HOUSTON, May 10 (UPI) -- Drilling efficiency in Texas and Oklahoma has saved oil and gas explorer Apache Corp. more than $1.3 million per well, a regional vice president said.
Apache Corp. issued an update on the well results from its Tonkawa and Granite Wash formations in Texas and western Oklahoma.
Apache Corp said the first seven wells drilled in the Tonkawa formation gave up an average of 789,000 cubic feet of natural gas per day during a 30-day production test.
Regional Vice President Rob Johnston said Tonkawa production was exceeding the company's expectations.
From Granite Wash, the average 30-day test rate was 4.4 million cubic feet of natural gas per day.
Johnston added that drilling and completion efficiency for Apache has improved.
"We have decreased costs by 15 percent from a year ago, representing savings of $1.3 million-$2 million per well," he said.
Apache announced this week that first quarter earnings declined 10 percent in part because of lower prices for oil and natural gas on the commodity market.