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These excerpts taken from the DVN 10-K filed Feb 27, 2009. U.S.
Onshore
Barnett Shale — The Barnett Shale, located in
north Texas, is our largest property both in terms of production
and proved reserves. Our leases include approximately
715,000 net acres located primarily in Denton, Johnson,
Parker, Tarrant and Wise counties. The Barnett Shale is a
non-conventional reservoir and it produces natural gas and NGLs.
We have an average working interest of greater than 90%. We
drilled 659 gross wells in 2008.
Carthage — The Carthage area in east Texas
includes primarily Harrison, Marion, Panola and Shelby counties.
Our average working interest is about 85% and we hold
approximately 173,000 net acres. Our Carthage area wells
produce primarily natural gas and NGLs from conventional
reservoirs. We drilled 132 gross wells in 2008.
Permian Basin, Texas — Our oil and gas
properties in the Permian Basin of west Texas comprise
approximately 470,000 net acres located primarily in
Andrews, Crane, Ector, Martin, Terry, Ward and Yoakum counties.
These properties produce both oil and gas from conventional
reservoirs. Our average working interest in these properties is
about 40%. We drilled 71 gross wells in 2008.
Washakie — Our Washakie area leases are
concentrated in Carbon and Sweetwater counties in southern
Wyoming. Our average working interest is about 76% and we hold
about 157,000 net acres in the area. The Washakie wells
produce primarily natural gas from conventional reservoirs. In
2008, we drilled 115 gross wells.
Groesbeck — The Groesbeck area of east Texas
includes portions of Freestone, Leon, Limestone and Robertson
counties. Our average working interest is approximately 72% and
we hold about 168,000 net acres of land. The Groesbeck
wells produce primarily natural gas from conventional
reservoirs. In 2008, we drilled 16 gross wells.
Woodford Shale — Our Woodford Shale properties
in southeastern Oklahoma produce natural gas and NGLs from a
non-conventional reservoir. Our 54,000 net acres are
concentrated in Coal and Hughes counties and have an average
working interest of about 57%. In 2008, we drilled
131 gross wells in this area. To support our production in
the Woodford Shale, we also brought online a 200 MMcf per
day natural gas processing plant in 2008.
2009 Development Plans — We expect 2009 oil,
gas and NGL prices will be noticeably lower than those for 2008.
As a result, we expect our operating cash flow will also be
lower than that for 2008 and will require us to scale back our
anticipated capital expenditures in 2009 compared to 2008.
Accordingly, we expect to drill fewer wells in 2009 than in 2008
for the key U.S. Onshore areas discussed above.
Our reduction in 2009 drilling activities in these areas is also
related to our plan to devote a portion of our planned 2009
capital expenditures to develop three new unconventional natural
gas plays. In 2008, we built a position of nearly
1.3 million net acres in these unconventional natural gas
plays. In east Texas and north Louisiana we have accumulated
approximately 570,000 net acres prospective for the
Haynesville shale formation. In western Oklahoma, our Cana
leasehold position targets the deep Woodford shale formation in
the Anadarko Basin. We hold about 112,000 net acres in the
Cana area. In south central Montana, we have accumulated a
significant leasehold position for our Cody project area. We
hold approximately 575,000 net acres in this region. In
2009, we will continue to evaluate our acreage and drill wells
in these emerging plays to assess the reserve and production
potential of our acreage position.
Table of Contents
U.S.
Onshore
Barnett Shale — The Barnett Shale, located in
north Texas, is our largest property both in terms of production
and proved reserves. Our leases include approximately
715,000 net acres located primarily in Denton, Johnson,
Parker, Tarrant and Wise counties. The Barnett Shale is a
non-conventional reservoir and it produces natural gas and NGLs.
We have an average working interest of greater than 90%. We
drilled 659 gross wells in 2008.
Carthage — The Carthage area in east Texas
includes primarily Harrison, Marion, Panola and Shelby counties.
Our average working interest is about 85% and we hold
approximately 173,000 net acres. Our Carthage area wells
produce primarily natural gas and NGLs from conventional
reservoirs. We drilled 132 gross wells in 2008.
Permian Basin, Texas — Our oil and gas
properties in the Permian Basin of west Texas comprise
approximately 470,000 net acres located primarily in
Andrews, Crane, Ector, Martin, Terry, Ward and Yoakum counties.
