Oklahoma Thunder
Reese Energy Consulting’s home state of Oklahoma is making a lot of thunder today in the oil and gas industry with two big announcements and it’s just the kind of clap we like to hear. In the final step of what’s been a multi-year companywide transformation, Okla. City-based Devon Energy will sell its natural gas position in the Barnett Shale for $770 million. Denver-based PE firm Kalnin Ventures and its affiliate BKV Oil and Gas will acquire Devon’s 320,000 acres and 4,200 producing wells there in a deal expected to close early next year. Kalnin is backed by Thailand’s coal mining and power generation giant Banpu, which holds widespread energy investments across Asia-Pac. Not to be outdone, Okla. City-based Continental Resources has struck more gold in the STACK, with four wells on a single well pad gushing a jaw-dropping 20,383 Bbls of oil a day. Completion reports on three additional wells on the same site show a combined 6,078 Bbls per day, and combined gas production from all seven wells topping 56,334 MCFPD of natural gas. Let’s hear some noise, Oklahoma!