A few minor Earthquakes hit Texas last night, Dallas and Fort Worth area...near the Barnett Shale.
A 2.5-magnitude earthquake at 11:25 p.m. Thursday near Grand Prairie and a 3.0-magnitude quake was recorded at 12:01 a.m. today in Irving Texas, the U.S. Geological Survey said.
A 3.1 quake was reported about 11:30 a.m. Thursday near McCloud, Oklahoma, 180 miles north of the Dallas Tx area. No injuries or damage were reported there.
Friday, October 31, 2008
Thursday, October 30, 2008
Haynesville Shale: Leasing Prices and Mineral Rights Update
As I updated my www.oilshalegas.com website each quarter, I always like to dig deep into these conference calls to see what the CEO's out there are saying. You can really get some interesting comments. The following is from Seeking Alpha from the Range Resources RRC CEO John Pinkerton on the Haynesville Shale and Mineral Rights leasing.
I think there's been a huge amount of discussion in terms of what's happened with acreage prices throughout some of these shale plays, and to me it makes absolute sense. I think when we all went on vacation in June to the beach, gas prices were $12, $13 and we were feeling all great. By the time we get our kids in school, they were less than $8 going down. So clearly what's happened is I think the industry responded in the way that you would think in that acreage prices have plummeted. I think the classic example is the Haynesville where you had complete hysteria, prices going up to $30,000 an acre for trend trend acreage which is unbelievable. I think a lot of those companies have shut down, and now you can get acreage in the Haynesville for $5,000 or less. And the same thing, not clearly that volatile, but in the Barnett, we see acreage coming down maybe as much to half or maybe even two-thirds as what it cost during the height of the land grab.
The good news is and we've gone out of our way to give you both what the cost was in 2008 so far and we continue to lease and what we got from inception, and the good news is that the Marcellus never quite hit those kinds of frothy prices. We've heard prices as high in the Marcellus as $5,000, $6,000, $7,000 an acre. We haven't paid that. We might have paid for five acres offsetting one of our drill sites, just to get somebody that was just being obstinate. But they've never really gone that high. The good news is that given the size of the Marcellus, there's still lots of acreage to pick up but we just got to be careful and we'll continue to be careful. We haven't bought any trend acreage, what we call just rank trend acreage in the Marcellus this year
I think there's been a huge amount of discussion in terms of what's happened with acreage prices throughout some of these shale plays, and to me it makes absolute sense. I think when we all went on vacation in June to the beach, gas prices were $12, $13 and we were feeling all great. By the time we get our kids in school, they were less than $8 going down. So clearly what's happened is I think the industry responded in the way that you would think in that acreage prices have plummeted. I think the classic example is the Haynesville where you had complete hysteria, prices going up to $30,000 an acre for trend trend acreage which is unbelievable. I think a lot of those companies have shut down, and now you can get acreage in the Haynesville for $5,000 or less. And the same thing, not clearly that volatile, but in the Barnett, we see acreage coming down maybe as much to half or maybe even two-thirds as what it cost during the height of the land grab.
The good news is and we've gone out of our way to give you both what the cost was in 2008 so far and we continue to lease and what we got from inception, and the good news is that the Marcellus never quite hit those kinds of frothy prices. We've heard prices as high in the Marcellus as $5,000, $6,000, $7,000 an acre. We haven't paid that. We might have paid for five acres offsetting one of our drill sites, just to get somebody that was just being obstinate. But they've never really gone that high. The good news is that given the size of the Marcellus, there's still lots of acreage to pick up but we just got to be careful and we'll continue to be careful. We haven't bought any trend acreage, what we call just rank trend acreage in the Marcellus this year
Barnett Shale: Range Resources RRC Update 10/30/08
Range Resources came out with earning last week and updated its investors on their Barnett Shale drilling operations:
In the Fort Worth Basin, third quarter activity was highlighted by drilling success in Hood County where a seven-well package averaged 11.4 days from spud to rig release and achieved average initial production of 2.0 Mmcfe per day per well. These wells were drilled and completed for $1.9 million per well. The effort has been extended onto a new 3,000 acre block immediately adjacent where Range plans to actively drill and complete additional wells. The first two wells on this new acreage block have been completed with initial rates averaging 2.6 Mmcf per day. In southwestern Tarrant County, the Company has spud a 250 foot spaced pilot and is participating in a 330 foot spaced development well in northwestern Ellis County.
