Over the past decade, there has been a rapid evolution of exploration plays that has benefited from new efficiencies in horizontal drilling, beginning with shale gas, later to shale oil and tight oil plays, and today, even conventional reservoirs. As explorationists, we have used our understanding of these technology advancements by developing new plays that were either overlooked or underdeveloped, but can be economic with improved recoveries.

With current oil prices hovering at $40/barrel (as of late November), our understanding of both the geology and the economic drivers to commercial projects are critical in finding the very best areas to invest. Early entry into the “sweet spots” of these plays is an important economic driver, thus the ability to quickly screen and execute leasing in the best areas of the plays is a key element of our strategy. We will examine some of our company’s criteria and analytical approaches for exploring new plays, with examples from our New Albany and Woodford shale plays, our Paradox Basin and Las Animas Arch tight carbonate play, and a horizontal development of a conventional carbonate oil field.