These properties produce both oil and gas from conventional
reservoirs. Our average working interest in these properties is
about 40%. We drilled 71 gross wells in 2008.
Washakie — Our Washakie area leases are
concentrated in Carbon and Sweetwater counties in southern
Wyoming. Our average working interest is about 76% and we hold
about 157,000 net acres in the area. The Washakie wells
produce primarily natural gas from conventional reservoirs. In
2008, we drilled 115 gross wells.
Groesbeck — The Groesbeck area of east Texas
includes portions of Freestone, Leon, Limestone and Robertson
counties. Our average working interest is approximately 72% and
we hold about 168,000 net acres of land. The Groesbeck
wells produce primarily natural gas from conventional
reservoirs. In 2008, we drilled 16 gross wells.
Woodford Shale — Our Woodford Shale properties
in southeastern Oklahoma produce natural gas and NGLs from a
non-conventional reservoir. Our 54,000 net acres are
concentrated in Coal and Hughes counties and have an average
working interest of about 57%. In 2008, we drilled
131 gross wells in this area. To support our production in
the Woodford Shale, we also brought online a 200 MMcf per
day natural gas processing plant in 2008.
2009 Development Plans — We expect 2009 oil,
gas and NGL prices will be noticeably lower than those for 2008.
As a result, we expect our operating cash flow will also be
lower than that for 2008 and will require us to scale back our
anticipated capital expenditures in 2009 compared to 2008.
Accordingly, we expect to drill fewer wells in 2009 than in 2008
for the key U.S. Onshore areas discussed above.
Our reduction in 2009 drilling activities in these areas is also
related to our plan to devote a portion of our planned 2009
capital expenditures to develop three new unconventional natural
gas plays. In 2008, we built a position of nearly
1.3 million net acres in these unconventional natural gas
plays. In east Texas and north Louisiana we have accumulated
approximately 570,000 net acres prospective for the
Haynesville shale formation. In western Oklahoma, our Cana
leasehold position targets the deep Woodford shale formation in
the Anadarko Basin. We hold about 112,000 net acres in the
Cana area. In south central Montana, we have accumulated a
significant leasehold position for our Cody project area. We
hold approximately 575,000 net acres in this region. In
2009, we will continue to evaluate our acreage and drill wells
in these emerging plays to assess the reserve and production
potential of our acreage position.
Table of Contents
U.S. Onshore Barnett Shale — The Barnett Shale, located in north Texas, is our largest property both in terms of production and proved reserves. Our leases include approximately 715,000 net acres located primarily in Denton, Johnson, Parker, Tarrant and Wise counties. The Barnett Shale is a non-conventional reservoir and it produces natural gas and NGLs. We have an average working interest of greater than 90%. We drilled 659 gross wells in 2008. Carthage — The Carthage area in east Texas includes primarily Harrison, Marion, Panola and Shelby counties. Our average working interest is about 85% and we hold approximately 173,000 net acres. Our Carthage area wells produce primarily natural gas and NGLs from conventional reservoirs. We drilled 132 gross wells in 2008. Permian Basin, Texas — Our oil and gas properties in the Permian Basin of west Texas comprise approximately 470,000 net acres located primarily in Andrews, Crane, Ector, Martin, Terry, Ward and Yoakum counties. These properties produce both oil and gas from conventional reservoirs. Our average working interest in these properties is about 40%. We drilled 71 gross wells in 2008. Washakie — Our Washakie area leases are concentrated in Carbon and Sweetwater counties in southern Wyoming. Our average working interest is about 76% and we hold about 157,000 net acres in the area. The Washakie wells produce primarily natural gas from conventional reservoirs. In 2008, we drilled 115 gross wells. Groesbeck — The Groesbeck area of east Texas includes portions of Freestone, Leon, Limestone and Robertson counties. Our average working interest is approximately 72% and we hold about 168,000 net acres of land. The Groesbeck wells produce primarily natural gas from conventional reservoirs. In 2008, we drilled 16 gross wells. Woodford Shale — Our Woodford Shale properties in southeastern Oklahoma produce natural gas and NGLs from a non-conventional reservoir. Our 54,000 net acres are concentrated in Coal and Hughes counties and have an average working interest of about 57%. In 2008, we drilled 131 gross wells in this area. To support our production in the Woodford Shale, we also brought online a 200 MMcf per day natural gas processing plant in 2008. 