I heard a rumor last night from a friend who does service work for Devon in San Augustine and Sabine Counties. He said they have, or they will within days, completely close their operations here and in Carthage and move to Oklahoma and South Texas. He said they have canceled all their work with him, and that they are physically gone. His rumor included something about the Chinese investing a Billion Dollars with them, and dictating their move.
If true, they are leaving behind work undone in both counties, including new leases in my community of Rosevine. Hope it ain't so.
They are presently drilling in San Augustine on the R. Griffin Gas Unit #2H. We shall see...
I don't know why they would leave when the wells just keep getting better and better.
|Disclaimer | RRC Online Home | RRC Home | Contact|
From what I've heard, they are also closing their Carthage office. Two contractors I know of from there have had all their work canceled. What little I know about the O & G business, and it's very little, there is easier/cheaper oil to be had in South Texas and northern Oklahoma. I have one more source to check with, a neighbor who works for Devon, before I become officially despondent. I hope I'm not spreading false rumors.
It could be that someone is footing the bill for drilling elsewhere and they can come back and get the oil later? They have 2-3 years on most of their recent leases so they certainly have time. Are they drilling for oil or wet gas in South Texas?
Devon has been hunting liquids for two years now.
jffree, what is your opinion? Just have time to come back later?
Units are still being created.
I don't have one yet. Devon closing an office in Panola Co. doesn't tell me they are pulling out of SA or Sabine... and companies drop contractors all the time.
If they do leave, they have three years to come back and drill.
Companies do change their minds occasionally, but I would be surprised if Devon abruptly pulled the plug on what appeared to be a fairly active leasing campaign in these counties.