Tuesday, October 19, 2010

Approach Resources Announces Wolffork Resource Play

Approach Resources announced that it is planning to drill and recomplete Wolffork wells in the Permian Basin. This clearly demonstrates that companies are realizing the huge potential of these zones. Success here could have huge implications for Lynden Energy Corp. (LVL) at their Mitchell Ranch project.

Several other deals have also been recently announced. They include a $285 million acquisition by Concho Resources, a $352.2 million Wolfberry acquisition by Linn Energy, and a $180 million acquisition by El Paso. The El Paso acquistion is interesting because it is for raw land only without any existing wells. El Paso is targeting the Wolfcamp formation.

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