Posted on 04/24/2013 8:11:51 PM PDT by pinkwill
Encana Corp. Tuesday announced positive results from its San Juan Basin oil exploration, saying the testing had “reached commerciality” with production expected to exceed 1,700 barrels of oil equivalent per day.
The Canadian company said it may add a rig by year’s end to the two now operating in the basin, according to the Farmington Daily News.
(Excerpt) Read more at bizjournals.com ...
Encana said the last five wells completed have initial 30-day production rates of 150 to 700 barrels of oil equivalent per day, producing 80 percent oil, according to the Daily News.
Encana expects to spend about $100 million in the basin in 2013, about the same as last year.
San Juan basin was mainly a gas area for years when I lived there. On my last trip in 2009 I noticed lots of oil pumps working.
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