Plano Petroleum announces successful results from horizontal drilling program in Cleveland reservoir in Oklahoma

Source: Plano Petroleum

Plano Petroleum, LLC announced today the preliminary results from its successful five-well horizontal drilling program in the Cleveland and Tonkawa tight oil sand reservoirs in Ellis and Roger Mills counties, Oklahoma, which the company began in mid-2011. Plano recently completed two horizontal wells in the Cleveland formation that targeted a prolific lower Cleveland sand member and one horizontal well in the shallower Tonkawa reservoir. In addition to the three new horizontal producers, Plano has commenced operations to drill two additional Cleveland wells on its acreage with production expected to commence from those two wells in the first quarter of 2012.

Plano completed its first lower Cleveland horizontal well in late July 2011 when the company drilled the Nelwyn #1H-7 in Section 7, T17N, R24W in Ellis County, Oklahoma. The well’s initial flow rate was 570 barrels of oil per day (BOPD) and 1.7 million cubic feet of gas per day (MMCFD). The Nelwyn #1H-7 well produced 31,315 barrels of oil, 10,727 barrels of natural gas liquids and 69 MMCF of dry gas during its first 90 days of production for an average production rate of 595 barrels of oil equivalent per day.

Plano’s second horizontal Cleveland well, the Sharon #1H-18, drilled in the lower Cleveland sand, is flowing back following a 14-stage hydraulic fracturing procedure to stimulate production in the tight formation. The Sharon #1H-18 well is located in Section 18, T17N, R24W in Ellis County. The well’s initial flow rate was 578 BOPD and 1.1 MMCFD. The company also reported that the Adeline #1H-4 well, a horizontal Tonkawa producer located in Section 4, T17N, R22W of Ellis County, flowed at an initial rate of 199 BOPD and 312 thousand cubic feet of gas per day.

“We are quite pleased with the success of our horizontal drilling program, especially in the Cleveland formation,” said Cory Richards, Chief Executive Officer and Chairman. “We believe there is significant, low risk development potential on our acreage block in the Cleveland and Tonkawa oil reservoirs, as well as the Cottage Grove and Cherokee oil reservoirs. We plan to continue adding value to our company by pursuing these formations.”

Exploration and production companies have drilled more than 1,070 horizontal wells in the Cleveland reservoir in the Texas Panhandle and western Oklahoma since 1995. Most of the wells have been drilled and completed in the upper Cleveland reservoir; however, Plano Petroleum and other producers now are aggressively developing a lower member of the Cleveland. During the last 18 months, 28 horizontal completions have been reported in this lower Cleveland play, noted as Marmaton in some regulatory filings, in southern Ellis County with an average initial rate of 514 BOPD and 1.3 MMCFD. Additional operators active in this “play within a play” include EOG Resources, Inc., Chesapeake Energy, Mewbourne Oil and Primary Natural Resources III, LLC.

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