Hellos and Farewells in the Anadarko Basin
While new and expanded midstream infrastructure is picking up steam in Oklahoma’s SCOOP, STACK and Merge plays, so are the E&P shifts into—and away from—the Anadarko Basin. Reese Energy Consulting today is studying the recent exit from the Anadarko by Houston-based Apache Corporation, which acquired 254,000 acres there for $2.85 billion in 2012. In May, Okla. City-based Red Wolf Natural Resources snatched up 56,000 contiguous net acres and associated production of Apache’s Anadarko assets. Last month, Fort Worth-based Presidio acquired the balance, augmenting its existing Anadarko properties. Unlike the Permian, the SCOOP, STACK and Merge stack plays offer less pricey acreage in a region that holds exciting potential. In May, oil and gas production increased 9 percent over last year. On the flip side, these plays also are in earlier development stages with many E&Ps exceeding production expectations while others shift their focus from play to play.