In the Fort Worth Basin, third quarter activity was highlighted by drilling success in Hood County where a seven-well package averaged 11.4 days from spud to rig release and achieved average initial production of 2.0 Mmcfe per day per well. These wells were drilled and completed for $1.9 million per well. The effort has been extended onto a new 3,000 acre block immediately adjacent where Range plans to actively drill and complete additional wells. The first two wells on this new acreage block have been completed with initial rates averaging 2.6 Mmcf per day. In southwestern Tarrant County, the Company has spud a 250 foot spaced pilot and is participating in a 330 foot spaced development well in northwestern Ellis County.
Haynesville Shale: SSEY Spuds 2nd Well 10/30/08
South Star Energy ( SSEY ) has come out with news today, 10/30/08, saying that they have spudded their second Haynesville Shale well.
The Company recently announced a successful Haynesville Shale well discovery from its Atkins-Lincoln 17-2 in the Sentell Field. This news is a significant strategic milestone for the Company, further demonstrating its ability to deliver positive results, even during a period of historically unique market conditions within the E & P sector.The Company remains focused on delivering operational success and building shareholder value through solid growth of both reserves and production rates. In light of the successful Haynesville test at the Atkins-Lincoln 17-2 location, the Company spudded the Burt 20-1 Well on October 25, 2008 as a second Haynesville test in the Sentell Field. This well is located in the southwest section of the Company's acreage position and is designed to demonstrate the quality and extent of the Field's Haynesville potential. In addition, the Company continues to examine the objectives of its current drilling program to balance both Cotton Valley and Haynesville development.
The Company is actively working with its senior lender, Macquarie Bank Limited, on balancing the Company's priorities between its Cotton Valley development objectives and actively building on its Haynesville discovery.
http://oilshalegas.com
The Company recently announced a successful Haynesville Shale well discovery from its Atkins-Lincoln 17-2 in the Sentell Field. This news is a significant strategic milestone for the Company, further demonstrating its ability to deliver positive results, even during a period of historically unique market conditions within the E & P sector.The Company remains focused on delivering operational success and building shareholder value through solid growth of both reserves and production rates. In light of the successful Haynesville test at the Atkins-Lincoln 17-2 location, the Company spudded the Burt 20-1 Well on October 25, 2008 as a second Haynesville test in the Sentell Field. This well is located in the southwest section of the Company's acreage position and is designed to demonstrate the quality and extent of the Field's Haynesville potential. In addition, the Company continues to examine the objectives of its current drilling program to balance both Cotton Valley and Haynesville development.
The Company is actively working with its senior lender, Macquarie Bank Limited, on balancing the Company's priorities between its Cotton Valley development objectives and actively building on its Haynesville discovery.
http://oilshalegas.com
Wednesday, October 29, 2008
Haynesville Shale: Encore ( EAC ) 10/29/08 Drilling Update
Encore Acquisition ( EAC ) has come out and updated Shareholders on their progress on the Haynesville Shale.
The Stockman Field in East Texas continues to outperform the Company's expectations.Four new Travis Peak wells were brought online in the quarter with an average IP of 3.6 MMcfe/D. The most recent well, the Wheeler 3, completed the second stage fracture stimulation in the Travis Peak at a gross peak rate of 6.2 MMcf/D and 90 Bbls/D.
The Company plans to spud its first Haynesville shale well in November 2008 at the Greenwood Waskom field. This well is expected to be online in the first quarter of 2009.
http://www.encoreacq.com/releasedetail.cfm?ReleaseID=343641
The Stockman Field in East Texas continues to outperform the Company's expectations.Four new Travis Peak wells were brought online in the quarter with an average IP of 3.6 MMcfe/D. The most recent well, the Wheeler 3, completed the second stage fracture stimulation in the Travis Peak at a gross peak rate of 6.2 MMcf/D and 90 Bbls/D.
