Denver’s Ovintv Inc. has a reputation in Oklahoma for its large producing wells found in the STACK play, especially in Kingfisher County.
In the remainder of the year, Ovintiv indicated in its recent third quarter financial report, it intends to bring on 26 net wells in the Anadarko Basin.
The company reportetd its production in the Anadarko averaged 119 MBOE a day of which 60% were liquids. Ovintiv plans to invest approximately $190 million to $210 million in the coming quarter n the Andarko drilling efforts.
That’s a drop in the bucket compared to the $1.43 billion to $1.47 billion Ovintiv says it will lspend in driilling the Permian Basin where it plans to bring on 170 to 180 net wells. Its Permian production in the third quarter averaged 194 MBOE/d and it had 83 net wells turned to sales.
Ovintiv is also active in oil and gas exploration in western Canada. It plans to spend or invest $540 million to $580 million in the Montney shale play of Alberta and British Columbia. The company said it will bring on 75 to 80 net wells.
Ovintiv’s other drilling efforts are in the Uinta Basin of northeast Utah. The company stated it will invest $415 million to $435 million with hopes of bringing on 21 to 26 net wells. But the firm said the capital investment includes drilling and completion expenditures on wellsl that won’t be turned to sales until 2024.
