford is considerably deeper than in Eastern Oklahoma's Arkoma Basin play. The Anadarko Woodford occurs at depths from 11,500 to 14,500 feet, and is highly pressured. Initial gas-in-place estimates for the Cana Woodford are upward of 200 Bcf per square mile, and Devon said it expects recovery factors similar to those found in the best shale plays in the country.
Devon figures its existing acreage holds net risk potential of 4 Tcfe. The gas is rich in liquids, and will require processing. This year, the company plans to run four rigs and drill 27 operated horizontal Cana wells. The wells are expected to cost around $9 million each, and yield estimated ultimate recoveries of up to 8 Bcfe.
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