XTO Energy Inc. , a subsidiary of ExxonMobil Corp., has agreed to fund development to gain operating equity in 34,000 gross acres in the liquids-rich Wolfcamp in Texas’s Midland and Upton counties, increasing the company’s holdings in the Permian basin to just more than 1.5 million net acres. XTO also has signed an agreement with American Energy–Utica LLC (AEU) that will enable AEU to earn 30,000 net acres of XTO’s Utica basin leasehold in Ohio’s Harrison, Jefferson, and Belmont counties. In the Wolfcamp, Endeavor will continue to operate shallow production while XTO will drill and operate horizontal wells in the deeper intervals. “The Wolfcamp shale is a vast, tight oil resource with tremendous potential,” said XTO Pres. Randy Cleveland. “The presence of multiple, stacked pay zones creates the potential for capital-efficient horizontal development, and the proximity to XTO’s ongoing Wolfcamp operations will offer operating cost efficiencies.” In the Utica, […]