Deals - Joint Ventures | Top Story | Drilling Program - Wells
Canyon Creek, Pivotal Join Forces for Arkoma STACK Development
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Canyon Creek Energy - Arkoma and Pivotal Petroleum have joined forces to develop Canyon Creek's acreage in Atoka, Coal, Hughes and Pittsburg Counties, Oklahoma, targeting the Arkoma STACK play.
CCEA and Pivotal plan to drill 18 wells in 2018 targeting the Woodford shale and Mayes shale in various locations throughout the Arkoma Basin of Southeastern Oklahoma. Pivotal will fund 75% of CCEA’s working interest in all wells covered by the JDA. Once Pivotal achieves a preferred return, the majority of the wellbore working interest and net revenue interest will revert back to CCEA. This new partnership will accelerate CCEA’s drilling activity across the company’s 100,000 gross acre operated leasehold position.
CCEA President & CEO Luke Essman commented, “We are excited to partner with Pivotal…
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