An oil discovery in the Texas Panhandle could be one of the better performing wells drilled in the Lower 48, the top executive at Chesapeake Energy said.
Chesapeake announced its Thurman Horn 406H well in the Hogshooter Formation in the Texas Panhandle and western Oklahoma produced 5,400 barrels of oil per day during its first eight days of operation.
Chesapeake Chief Executive Officer Aubrey McClendon said, in a statement, that production results indicate Thurman Horn 406H may be “one of the best oil wells drilled onshore in the Lower 48 in the past several decades.”
Chesapeake has struggled amid the natural gas boom in the United States as more reserves push prices lower.
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