Apache Makes Significant Oil Field Discovery In Texas

(RTTNews) - Apache Corp. Wednesday said it has discovered a oil in a new west Texas field.

The company has discovered oil at its Alpine High acreage, which lies in the southern portion of the Delaware Basin, primarily in Reeves County, Texas. The company estimates hydrocarbons in place on its acreage position are 75 trillion cubic feet of rich gas and 3 billion barrels of oil in the Barnett and Woodford formations alone.

Apache said it has secured 307,000 acres at an attractive average cost of about $1,300 per acre. The company said the discovery was a result of more than two years of extensive geologic and geophysical work, methodical acreage accumulation, and strategic testing and delineation drilling.

Apache has drilled 19 wells in the play, with nine currently producing in limited quantities due to infrastructure constraints.