Fairway III became a significant operator in the Anadarko Basin in November 2016 when we closed on the acquisition of Samson Resources’ “Central Anadarko” package through the bankruptcy process. The following summarizes Fairway III’s current position.
Net Production: 8,500 BOEPD
Active Operated Wells: 300
Active Non-Operated Wells: 1,125
Net Acres: 170,000
Producing Formations: All major formations in the Anadarko Basin, including Osage/Meramec, Red Fork, Cleveland, Marmaton, Morrow and Springer
NW Extension of the STACK
Fairway III acquired a significant position in the NW Extension of the STACK play as part of the Samson transaction (primarily in Major and extreme southern Woods counties). We have grown the position to about 40,000 net acres while consolidating into a single core development area. Approximately 80% of the acreage is HBP with operational control of over 80 sections.
We initiated development of the acreage in early 2017 with a four-well test program. After a short hiatus to evaluate results, we embarked on a one-rig development program targeting the Upper and Lower Osage and Meramec horizons. After the drilling of fourteen more horizontal wells, we took another hiatus in late 2018 to further evaluate our results. We plan on commencing a continuous development program in early 2019.
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Fairway III also acquired a large position in the Western Oklahoma portion of the Anadarko Basin (centered in Roger Mills, Ellis and Beckham counties). We have been studying our position and participating in select drilling and recompletion opportunities to further evaluate what we believe to be substantial upside potential in this stacked-pay area. Our total acreage position in the area is roughly 130,000 net acres, all of which is HBP.