Devon Energy Production Company, the operator on this project, started the drilling of the test well this week.
The Well is designed to drill to approximately 11,500ft to test the Spraberry and Wolfcamp (Wolfberry) formations and will take approximately 35 days to drill, according to the company.
The prospect covers approximately 1,318 net acres and, given success, could initially be developed on 80 acre spacing units.
Devon can earn 75% of Caza’s 100% participation interest in the Well under the exploration agreement between the parties.
After completion of the well, Devon will have the right to participate for its 75% interest in all operations associated with the property, and Caza will participate for its remaining 25% interest.
