Millennial-run oil company focuses on Permian Basin
They’re under 40 and they’re drilling for oil in the Permian Basin of West Texas.
Millennial-run oil company Double Eagle Energy Holdings III has received three drilling permits from the Railroad Commission of Texas for projects in Midland County. Two horizontal wells are planned for the company’s High Sky lease target the Spraberry field down to a total depth of 9,000 feet. On its nearby Billington lease, Double Eagle is taking a different approach to targeting the Spraberry, drilling a vertical well to a depth of 10,500 feet.
The Fort Worth company was co-founded by Cody Campbell and John Sellers in 2008. The Permian Basin is the latest shale play for the two 37-year-olds, who received $1 billion of backing from private equity firm Apollo Global Management in Feb. 2018. They had previously drilled in the Permian Basin under one of their previous companies and sold those assets to Parsley Energy.
Fort Worth Point Energy Partners is preparing to drill its first oil wells. Over the past month, the company has received nine drilling permits for horizontal wells in Ward County, all targeting the Phantom field of the Wolfcamp geological layer at depths ranging from 11,021 to 12,116 feet.
Eagle Ford Shale
ConocoPhillips of Houston is preparing to drill four oil wells on its Morrill Ranch lease in McMullen County to target the Eagleville field of the Eagle Ford geological layer down to a total depth of 17,000 feet.
Less than a week after receiving a water diversion permit from the Texas Commission on Environmental Quality, Dallas oil company Aethon Energy is preparing to drill four horizontal wells on its Revolution 9 GU lease in Nacogdoches County. The wells target the Carthage field of the Haynesville geological layer at depths ranging from 13,200 to 14,000 feet.
Mexican oil company Petrobal continues to gain experience with horizontal drilling and hydraulic fracturing in Texas. The company is seeking permission to recomplete a horizontal well on its Anderson-Cooper Unit lease in Jack County. The project targets the Jack County Regular field to a depth of 6,000 feet.
Dallas natural gas pipeline Atmos Pipeline is taking yet another step forward to develop a storage facility in East Texas. The company received a pair of drilling permits to develop two saltwater disposal wells on a facility it owns northwest of Palestine. The injection wells target the Bethel field of the Woodbine geological formation down to a depth of 6,500 feet.