Approach Resources held a very informative, comprehensive Analyst and Investor meeting on Oct. 18th. Qingming Yang, Approach VP Exploration and a Ph.D., spoke at great length on the science of the new Wolfberry type play they call the “Wolffork”. They chose the name Wolffork because of the combo targets Wolfcamp shale and shallower Clearfork.
The play is south of the Wolfberry play, in Crockett County. They opened up the talk discussing a recent University Land sale in which El Paso came in and out bid everyone acquiring acreage in the top half of the county. EOG is another player here that Approach is keeping close tabs on.
Yang discussed that historically, this area was believed to be part of the Val Verde Basin, affected by the Ozona Arch, and that the Wolfcamp shale was absent or very thin. Past operators did not use mud logs, and only logged the deeper sections such as the Canyon and Strawn. Yang says that this are is in fact part of the southern Midland Basin in the shallower areas. Below is a stratigraphic column from the presentation.
After some geology, Yang discussed some petrophysical properties such as vitrinite reflectance. Below is a chart showing the R0. The Wolfcamp in this area falls in the oil window, somewhat close to the wet gas window. This is ideal because there should be sufficient gas to drive the hydrocarbons upwards. These wells will produce gas, NGLs and crude.
Approach will be developing the field vertically where the deep Canyon is present. They will operate 1 horizontal rig, and 2 vertical rigs. They have 93,000 acres. Another positive for Approach is they have a lot of their acreage HBP by deep Canyon, Strawn and Ellenberger. The Wolffork is behind pipe in all their wells.
I want to post one more slide that I find helpful and interesting. It is a flow chart for technical evaluation. Everything from discovery of the TOC and vitrinite reflectance, to the economics and execution.
This entire presentation will be posted in the Approach folder of the DNA Wolfberry Unconventional Update. If you have time, go to the website and check out the audio as well, Yang does a great job and is worth listening to.
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