Gallup Oil Update
We sold our 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 47 gross (44 net) oil wells in 2014, including 21 gross (21 net) in the fourth quarter. This compares with 13 gross (13 net) for full-year 2013.
We nearly doubled our Gallup acreage position in 2014. Today we own or control approximately 85,000 net acres in the play’s oil window.
We also reduced our spud-to-rig release time on Gallup wells by 40% to 13.5 days in 2014 vs. an average of 22.3 days in 2013. WPX’s best drilling time on a Gallup well is 8 days, set this year.
Our 2015 capital program includes $275 million to $300 million for the San Juan Basin, primarily for further development of our Gallup oil discovery.