A report released last week by Calgary-based Enverus Intelligence Research said the Barnett-Woodford development in Midland Basin holds more than 6,400 locations representing 3 billion barrels of undeveloped recoverable oil. It’s the largest source of undeveloped oil among interval groups in the basin.
Enverus said, “The opportunities have developed rapidly…. The Barnett-Woodford was absent from most operator and investor models as recently as 18 months ago while development activity has accelerated as early results have supported broader programs.” Stephen Sagriff, author of the report, added Oct. 7, “The Barnett-Woodford has quickly transitioned from a relatively underappreciated interval group into a material source of genuinely incremental Midland Basin oil inventory… The play represents the largest oil-directed expansion opportunity in the lower 48.”
Enverus said Crane, Ector and northwestern Upton counties comprise the strongest performing region with breakevens of $42 per barrel.
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