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AAPG Bulletin

Abstract

Volume: 72 (1988)

Issue: 10B. (October Part B)

First Page: 158

Last Page: 167

Title: Oil and Gas Developments in West Texas and Eastern New Mexico in 1987

Author(s): Charles F. Garvey (2), John F. Bourke (3), Donald G. Burdick (4), Scott Dufford (5), D'Nese Fly (6), Wayne R. Gibson (7), Bill A. Schaefer, Jr. (8), Thomas J. Turmelle (4), Roger J. Wetz (9)

Abstract:

As expected, 1987 was a bad year for the oil and gas industry. In west Texas and eastern New Mexico, 3,152 wells were drilled, an 18.1% decrease from 1986. The success rate for all wells was 76.0%, an increase from 1986 but still lower than the 79.9% success rate in 1985. The number of exploratory wells drilled was down 30.8% from 1986, and total exploratory footage was down 32.8%. The success rate for exploratory drilling increased from 19.6% in 1986 to 21.2% in 1987. Development activity decreased 14.8% in 1987, and development footage also decreased 17.0%. Seismic crew activity decreased markedly, down 25.0% from 1986. Oil production for 1987 was 492,530,106 bbl, down 6.2% from 1986, whereas gas production was up 3.5% to 1,874,323 mmcf. Leasing activity showed an incre se in terms of acres leased as well as bonuses paid. Acreage leased was up 67.0%, and total bonuses paid were up 72.0%. Although this translates to a very moderate increase in bonus paid per acre of only 3%, this is the first increase in 6 years.

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