This is simply some housekeeping for me. I don't expect there to be anything new.
There was quite a bit of talk about the "Leonard" in EOG's most recent earnings call. It's probably been mentioned before but it was new to me. A quick google search doesn't provide a lot of specific information.
But drilling down, these are my thoughts.
First, the Mid-Continent Oil Province is made of hundreds of oil fields from Kansas south into Texas.
There are several basins within this "oil province."
One of the basins, of course, is the Permian Basin in west Texas.
Within the Permian Basin there are other basins including the Delaware Basin and the somewhat smaller and shallower Midland Basin was just east and the much smaller Marfa Basin was to the southwest.
In slide 31 of the recent EOG presentation, one sees the Delaware Basin, almost identical in shape to the Midland Basin which is just to the east.
EOG divides the Delaware Basin into the Leonard prospect, to the north, and the Wolfcamp prospect to the south. It is confusing because the Wolfcamp is in the southern half of both the Delaware Basin and the Midland Basin. The two basins (the Delaware and the Midland) are "connected" by the Wolfcamp channel, as it were.
In the past, I simply separated out the "Permian" as one of the big three: Williston Basin (Bakken), West Gulf Basin (Eagle Ford), and the Permian Basin (multiple plays).
But unlike the Williston Basin and the West Gulf Basin, it appears the Permian Basin is going to get more attention by operators as they delineate the various smaller basins in this larger Basin.