The Company plans to spud its first Haynesville shale well in November 2008 at the Greenwood Waskom field. This well is expected to be online in the first quarter of 2009.
http://www.encoreacq.com/releasedetail.cfm?ReleaseID=343641
Horn River Shale - Nexen ( NXY ) Canada Shale Update
This morning, Nexen ( NXY ) has come out with earnings and updated investors on their Horn River Shale.
Following the success of last winter's drilling program in the Horn River basin in northeast British Columbia, we decided to drill two horizontal wells this summer. The wells have been drilled and are being fraced. The results from these wells will be taken into consideration as we plan our upcoming winter program for the area.This shale gas play has the potential to become one of the most significant shale gas plays in North America. It has been compared to the Barnett Shale in Texas by other operators in the area as it displays similar rock properties and play characteristics.
We have approximately 88,000 acres in the Dilly Creek area of the Horn River basin with a 100% working interest. As previously announced, we estimate these lands contain between 3 and 6 trillion cubic feet (0.5 to 1.0 billion barrels of oil equivalent) of recoverable contingent resource which could double our total proved reserves. Further appraisal activity is required before these estimates can be finalized and commerciality established.
http://oilshalegas.com
Following the success of last winter's drilling program in the Horn River basin in northeast British Columbia, we decided to drill two horizontal wells this summer. The wells have been drilled and are being fraced. The results from these wells will be taken into consideration as we plan our upcoming winter program for the area.This shale gas play has the potential to become one of the most significant shale gas plays in North America. It has been compared to the Barnett Shale in Texas by other operators in the area as it displays similar rock properties and play characteristics.
We have approximately 88,000 acres in the Dilly Creek area of the Horn River basin with a 100% working interest. As previously announced, we estimate these lands contain between 3 and 6 trillion cubic feet (0.5 to 1.0 billion barrels of oil equivalent) of recoverable contingent resource which could double our total proved reserves. Further appraisal activity is required before these estimates can be finalized and commerciality established.
http://oilshalegas.com
Tuesday, October 28, 2008
I bought Oil today ( USO ) 10/28/08 - Bullish on Oil
Why did I buy Oil today? If stocks are going to rip higher you better believe these commodities that have gotten crushed will come back as well. Oil is overdue for a bounce and most of the Oil related stocks took off and the end of the day today. I bought the USO at $52 and I see it is running up afterhours over $53.
Yes, I am bullish on Oil once again!
Yes, I am bullish on Oil once again!
Sunday, October 26, 2008
Bakken Shale Oil Update 10/27/08 - Sanish Three Forks
Newfield Exploration ( NFX ) has come out with an update on their Bakken Shale formation. They also give some insight on the Sanish/ Three Forks area as well where they are drilling for Oil.
October Update - Bakken Formation
Our current net production from the area is approximately 2,500 BOEPD, and our activity level in the greater Williston Basin is expected to increase in 2009. We plan to operate three rigs throughout 2009. Plans include continued development and expansion along the Nesson Anticline and our exploration areas west of the Nesson and in Montana. We have 473,000 gross acres (160,000 net) in the Williston Basin. Our acreage position has prospective targets that include the Bakken Shale, as well as the Madison, Red River and Three Forks/Sanish. The Jorgenson 1-15H, our first Sanish/Three Forks horizontal well, is an apparent success and the well awaits completion at this time. Flow rates are expected in early November. We expect to drill four additional operated wells near this well in 2008
October Update - Bakken Formation
Our current net production from the area is approximately 2,500 BOEPD, and our activity level in the greater Williston Basin is expected to increase in 2009. We plan to operate three rigs throughout 2009. Plans include continued development and expansion along the Nesson Anticline and our exploration areas west of the Nesson and in Montana. We have 473,000 gross acres (160,000 net) in the Williston Basin. Our acreage position has prospective targets that include the Bakken Shale, as well as the Madison, Red River and Three Forks/Sanish. The Jorgenson 1-15H, our first Sanish/Three Forks horizontal well, is an apparent success and the well awaits completion at this time. Flow rates are expected in early November. We expect to drill four additional operated wells near this well in 2008
Thursday, October 23, 2008
Haynesville Shale: Encana ( ECA ) 10/23/08 - Operational Update
Encana ( ECA ) has come out with their earnings report as well as their operational report including the Haynesville Shale and Horn River Shale. Operating earnings up 40 percent to $1.92 per share or $1.4 billion
Haynesville Shale: In the third quarter of 2008, we strengthened our position in the Haynesville gas resource play by acquiring 25,000 net acres, increasing ourland position to about 400,000 net acres, plus 63,000 net acres of mineral rights. We continue to see great potential in this promising shale play,"Eresman said. "EnCana, along with our partner, Shell Exploration & Production,has an industry-leading land position in this area of Louisiana. We currently have six rigs running with a focus on cost reduction and completion optimization. We will target drilling and completing the first well in themid-Bossier shale in the fourth quarter.
