Apache Corporation reported updated well results from drilling in the Tonkawa and Granite Wash formations of the Texas Panhandle and Western Oklahoma.

Tonkawa initial production rates climb 70 percent

Flow rates from Apache's first seven Tonkawa wells drilled and producing for 30 days in 2013 averaged 662 barrels of oil equivalent (boe) per day, a 70 percent increase from wells drilled in the play a year ago. For all seven 2013 wells, after processing for natural gas liquids, the 30-day initial production (IP) rate averaged 428 barrels of crude oil, 103 barrels of NGLs, and 789 thousand cubic feet (Mcf) of natural gas per day.

"Production from recently drilled Tonkawa wells is exceeding our expectations," said Rob Johnston , vice president of Apache's Central Region. "At the same time, we have reduced drilling and completion costs for Tonkawa wells by approximately $1.5 million per well, or 20 percent, from a year ago. This combination of higher IP rates and lower costs is improving rates of return and boosting the prospectivity of our substantial Tonkawa acreage."

Tags: Apache Corporation