2009 Development Plans — We expect 2009 oil, gas and NGL prices will be noticeably lower than those for 2008. As a result, we expect our operating cash flow will also be lower than that for 2008 and will require us to scale back our anticipated capital expenditures in 2009 compared to 2008. Accordingly, we expect to drill fewer wells in 2009 than in 2008 for the key U.S. Onshore areas discussed above. Our reduction in 2009 drilling activities in these areas is also related to our plan to devote a portion of our planned 2009 capital expenditures to develop three new unconventional natural gas plays. In 2008, we built a position of nearly 1.3 million net acres in these unconventional natural gas plays. In east Texas and north Louisiana we have accumulated approximately 570,000 net acres prospective for the Haynesville shale formation. In western Oklahoma, our Cana leasehold position targets the deep Woodford shale formation in the Anadarko Basin. We hold about 112,000 net acres in the Cana area. In south central Montana, we have accumulated a significant leasehold position for our Cody project area. We hold approximately 575,000 net acres in this region. In 2009, we will continue to evaluate our acreage and drill wells in these emerging plays to assess the reserve and production potential of our acreage position.
Table of ContentsU.S. Onshore Barnett Shale — The Barnett Shale, located in north Texas, is our largest property both in terms of production and proved reserves. Our leases include approximately 715,000 net acres located primarily in Denton, Johnson, Parker, Tarrant and Wise counties. The Barnett Shale is a non-conventional reservoir and it produces natural gas and NGLs. We have an average working interest of greater than 90%. We drilled 659 gross wells in 2008. Carthage — The Carthage area in east Texas includes primarily Harrison, Marion, Panola and Shelby counties. Our average working interest is about 85% and we hold approximately 173,000 net acres. Our Carthage area wells produce primarily natural gas and NGLs from conventional reservoirs. We drilled 132 gross wells in 2008. Permian Basin, Texas — Our oil and gas properties in the Permian Basin of west Texas comprise approximately 470,000 net acres located primarily in Andrews, Crane, Ector, Martin, Terry, Ward and Yoakum counties. These properties produce both oil and gas from conventional reservoirs. Our average working interest in these properties is about 40%. We drilled 71 gross wells in 2008. Washakie — Our Washakie area leases are concentrated in Carbon and Sweetwater counties in southern Wyoming. Our average working interest is about 76% and we hold about 157,000 net acres in the area. The Washakie wells produce primarily natural gas from conventional reservoirs. In 2008, we drilled 115 gross wells. Groesbeck — The Groesbeck area of east Texas includes portions of Freestone, Leon, Limestone and Robertson counties. Our average working interest is approximately 72% and we hold about 168,000 net acres of land. The Groesbeck wells produce primarily natural gas from conventional reservoirs. In 2008, we drilled 16 gross wells. Woodford Shale — Our Woodford Shale properties in southeastern Oklahoma produce natural gas and NGLs from a non-conventional reservoir. Our 54,000 net acres are concentrated in Coal and Hughes counties and have an average working interest of about 57%. In 2008, we drilled 131 gross wells in this area. To support our production in the Woodford Shale, we also brought online a 200 MMcf per day natural gas processing plant in 2008. 2009 Development Plans — We expect 2009 oil, gas and NGL prices will be noticeably lower than those for 2008. As a result, we expect our operating cash flow will also be lower than that for 2008 and will require us to scale back our anticipated capital expenditures in 2009 compared to 2008. Accordingly, we expect to drill fewer wells in 2009 than in 2008 for the key U.S. Onshore areas discussed above. Our reduction in 2009 drilling activities in these areas is also related to our plan to devote a portion of our planned 2009 capital expenditures to develop three new unconventional natural gas plays. In 2008, we built a position of nearly 1.3 million net acres in these unconventional natural gas plays. In east Texas and north Louisiana we have accumulated approximately 570,000 net acres prospective for the Haynesville shale formation. In western Oklahoma, our Cana leasehold position targets the deep Woodford shale formation in the Anadarko Basin. We hold about 112,000 net acres in the Cana area. In south central Montana, we have accumulated a significant leasehold position for our Cody project area. We hold approximately 575,000 net acres in this region. In 2009, we will continue to evaluate our acreage and drill wells in these emerging plays to assess the reserve and production potential of our acreage position.