Horn River Shale: At HornRiver in British Columbia, EnCana and partner Apache Corporation have completed seven wells this year, with one of our most recent wells delivering encouraging results, flowing for the first 30 days at an average of almost8 MMcf/d."
Montney Shale: In northeast British Columbia and northwestern Alberta, our already strong land position in the Montney play hasexpanded to more than 700,000 acres. With that, EnCana has the largest disclosed land base in this emerging unconventional gas field.
Haynesville Shale: In the third quarter of 2008, we strengthened our position in the Haynesville gas resource play by acquiring 25,000 net acres, increasing ourland position to about 400,000 net acres, plus 63,000 net acres of mineral rights. We continue to see great potential in this promising shale play,"Eresman said. "EnCana, along with our partner, Shell Exploration & Production,has an industry-leading land position in this area of Louisiana. We currently have six rigs running with a focus on cost reduction and completion optimization. We will target drilling and completing the first well in themid-Bossier shale in the fourth quarter.
Horn River Shale: At HornRiver in British Columbia, EnCana and partner Apache Corporation have completed seven wells this year, with one of our most recent wells delivering encouraging results, flowing for the first 30 days at an average of almost8 MMcf/d."
Montney Shale: In northeast British Columbia and northwestern Alberta, our already strong land position in the Montney play hasexpanded to more than 700,000 acres. With that, EnCana has the largest disclosed land base in this emerging unconventional gas field.
Wednesday, October 22, 2008
Haynesville Shale: New Petrohawk Energy ( HK ) Well hitting 17 MCF per day
Petrohawk Energy ( HK ) came out with an operational update 10/21/08 regarding its Haynesville Shale formation and its new shale discovery, Eagle Ford Shale in South Texas.
Petrohawk's third operated well in the Haynesville Shale, the Hunt Plywood 36 #11H (100% WI), located in Section 36, Township 15 North, Range 13 West, was placed on production at a rate of approximately 17.0 Mmcfe/d, on a 22/64" choke with 7,225 pounds flowing casing pressure. The well has averaged 15.4 Mmfe/d over the first 30 days of production.
The Company's first operated Haynesville Shale well, the Elm Grove Plantation (EGP) #63H, has produced for approximately 100 days and has averaged 8.8 Mmcfe/d over this period. Petrohawk's second operated well, the Hutchinson 9 #5H, has been on production for approximately 67 days and has averaged 14.6 Mmcfe/d over that time period. Several additional Haynesville Shale wells are currently being completed.
The Company has instituted a "pre-drill", or spudder rig, program in the Haynesville Shale designed to accelerate the pace of drilling. Ten operated horizontal rigs are currently drilling in the play as well as five spudder rigs. Petrohawk expects to exit 2008 with twelve operated horizontal rigs drilling in the play. To date, the Company has drilled through the Haynesville Shale in a total of 16 wells. The added well control has shown the Shale to be consistently thick and with excellent reservoir quality in all of these wells. With the drilling program currently in place, Petrohawk estimates that approximately 18 wells will be on production prior to the end of the fourth quarter out of a total of 26 wells drilled through the Shale section by the end of the year.
In addition to Haynesville Shale activities in Northwest Louisiana, Petrohawk will begin testing Haynesville and Bossier Shale prospects in Shelby County, Texas, with initial results expected before year end. Two operated rigs will be dedicated to this program during the fourth quarter. Drilling activity will also initiate on acreage included in the previously announced Joint Venture with EOG Resources in Nacogdoches County during the fourth quarter. Three rigs are expected to be operating within this joint venture area, targeting the Haynesville Shale as well as James Lime and Travis Peak formations.
