Apache finds oil in Texas

Apache Corp. announced that it determined five test wells drilled in the Texas Panhandle during an exploratory campaign were oil producers. \"Advances in horizontal drilling and multistage fracture stimulations have greatly improved the economics of drilling in oil and liquids-rich formations across western Oklahoma and the Texas Panhandle,\" said Robert Johnston, a regional vice president for Apache. \"The wells we have drilled thus far in the Bivins Ranch area have all the ingredients to suggest that these techniques may generate even greater productivity.\" The results during the first 30 days of production yielded an average combined flow rate of around 1,735 barrels of oil from wells deemed oil producers. The company said it had plans for 10 more wells this year. \"We are eager to continue to test the acreage and we plan to commence horizontal development drilling in mid-2012,\" added Johnston.