Table of ContentsThese excerpts taken from the DVN 10-K filed Jun 9, 2008. U.S.
Onshore
Barnett Shale — The Barnett Shale, located in
north Texas, is our largest property both in terms of production
and proved reserves. Our leases include approximately
727,000 net acres located primarily in
Table of Contents
Denton, Johnson, Parker, Tarrant and Wise counties. The Barnett
Shale is a non-conventional reservoir and it produces natural
gas and NGLs. We have an average working interest of greater
than 90%. We drilled 539 gross wells in 2007 and expect to
drill between 500 and 600 gross wells in 2008.
Carthage — The Carthage area in east Texas
includes primarily Harrison, Marion, Panola and Shelby counties.
Our average working interest is about 85% and we hold
approximately 131,000 net acres. Our Carthage area wells
produce primarily natural gas and NGLs from conventional
reservoirs. We drilled 152 gross wells in 2007 and plan to
drill approximately 122 gross wells in 2008.
Permian Basin, Texas — Our oil and gas
properties in the Permian Basin of west Texas comprise
approximately 464,000 net acres located primarily in
Andrews, Crane, Martin, Terry, Ward and Yoakum counties. These
properties produce both oil and natural gas from conventional
reservoirs. Our average working interest in these properties is
about 40%. We drilled 77 gross wells in 2007 and plan to
drill approximately 38 gross wells in the area in 2008.
Washakie — Our Washakie area leases are
concentrated in Carbon and Sweetwater counties in southern
Wyoming. Our average working interest is about 76% and we hold
about 157,000 net acres in the area. The Washakie wells
produce primarily natural gas from conventional reservoirs. In
2007, we drilled 161 gross wells, and we plan to drill
approximately 111 gross wells in 2008.
Groesbeck — The Groesbeck area of east Texas
includes portions of Freestone, Leon, Limestone and Robertson
counties. Our average working interest is approximately 72% and
we hold about 172,000 net acres of land. The Groesbeck
wells produce primarily natural gas from conventional
reservoirs. In 2007, we drilled 21 gross wells, and we
anticipate drilling approximately 16 additional gross wells in
2008.
Permian Basin, New Mexico — Our Permian Basin
properties in southeastern New Mexico produce conventional oil
and natural gas. We hold about 286,000 net acres
concentrated in Eddy and Lea counties and have an average
working interest of about 75% in these properties. In 2007, we
drilled 78 gross wells in this area, and we expect to drill
approximately 94 gross wells in 2008.
U.S. Onshore Barnett Shale — The Barnett Shale, located in north Texas, is our largest property both in terms of production and proved reserves. Our leases include approximately 727,000 net acres located primarily in
Table of ContentsDenton, Johnson, Parker, Tarrant and Wise counties. The Barnett Shale is a non-conventional reservoir and it produces natural gas and NGLs. We have an average working interest of greater than 90%. We drilled 539 gross wells in 2007 and expect to drill between 500 and 600 gross wells in 2008. Carthage — The Carthage area in east Texas includes primarily Harrison, Marion, Panola and Shelby counties. Our average working interest is about 85% and we hold approximately 131,000 net acres. Our Carthage area wells produce primarily natural gas and NGLs from conventional reservoirs. We drilled 152 gross wells in 2007 and plan to drill approximately 122 gross wells in 2008. Permian Basin, Texas — Our oil and gas properties in the Permian Basin of west Texas comprise approximately 464,000 net acres located primarily in Andrews, Crane, Martin, Terry, Ward and Yoakum counties. These properties produce both oil and natural gas from conventional reservoirs. Our average working interest in these properties is about 40%. We drilled 77 gross wells in 2007 and plan to drill approximately 38 gross wells in the area in 2008. Washakie — Our Washakie area leases are concentrated in Carbon and Sweetwater counties in southern Wyoming. Our average working interest is about 76% and we hold about 157,000 net acres in the area. The Washakie wells produce primarily natural gas from conventional reservoirs. In 2007, we drilled 161 gross wells, and we plan to drill approximately 111 gross wells in 2008. Groesbeck — The Groesbeck area of east Texas includes portions of Freestone, Leon, Limestone and Robertson counties. Our average working interest is approximately 72% and we hold about 172,000 net acres of land. The Groesbeck wells produce primarily natural gas from conventional reservoirs. In 2007, we drilled 21 gross wells, and we anticipate drilling approximately 16 additional gross wells in 2008. Permian Basin, New Mexico — Our Permian Basin properties in southeastern New Mexico produce conventional oil and natural gas. We hold about 286,000 net acres concentrated in Eddy and Lea counties and have an average working interest of about 75% in these properties. In 2007, we drilled 78 gross wells in this area, and we expect to drill approximately 94 gross wells in 2008. These excerpts taken from the DVN 10-K filed Feb 28, 2008. U.S.