Petrohawk's third operated well in the Haynesville Shale, the Hunt Plywood 36 #11H (100% WI), located in Section 36, Township 15 North, Range 13 West, was placed on production at a rate of approximately 17.0 Mmcfe/d, on a 22/64" choke with 7,225 pounds flowing casing pressure. The well has averaged 15.4 Mmfe/d over the first 30 days of production.
The Company's first operated Haynesville Shale well, the Elm Grove Plantation (EGP) #63H, has produced for approximately 100 days and has averaged 8.8 Mmcfe/d over this period. Petrohawk's second operated well, the Hutchinson 9 #5H, has been on production for approximately 67 days and has averaged 14.6 Mmcfe/d over that time period. Several additional Haynesville Shale wells are currently being completed.
The Company has instituted a "pre-drill", or spudder rig, program in the Haynesville Shale designed to accelerate the pace of drilling. Ten operated horizontal rigs are currently drilling in the play as well as five spudder rigs. Petrohawk expects to exit 2008 with twelve operated horizontal rigs drilling in the play. To date, the Company has drilled through the Haynesville Shale in a total of 16 wells. The added well control has shown the Shale to be consistently thick and with excellent reservoir quality in all of these wells. With the drilling program currently in place, Petrohawk estimates that approximately 18 wells will be on production prior to the end of the fourth quarter out of a total of 26 wells drilled through the Shale section by the end of the year.
In addition to Haynesville Shale activities in Northwest Louisiana, Petrohawk will begin testing Haynesville and Bossier Shale prospects in Shelby County, Texas, with initial results expected before year end. Two operated rigs will be dedicated to this program during the fourth quarter. Drilling activity will also initiate on acreage included in the previously announced Joint Venture with EOG Resources in Nacogdoches County during the fourth quarter. Three rigs are expected to be operating within this joint venture area, targeting the Haynesville Shale as well as James Lime and Travis Peak formations.
CNX Gas ( CXG ) Operations Update 10/22/08
CNX Gas (CXG ) has come out with really good earnings this morning to kick off the earnings season for the Oil & Gas drillers.
In the Marcellus Shale during the third quarter, CNX Gas drilled its first and second horizontal wells in southwestern Pennsylvania. The first horizontal well cost $6 million and was stimulated with a five-stage slickwater frac. An open flow test was not conducted on this well. It came online October 2, and is producing 1.2 MMcf per day with 4,000 pounds of backpressure. The daily flow rate is expected to increase dramatically over the next few weeks as the backpressure is gradually eased. The nearby coalbed methane gathering system has the capacity to handle up to 2.5 MMcf per day from this horizontal well and is being expanded within the next two weeks to handle additional volumes.
Also," Mr. Albert continued, "the vertical Marcellus Shale well that we turned online in July 2008 is currently producing 450 Mcf per day. We believe that the well has some sand issues, and could return to a daily production rate of 700-800 Mcf after cleaning."
CNX Gas will keep one horizontal rig and one vertical rig running in the Marcellus Shale for the remainder of the year.
In the Chattanooga Shale, CNX Gas drilled three horizontal wells in the quarter, bringing the yearly total to seven, and the project total to eight. No wells were connected during the September quarter, although the fifth well was connected last week. The first four wells are seeing current daily production rates of 230, 160, 100, and 230 Mcf per day, for a total of 720 Mcf per day. The daily rates for the better wells have been stable.
In the Huron Shale during the third quarter, CNX Gas drilled one additional horizontal well in eastern Kentucky. A total of two Huron wells have been drilled in 2008. The rig performing this drilling has returned to Tennessee to drill Chattanooga Shale wells for the remainder of the year. CNX Gas is building out gathering and compression in this area, with an expected in-service date of March 2009.
For more on Natural Gas Shales in the USA and Canada - visit - http://oilshalegas.com
In the Marcellus Shale during the third quarter, CNX Gas drilled its first and second horizontal wells in southwestern Pennsylvania. The first horizontal well cost $6 million and was stimulated with a five-stage slickwater frac. An open flow test was not conducted on this well. It came online October 2, and is producing 1.2 MMcf per day with 4,000 pounds of backpressure. The daily flow rate is expected to increase dramatically over the next few weeks as the backpressure is gradually eased. The nearby coalbed methane gathering system has the capacity to handle up to 2.5 MMcf per day from this horizontal well and is being expanded within the next two weeks to handle additional volumes.
