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Mexco Energy has announced plans to drill certain oil and gas properties in the Permian basin. The company will participate as a working interest owner in a joint venture for seven horizontal wells developing the Wolfcamp formation on a 1,125-acre property in Reagan County.
These wells are to be drilled during 2014 using horizontal drilling and multistage fracture stimulation. Mexco Energy' s estimated costs in this development for its approximately 0.57% working interest (0.49% net revenue interest) are $350,000.
The Wolfcamp formation in this area is approximately 1,700 ft thick section consisting of interbedded organic shales and carbonates. The Wolfcamp formation in this area includes two reservoir units, the "A" and "B" benches that have both been successfully developed with horizontal wells.
Typically, offset drilling units have been developed with 1.5-mi laterals at 1,300-ft well spacing in each bench. The completion programs for the proposed wells are designed with 50 fracture stages at a total measured depth of 15,000 ft, including the horizontal portion.
In this area, Mexco has various interests in six horizontal wells and 276 vertical wells in adjacent Reagan and Upton Counties. Mexco' s net revenue interests in these wells range from .013% to 1.558% where there is potential for further horizontal development.
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