Onshore
Barnett Shale — The Barnett Shale, located in
north Texas, is our largest property both in terms of production
and proved reserves. Our leases include approximately
727,000 net acres located primarily in
Table of Contents
Denton, Johnson, Parker, Tarrant and Wise counties. The Barnett
Shale is a non-conventional reservoir and it produces natural
gas and NGLs. We have an average working interest of greater
than 90%. We drilled 539 gross wells in 2007 and expect to
drill between 500 and 600 gross wells in 2008.
Carthage — The Carthage area in east Texas
includes primarily Harrison, Marion, Panola and Shelby counties.
Our average working interest is about 85% and we hold
approximately 131,000 net acres. Our Carthage area wells
produce primarily natural gas and NGLs from conventional
reservoirs. We drilled 152 gross wells in 2007 and plan to
drill approximately 122 gross wells in 2008.
Permian Basin, Texas — Our oil and gas
properties in the Permian Basin of west Texas comprise
approximately 464,000 net acres located primarily in
Andrews, Crane, Martin, Terry, Ward and Yoakum counties. These
properties produce both oil and natural gas from conventional
reservoirs. Our average working interest in these properties is
about 40%. We drilled 77 gross wells in 2007 and plan to
drill approximately 38 gross wells in the area in 2008.
Washakie — Our Washakie area leases are
concentrated in Carbon and Sweetwater counties in southern
Wyoming. Our average working interest is about 76% and we hold
about 157,000 net acres in the area. The Washakie wells
produce primarily natural gas from conventional reservoirs. In
2007, we drilled 161 gross wells, and we plan to drill
approximately 111 gross wells in 2008.
Groesbeck — The Groesbeck area of east Texas
includes portions of Freestone, Leon, Limestone and Robertson
counties. Our average working interest is approximately 72% and
we hold about 172,000 net acres of land. The Groesbeck
wells produce primarily natural gas from conventional
reservoirs. In 2007, we drilled 21 gross wells, and we
anticipate drilling approximately 16 additional gross wells in
2008.
Permian Basin, New Mexico — Our Permian Basin
properties in southeastern New Mexico produce conventional oil
and natural gas. We hold about 286,000 net acres
concentrated in Eddy and Lea counties and have an average
working interest of about 75% in these properties. In 2007, we
drilled 78 gross wells in this area, and we expect to drill
approximately 94 gross wells in 2008.
