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When energy experts skimmed a mid-November drilling report for East Texas, one well immediately jumped out.
The well, drilled by Devon (DVN Quote) in the Freestone Trend of the Cotton Valley, reported initial production of some 23.3 million cubic feet of gas per day. While some vertical wells in the same region deliver plenty of gas, none looks nearly as promising as that Cotton Valley standout.
Harry Chernoff, a principal at Pathfinder Capital Advisors, did some math. The new well looked poised to deliver four to five times as much gas as one of Devon's successful vertical wells in the same region. Thus, he concluded, this one had to be a horizontal well instead. ...
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