The Permian Basin remains the premier basin on Earth, according to Bill Marko, managing director of Jefferies LLC.

“The Permian is where the action is—everybody in this room knows that,” Marko told attendees of Hart Energy’s DUG Permian conference and exhibition on May 22 in Fort Worth, Texas.

Marko, who spoke at the conference during a panel focusing on A&D, expressed concern about possible global supply shortfalls if the number of new final investment decisions didn’t pick up. However, he pointed out that growth in the Permian—where production and activity have been rising—translates to growth worldwide.

“The Permian is going to be important for worldwide oil supply,” he said adding that the vast majority of drilling locations in the U.S. are located in the prolific basin.

RELATED: UPDATE: DUG Permian—Grow, Grow, Grow Your Well Performance

Below Hart Energy Activity Editor Larry Prado summarizes recent activity in the Permian including ConocoPhillips Co.’s (NYSE: COP) latest Upper Wolfcamp completions in the Delaware Basin as well as a horizontal Wolfcamp A Midland Basin producer by Parsley Energy Inc. (NYSE: PE).

1. Lilis Energy: 5/18/18

Lilis Energy Inc. (AMEX: LLEX) has completed another horizontal Wolfcamp B producer in the Delaware Basin in Winkler County, Texas (RRC Dist. 8).

Permian Basin Activity Highlights Map (Map Data: Google)

The San Antonio-based company said #1H Tiger had a 24-hour IP rate of 1,803 boe on a three-stream basis (72% liquids). The 4,108-ft lateral was completed at 12,427ft to 16,542 ft with 21-stage fracture stimulation. Lilis also reported that the well averaged 439 boe/d per 1,000 ft and is one of the company’s highest rates. It was drilled to 16,542 ft with a northwest-trending lateral and is on a 640-acre lease in Section 25, Block C23, PSL Survey, A-1394.

2. Teakwood Operating: 5/16/18

A Wolfbone Field discovery was reported by Midland, Texas-based Teakwood Operating LLC in the Delaware Basin in Pecos County, Texas (RRC Dist. 8).

The #2H Texas American Syndicate State B 212 was tested on a gas lift flowing 117 bbl of 39-degree-gravity oil, 163 Mcf of gas and 2,850 bbl of water per day from Wolfcamp. It was drilled to 15,976 ft in Section 6, Block 122, T&STL RR Co Survey, A-9142. The lateral bottomed about 1.5 miles to the southwest at a true vertical depth of 8,575 ft in Section 47, Block 11, GH&SA Survey, A-9133. Production is from acidized and fractured perforations at 11,581 ft to 15,815 ft.

3. ConocoPhillips: 5/15/18

Two horizontal Upper Wolfcamp-Delaware Basin wells were completed in Section 27-26s-32e by Houston-based ConocoPhillips Co. (NYSE: COP) in Lea County, N.M., according to IHS Markit.

ConocoPhillips’ #001H Battle Axe 27 Federal Com flowed 2,033 bbl of crude, 3.519 MMcf of gas and 3,121 bbl of water per day from acid- and fracture-stimulated perforations at 12,365 ft to 18,836 ft. It was drilled to 19,105 ft, and the leg bottomed within 1.5 miles to the south in irregular Section 34 with a true vertical depth of 12,252 ft.

The offsetting #2H Battle Axe 27 Federal Com is a parallel venture that was drilled to 18,930 ft, 7,595 ft true vertical. It was tested flowing 1,166 bbl of oil, 1.965 MMcf of gas and 2,040 bbl of water per day from 12,109 ft to 18,779 ft.

4. Concho Resources: 5/14/18

An extended-lateral Wolfcamp well has been completed by Concho Resources Inc. (NYSE: COG) subsidiary COG Operating LLC in Eddy County, N.M.

The Midland, Texas-based company’s Delaware Basin discovery, #004H Caverns Federal Com, was tested flowing 5.762 MMcf of gas, 61 bbl of condensate and 4,987 bbl of water per day from acidized and fracture-stimulated perforations at 7,617 ft to 19,170 ft. The Purple Sage Field well is in Section 21-26s-25e. The initial pilot hole reached 8,400 ft, with a two-mile lateral bottoming in irregular Section 33. It was drilled to 19,315 ft and the true vertical depth is 7,500 ft. Tested on an unreported choke size, the flowing tubing pressure was 460 psi.

5. Parsley Energy: 5/3/18

Parsley Energy Inc. (NYSE: PE) completed a horizontal Wolfcamp A-Midland Basin producer in Glasscock County, Texas (RRC Dist. 8).

The Austin, Texas-based company said the #1AH Dwight Gooden 6-7 had a peak 30-day IP rate of 1,161 boe per day (an average of 197 boe per 1,000 stimulated ft). The 14,329-ft completion is producing from a 5,890-ft fracture-treated lateral that bottomed to the southeast under Dewey Lake with a true vertical depth of 8,228 ft. The well was drilled on a 720-acre West Texas lease in Section 6, Block 35, T3S, T&P RR Co Survey, A-958.

6. Element Petroleum: 5/1/18

A horizontal Wolfcamp-Spraberry Trend completion was announced by Midland, Texas-based Element Petroleum Operating III LLC in Martin County, Texas (RRC Dist. 8).

The #3AH Baby Face Nelson Unit 17-8 was tested on-pump flowing 1,007 bbl of 40-degree-gravity crude, 655 Mcf of gas and 1,865 bbl of water per day. The Midland Basin well was drilled out of a roughly 9,800-ft pilot hole in Section 17, Block 35 T3N, O.H. Bennett Survey, A-929. The horizontal leg bottomed about 1.5 miles to the north in Section 8. It was drilled to 16,536 ft, 8,862 ft true vertical. Production is from acidized and fracture-stimulated perforations at 9,351 ft to 16,351 ft.

7. CrownQuest: 4/17/18

A Wolfcamp-Spraberry Trend well was completed by Midland, Texas-based CrownQuest Operating LLC in Section 42, Block 30, W&NW RR Co Survey, A-797, in Glasscock (RRC Dist. 8).

The #1HB Foster 4344 was tested on gas lift flowing 613 bbl of 38-degree-gravity oil, 586 Mcf of gas and 2,312 bbl of water per day through fracture-treated perforations at 9,205 ft to 19,310 ft. It is on a 5,720-acre lease on the Eastern Shelf of the Permian Basin and was drilled to 19,341 ft. The extended lateral bottomed two miles to the south at a true vertical depth of 9,440 ft in Section 44.

Larry Prado can be reached at