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Apache Announces Higher Initial Production, Lower Costs In Latest Tonkawa And Granite Wash Drilling

HOUSTON, May 8, 2013 /PRNewswire/ -- Apache Corporation (NYSE, Nasdaq: APA) today announced updated well results from drilling in the Tonkawa and Granite Wash formations of the Texas Panhandle and Western Oklahoma.

Tonkawa initial production rates climb 70 percentFlow rates from Apache's first seven Tonkawa wells drilled and producing for 30 days in 2013 averaged 662 barrels of oil equivalent (boe) per day, a 70 percent increase from wells drilled in the play a year ago. For all seven 2013 wells, after processing for natural gas liquids, the 30-day initial production (IP) rate averaged 428 barrels of crude oil, 103 barrels of NGLs, and 789 thousand cubic feet (Mcf) of natural gas per day.

"Production from recently drilled Tonkawa wells is exceeding our expectations," said Rob Johnston, vice president of Apache's Central Region. "At the same time, we have reduced drilling and completion costs for Tonkawa wells by approximately $1.5 million per well, or 20 percent, from a year ago. This combination of higher IP rates and lower costs is improving rates of return and boosting the prospectivity of our substantial Tonkawa acreage."

Apache currently has nearly 318,000 acres in the Tonkawa and nearly 2,800 identified well locations in the play remaining in its drilling inventory. An accelerated Tonkawa drilling program is currently under way, with the rig count expected to double to 10 by July. 

Granite Wash wells delivering higher initial production rates at lower costIn the Granite Wash, flow rates from the company's first six wells drilled and producing for 30 days in 2013 averaged 1,495 boe per day. For all six wells, after processing for NGLs, the initial 30-day IP rate averaged 291 barrels of crude oil, 469 barrels of NGLs, and 4.4 million cubic feet of natural gas per day.

"We're realizing more robust production from the Granite Wash than we expected a year ago. With wells online for 30 days, our average flow rate is 20 percent higher," Johnston said.

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