Hart Energy reported recently that Fort Worth-based Blackbeard Operating is leading a horizontal drilling resurgence in Central Basin platform, “a legacy oil basin that’s drawing industry attention once again.” Hart said Blackbeard shied away from more expensive deals in Delaware and Midland basins – land tightly held by supermajors and large independents. The report added, “Today Blackbeard’s hideout is the Central Basin platform, the very region where vertical wells first ignited the west Texas oil boom over a century ago.”
Since launch in 2014, Blackbeard has gained extensive vertical experience in Central Basin, drilling more than 750 verticals. “But it’s the application of horizontal drilling to the Central Basin platform’s oily stacked pay that’s unlocked new growth for Blackbeard.” Blackbeard has drilled more than 225 horizontal wells since 2021Q2.
Blackbeard plans to operate four drilling rigs this summer. Kaleb Smith, CEO, said, “There’s significant oil and gas resource left to be discovered from the Central Basin platform, yet few producers are actively pursuing it.”