Also," Mr. Albert continued, "the vertical Marcellus Shale well that we turned online in July 2008 is currently producing 450 Mcf per day. We believe that the well has some sand issues, and could return to a daily production rate of 700-800 Mcf after cleaning."
CNX Gas will keep one horizontal rig and one vertical rig running in the Marcellus Shale for the remainder of the year.
In the Chattanooga Shale, CNX Gas drilled three horizontal wells in the quarter, bringing the yearly total to seven, and the project total to eight. No wells were connected during the September quarter, although the fifth well was connected last week. The first four wells are seeing current daily production rates of 230, 160, 100, and 230 Mcf per day, for a total of 720 Mcf per day. The daily rates for the better wells have been stable.
In the Huron Shale during the third quarter, CNX Gas drilled one additional horizontal well in eastern Kentucky. A total of two Huron wells have been drilled in 2008. The rig performing this drilling has returned to Tennessee to drill Chattanooga Shale wells for the remainder of the year. CNX Gas is building out gathering and compression in this area, with an expected in-service date of March 2009.
For more on Natural Gas Shales in the USA and Canada - visit - http://oilshalegas.com
Marcellus Shale: Washington County, Pa Update 10/22/08
Today, 10/22/08, Range Resources ( RRC ) and MarkWest Energy ( MWE ) announced the commencement of the initial phase of Pennsylvania’s first large-scale gas processing infrastructure with the successful launch of a mechanical refrigeration processing plant in Washington County.
Today’s announcement is the culmination of efforts by Range Resources and MarkWest to bring Marcellus Shale gas to the local market. Over the past four years, Range Resources has invested more than $700 million in leasehold, drilling and infrastructure.
MarkWest is investing approximately $200 million to construct midstream infrastructure to gather and process the natural gas that Range Resources is extracting from the Marcellus Shale. MarkWest’s investment includes the refrigeration plant announced today, which has capacity to process 30 million cubic feet per day (Mmcf per day) of natural gas. In addition, MarkWest is constructing a 30 Mmcf per day cryogenic processing plant that is expected to commence operations late in the first quarter of 2009. The cryogenic plant is being constructed next to the refrigeration plant and includes a depropanizer to extract propane from the gas stream, which will be sold regionally. MarkWest’s planned investment also includes a 120 Mmcf per day cryogenic plant with a depropanizer to extract additional natural gas liquids from the gas stream. The 120 Mmcf per day cryogenic plant is expected to be completed in late 2009. MarkWest is also evaluating the installation of a large fractionation facility to further enhance the value of the recovered natural gas liquids. http://oilshalegas.com
Today’s announcement is the culmination of efforts by Range Resources and MarkWest to bring Marcellus Shale gas to the local market. Over the past four years, Range Resources has invested more than $700 million in leasehold, drilling and infrastructure.
MarkWest is investing approximately $200 million to construct midstream infrastructure to gather and process the natural gas that Range Resources is extracting from the Marcellus Shale. MarkWest’s investment includes the refrigeration plant announced today, which has capacity to process 30 million cubic feet per day (Mmcf per day) of natural gas. In addition, MarkWest is constructing a 30 Mmcf per day cryogenic processing plant that is expected to commence operations late in the first quarter of 2009. The cryogenic plant is being constructed next to the refrigeration plant and includes a depropanizer to extract propane from the gas stream, which will be sold regionally. MarkWest’s planned investment also includes a 120 Mmcf per day cryogenic plant with a depropanizer to extract additional natural gas liquids from the gas stream. The 120 Mmcf per day cryogenic plant is expected to be completed in late 2009. MarkWest is also evaluating the installation of a large fractionation facility to further enhance the value of the recovered natural gas liquids. http://oilshalegas.com
Tuesday, October 21, 2008
Eagle Ford Shale - South Texas Oil and Natural Gas
We did some research on the Eagle Ford Shale which has been tested in south Texas. There has been some nice Oil finds as well as natural gas. This shale play has potential!
