Marathon Oil Corp. on Wednesday announced a new natural gas discovery in the Woodford Shale region in Oklahoma, as part of the company's targeted expansion into key resource plays in North America.
The Cana discovery well, located on the Brickyard Prospect in the northeast area of the Anadarko Basin, was drilled to a total well depth of 17,267 feet with an initial flow rate of 5.2 million cubic feet of gas per day.
Marathon operates the well and holds about a 57 percent interest in it. Other interest owners include Questar Corp. and Cimarex Energy.
Marathon holds about 30,000 net acres in the Woodford Shale, with 10,000 of those net acres in the Brickyard prospect area. The company is currently drilling two additional company-operated wells and is participating in two non-operated wells in the Brickyard prospect. Marathon also plans to participate in 15 to 25 gross wells in this area through 2010 with an expected 50 percent overall working interest. The company said with the successful development of this program, the play could yield an additional 200 to 300 gross locations.
Shares of Marathon fell $1.28, or 4.3 percent, to $28.59.
via Yahoo
The Cana discovery well, located on the Brickyard Prospect in the northeast area of the Anadarko Basin, was drilled to a total well depth of 17,267 feet with an initial flow rate of 5.2 million cubic feet of gas per day.
Marathon operates the well and holds about a 57 percent interest in it. Other interest owners include Questar Corp. and Cimarex Energy.
Marathon holds about 30,000 net acres in the Woodford Shale, with 10,000 of those net acres in the Brickyard prospect area. The company is currently drilling two additional company-operated wells and is participating in two non-operated wells in the Brickyard prospect. Marathon also plans to participate in 15 to 25 gross wells in this area through 2010 with an expected 50 percent overall working interest. The company said with the successful development of this program, the play could yield an additional 200 to 300 gross locations.
Shares of Marathon fell $1.28, or 4.3 percent, to $28.59.
via Yahoo
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