U.S. Onshore Barnett Shale — The Barnett Shale, located in north Texas, is our largest property both in terms of production and proved reserves. Our leases include approximately 727,000 net acres located primarily in
Table of ContentsDenton, Johnson, Parker, Tarrant and Wise counties. The Barnett Shale is a non-conventional reservoir and it produces natural gas and NGLs. We have an average working interest of greater than 90%. We drilled 539 gross wells in 2007 and expect to drill between 500 and 600 gross wells in 2008. Carthage — The Carthage area in east Texas includes primarily Harrison, Marion, Panola and Shelby counties. Our average working interest is about 85% and we hold approximately 131,000 net acres. Our Carthage area wells produce primarily natural gas and NGLs from conventional reservoirs. We drilled 152 gross wells in 2007 and plan to drill approximately 122 gross wells in 2008. Permian Basin, Texas — Our oil and gas properties in the Permian Basin of west Texas comprise approximately 464,000 net acres located primarily in Andrews, Crane, Martin, Terry, Ward and Yoakum counties. These properties produce both oil and natural gas from conventional reservoirs. Our average working interest in these properties is about 40%. We drilled 77 gross wells in 2007 and plan to drill approximately 38 gross wells in the area in 2008. Washakie — Our Washakie area leases are concentrated in Carbon and Sweetwater counties in southern Wyoming. Our average working interest is about 76% and we hold about 157,000 net acres in the area. The Washakie wells produce primarily natural gas from conventional reservoirs. In 2007, we drilled 161 gross wells, and we plan to drill approximately 111 gross wells in 2008. Groesbeck — The Groesbeck area of east Texas includes portions of Freestone, Leon, Limestone and Robertson counties. Our average working interest is approximately 72% and we hold about 172,000 net acres of land. The Groesbeck wells produce primarily natural gas from conventional reservoirs. In 2007, we drilled 21 gross wells, and we anticipate drilling approximately 16 additional gross wells in 2008. Permian Basin, New Mexico — Our Permian Basin properties in southeastern New Mexico produce conventional oil and natural gas. We hold about 286,000 net acres concentrated in Eddy and Lea counties and have an average working interest of about 75% in these properties. In 2007, we drilled 78 gross wells in this area, and we expect to drill approximately 94 gross wells in 2008. This excerpt taken from the DVN 10-K filed Feb 28, 2007. U.S. Onshore
Barnett Shale — The Barnett Shale, located in
north central Texas, is our largest property both in terms of
production and proved reserves. Our leases include approximately
725,000 net acres located primarily in Denton, Johnson,
Parker, Tarrant and Wise counties. The Barnett Shale is a
non-conventional reservoir and it produces natural gas and
natural gas liquids. We have an average working interest in the
Barnett Shale of greater than 90%.
During 2006, we acquired additional Barnett Shale assets from
Chief. The Chief acquisition added approximately 100 MMBoe
of proved reserves, 169,000 net acres and some 2,000
additional drilling locations to our Barnett Shale holdings. We
drilled 383 gross wells in the Barnett Shale in 2006 and
expect to drill 385 gross wells in the area in 2007.
Carthage — The Carthage area in east Texas
includes primarily Harrison, Marion, Panola and Shelby counties.
We hold approximately 126,000 net acres in the area. Our
Carthage area wells produce primarily natural gas and natural
gas liquids from conventional reservoirs. Our average working
interest in this area is about 85%. We drilled 122 gross
wells at Carthage in 2006 and plan to drill 150 gross wells
in the area in 2007.
Permian Basin, Texas — Our oil and gas
properties in the Permian Basin of west Texas comprise
approximately 1.2 million net acres. Our acreage is located
primarily in Andrews, Crane, Martin, Terry, Ward and Yoakum
counties. The Permian Basin produces both oil and natural gas
from conventional reservoirs. Our average working interest in
these properties is about 40%. We drilled 95 gross wells in
the Permian Basin of west Texas in 2006, and we plan to drill
another 100 gross wells in the area in 2007.
Washakie — Our Washakie area leases are
concentrated in Carbon and Sweetwater counties in southern
Wyoming. We hold about 157,000 net acres in the Washakie
area. Washakie produces primarily natural gas from conventional
reservoirs. Our average working interest in the Washakie area is
about 76%. In 2006, we drilled 137 wells at Washakie, and
we plan to drill another 105 wells in the area in 2007.
Groesbeck — The Groesbeck area of east Texas
includes portions of Freestone, Leon, Limestone and Robertson
counties. We hold about 173,000 net acres of land in the
Groesbeck area. Groesbeck produces primarily natural gas from
conventional reservoirs. Our average working interest in the
area is approximately 72%. In 2006, we drilled 31 gross
wells in the area. Our plans anticipate drilling 34 additional
gross wells in the Groesbeck area in 2007.
Permian Basin, New Mexico — We also own oil and
gas properties in the Permian Basin in south eastern New Mexico.
We hold about 342,000 net acres concentrated in Eddy and
Lea counties. We produce conventional oil and natural gas from
the Permian Basin in New Mexico, and have an average working
interest of about 75% in these properties. In 2006, we drilled
82 gross wells in this area, and we expect to drill another
44 gross wells in 2007.
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