We've identified three drillers:
Petrohawk Energy ( HK )
TXCO Resources ( TXCO )
St Mary Land & Exploration ( SM )
http://www.oilshalegas.com/eaglefordshale.html
Today, 10/21/08 - Petrohawk came out with positive results
http://blackberrystocks.blogspot.com/2008/10/eagle-ford-shale-petrohawk-hk-new-gas.html
We've identified three drillers:
Petrohawk Energy ( HK )
TXCO Resources ( TXCO )
St Mary Land & Exploration ( SM )
http://www.oilshalegas.com/eaglefordshale.html
Today, 10/21/08 - Petrohawk came out with positive results
http://blackberrystocks.blogspot.com/2008/10/eagle-ford-shale-petrohawk-hk-new-gas.html
Eagle Ford Shale: Petrohawk HK New Gas Discovery 10/21/08
Petrohawk Energy ( HK ) has come out today, 10/21/08, and stated that they have discovered a new natural gas field in South Texas called the Eagle Ford Shale. I have never heard of this shale formation but I will be doing research and posting it on http://oilshalegas.com
Petrohawk Energy Corporation ("Petrohawk" or the "Company") (NYSE: HK) announced a significant new natural gas field discovery in the Eagle Ford Shale in South Texas. This new field in La Salle County, Texas, was discovered after extensive regional subsurface and seismic mapping, geochemical analysis and petrophysical study. The Company has leased over 100,000 net acres in what it believes to be the most prospective areas for commercial production from the Eagle Ford Shale. The field is located immediately south of the Stuart City Field, which is on the Edwards Reef Trend that extends across South Texas.
"This discovery folds perfectly into our portfolio of unconventional resource assets," said Dick Stoneburner, Chief Operating Officer. "Petrohawk's staff has extensive experience in the acquisition and development of horizontal plays as exhibited by our results in the Haynesville Shale and Fayetteville Shale plays. Leveraging that expertise to uncover new opportunities like the Eagle Ford Shale adds significantly to our playbook."
The discovery well, the STS #241-1H, was drilled to an approximate true vertical depth of 11,300 feet during which extensive coring and open hole logging was performed. An approximate 3,200-foot lateral was drilled and subsequently fracture stimulated with over two million pounds of sand in ten stages. The well was placed on production at a rate of 9.1 million cubic feet of natural gas equivalent per day (7.6 million cubic feet of natural gas per day and 250 barrels of condensate per day). A confirmation well, the second well drilled on the project, the Dora Martin #1H, which is approximately 15 miles from the discovery well, has been drilled, cored and logged. The quality of the Eagle Ford Shale in this well appears to be superior to that found in the STS #241-1H. The Company is currently drilling the lateral on this second well. A third well is expected to spud by mid-November.
Petrohawk expects drilling and completion costs for development wells to range between $5 and $7 million. Development costs, including one rig that will run continuously on the project, have already been included in the Company's published 2008 and 2009 capital plans. The Company plans to access existing gathering and transportation infrastructure, further improving lower overall development costs.
Petrohawk is the operator and owns 90% working interest in the project, with 10% owned by industry partners.
http://www.petrohawk.com/news/default.aspx?id=1214855
Keep in mind, part of the Haynesville Shale is located in East Texas extending into Louisiana.
Petrohawk Energy Corporation ("Petrohawk" or the "Company") (NYSE: HK) announced a significant new natural gas field discovery in the Eagle Ford Shale in South Texas. This new field in La Salle County, Texas, was discovered after extensive regional subsurface and seismic mapping, geochemical analysis and petrophysical study. The Company has leased over 100,000 net acres in what it believes to be the most prospective areas for commercial production from the Eagle Ford Shale. The field is located immediately south of the Stuart City Field, which is on the Edwards Reef Trend that extends across South Texas.
"This discovery folds perfectly into our portfolio of unconventional resource assets," said Dick Stoneburner, Chief Operating Officer. "Petrohawk's staff has extensive experience in the acquisition and development of horizontal plays as exhibited by our results in the Haynesville Shale and Fayetteville Shale plays. Leveraging that expertise to uncover new opportunities like the Eagle Ford Shale adds significantly to our playbook."
