MCKINNEY, Texas, Oct. 25, 2016 /PRNewswire/ — FIG Tree Capital Ventures (FIG) – a Texas-based investment firm, with energy assets in the Williston Basin (Bakken/Three Forks Shale) of North Dakota, The Woodbine Formation of South East Texas, and the SCOOP, STACK, CANA WOODFORD of Oklahoma, has successfully targeted new developments that are yielding tremendous results for the company and its partners.
The SCOOP Play (South Central Oklahoma Oil Province) and STACK Play (Sooner Trend Anadarko basin Canadian and Kingfisher counties) have emerged as two of the most active and economic unconventional resource developments in the country, coveted by public companies like Devon Energy (DVN), Continental Resources (CLR), and Newfield Exploration (NFX). FIG specializes in identifying, evaluating, and acquiring non op acreage in these highly desirable areas, in turn giving the company the rights to directly participate in the drilling with the publicly traded operators.
“The SCOOP and STACK have been our primary focus for acquisition due to their ability to generate significant returns in this low oil price environment,” said FIG Tree Capital Ventures CEO Ryan Wright. “Not only have the wells here cost less and performed better in comparison to our other developments, but expenses for operating, transportation, and production tax have been much lower. Furthermore, we are getting paid full WTI spot price for the oil and often times a BTU bonus on the rich gas being produced, which gives the area an advantage versus areas like the Bakken where you get paid a much lower oil price than WTI spot due to the quality differential.”
To date, FIG and its partners have acquired actively developing non op acreage throughout the SCOOP and STACK Plays in Kingfisher, Custer, Grady, and Garvin Counties targeting the Meramac and Woodford Shale formations. The company recently announced the successful completion of the Vitruvian II operated Anita Fowler 1-27-26H SCOOP well in Grady County. The well had a peak rate of approximately 377 bbls per day and 18.5 mcf per day, which is well over 2,000 BOE per day. In its first 53 days, the well has averaged approximately 320 bbls per day and 16,000 mcf per day. FIG’s interests are currently being operated by Devon Energy (DVN), Continental Resources (CLR), Newfield Exploration (NFX), Vitruvian Exploration II, Gulf Exploration, and several others.