This week Berry Petroleum announced that it has added another 9,300 net acres in the Wolfberry trend for $180 million in cash. The new acquisition brings the Company’s leasehold to 19,350 net acres in the trend which is expected to provide them with a 5-year drilling inventory of over 400 locations with forty-acre spacing in the Wolfberry.
The below is a slide from Berry’s latest company presentation with the acquisition details. With this map we can also see the layout of the Wolfcamp trend and how it relates to the Spraberry trend creating the Wolfberry trend.
Also in the Wolfcamp, El Paso entered into the play in a big way acquiring approximately 123,100 net acres in Reagan, Crockett, Upton and Irion counties. The acreage was leased from the University of Texas and is added to their roughly 12,000 net acres of existing leasehold in the play.
The following is a slide from El Paso’s latest presentation that outlines some of the details of their Wolfcamp position. Notice the difference in the 2 maps as it relates to the Wolfcamp shale/trend outlines. The reason for this is that the Wolfcamp trend outline in the Berry slide is the sweet spots of the Wolfcamp shale which is outlined comprehensively in the El Paso slide.
For more information visit the Acquisition and Divestitures folder in the Unconventional Updates in DI’s DNA.
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