Data taken from an oil well at a shale basin in Oklahoma show performance better than expected, which will likely trigger more drilling, BNK Petroleum said.

The company said Friday that production from a well in the South Central Oklahoma Oil Province, or SCOOP, was about 40 percent better than initial estimates. The well, Brock 9-2H, is about a mile away from the closest proven reserve location.

"This well demonstrates the excellent production that is achievable as we continue to expand our drilling in the field further east," President and CEO Wolf Regener said in a statement.

The SCOOP reservoir lies within the broader Anadrako shale basin in Oklahoma. Data from the U.S. Energy Information Administration show total oil production is slowly accelerating in Anadarko, with the 99,000 barrels of oil per day expected in October marking a 2 percent gain from September, if federal forecasts are accurate.

New-well production per rig has been relatively steady. Federal drilling data show an average production per rig in the broader Anadarko play at 376 barrels each. Anadarko said Brock 9-2H was producing at an above-average rate.

"The production from the well, which is located in BNK's Tishomingo field, in the SCOOP region of Oklahoma, is currently over 600 barrels of oil equivalent per day, of which 520 barrels are oil and appears to be stabilizing," the company said.

Oklahoma is home to about 4 percent of the total petroleum reserves in the country and accounts for as much as 5 percent of the total crude oil production. The state government reported that new tax legislation was supporting economic growth. Changing a tax rate for shale drillers from 1 percent to 4 percent supported overall receipts in September with $6.9 million.

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OPEC's oil price forecast near a make-or-break point for U.S. shale
Washington (UPI) Oct 11, 2017
The price for crude oil next year should be around the so-called Goldilocks number for shale oil drillers in the United States, OPEC economists said. The Goldilocks scenario refers to a price point that's not so high that it encourages a strong drive in crude oil exploration and production, but not low enough to curtail capital spending and operations. Economists with the Organiz ... read more

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