Gallup Oil Update
WPX sold its one millionth net barrel of oil from the Gallup play in September 2014 in less than 18 months after initial production while averaging 1.5 rigs during this time.
WPX completed 29 gross (25 net) wells in the first nine months of the year in the San Juan Basin, including 16 gross (14 net) wells during the third quarter. WPX expects to spud 48 Gallup oil wells in 2014 vs. the company’s original plan of 29 at the beginning of the year.
WPX now owns or controls 84,000 net acres in the Gallup oil window, an increase of 68 percent vs. the second quarter. The company recently added a third rig in the play.
In September, WPX beat its prior best drilling time in the Gallup by 21 percent, drilling a well in 9.5 days. The well had a total depth of 10,390 feet. WPX is now averaging 12.5 days on its Gallup wells from spud to rig release, an improvement of 25 percent vs. 16.6 days per well in the third quarter a year ago.