The discovery well, the STS #241-1H, was drilled to an approximate true vertical depth of 11,300 feet during which extensive coring and open hole logging was performed. An approximate 3,200-foot lateral was drilled and subsequently fracture stimulated with over two million pounds of sand in ten stages. The well was placed on production at a rate of 9.1 million cubic feet of natural gas equivalent per day (7.6 million cubic feet of natural gas per day and 250 barrels of condensate per day). A confirmation well, the second well drilled on the project, the Dora Martin #1H, which is approximately 15 miles from the discovery well, has been drilled, cored and logged. The quality of the Eagle Ford Shale in this well appears to be superior to that found in the STS #241-1H. The Company is currently drilling the lateral on this second well. A third well is expected to spud by mid-November.
Petrohawk expects drilling and completion costs for development wells to range between $5 and $7 million. Development costs, including one rig that will run continuously on the project, have already been included in the Company's published 2008 and 2009 capital plans. The Company plans to access existing gathering and transportation infrastructure, further improving lower overall development costs.
Petrohawk is the operator and owns 90% working interest in the project, with 10% owned by industry partners.
http://www.petrohawk.com/news/default.aspx?id=1214855
Keep in mind, part of the Haynesville Shale is located in East Texas extending into Louisiana.
Monday, October 20, 2008
Haynesville Shale: Desoto Parish - Mainland Resources MNLU Spuds first Well 10/20/08
This morning, 10/20/08, Mainland Resources ( MNLU ) is out saying that they have spudded their first Haynesville Shale well in DeSoto Parish Louisiana.
Mainland Resources, Inc reports that its JV Partner
and operator has commenced drilling operations on the first JV well to evaluate potential
of the Haynesville Shale gas formation on Mainland’s Louisiana leases.
Mainland Resources, Inc. holds interest in approximately 2,695 net acres, which form
part of the East Holly Field in De Soto Parish, northwest Louisiana.
The Griffith No. 1-H well is the first well to be drilled on Mainland’s property based on
Company data and proximity to several vertical Haynesville wells waiting on completion,
two horizontal wells being drilled, and another Haynesville well recently permitted. The
JV Partner and operator will pay 100% of the costs of this first well drilled on Mainland’s
leases to earn 60% of the first well as part of its agreement with the Company.
Company President, Mike Newport states, “We are now drilling the first of what we
believe could potentially be many wells on our DeSoto Parish Leases. Management
expects that this new well will provide results showing the gas potential of the
Haynesville shale on our property.”
According to industry sources, the Haynesville Shale is now regarded as the 4th
largest natural gas field in North America, with the leading exploration company in the
play announcing it is projecting 52 BCF (Billion Cubic Feet) of recoverable gas per
section in the Haynesville fairway.
http://www.mainlandresources.com/pdf/MRI-NR-10-20-08.pdf
Full List of Haynesville Shale Companies and Stock Symbols:
http://www.oilshalegas.com/haynesvilleshalestocks.html
Mainland Resources, Inc reports that its JV Partner
and operator has commenced drilling operations on the first JV well to evaluate potential
of the Haynesville Shale gas formation on Mainland’s Louisiana leases.
Mainland Resources, Inc. holds interest in approximately 2,695 net acres, which form
part of the East Holly Field in De Soto Parish, northwest Louisiana.
The Griffith No. 1-H well is the first well to be drilled on Mainland’s property based on
Company data and proximity to several vertical Haynesville wells waiting on completion,
two horizontal wells being drilled, and another Haynesville well recently permitted. The
JV Partner and operator will pay 100% of the costs of this first well drilled on Mainland’s
leases to earn 60% of the first well as part of its agreement with the Company.
Company President, Mike Newport states, “We are now drilling the first of what we
believe could potentially be many wells on our DeSoto Parish Leases. Management
expects that this new well will provide results showing the gas potential of the
Haynesville shale on our property.”
According to industry sources, the Haynesville Shale is now regarded as the 4th
largest natural gas field in North America, with the leading exploration company in the
play announcing it is projecting 52 BCF (Billion Cubic Feet) of recoverable gas per
section in the Haynesville fairway.
http://www.mainlandresources.com/pdf/MRI-NR-10-20-08.pdf
Full List of Haynesville Shale Companies and Stock Symbols:
http://www.oilshalegas.com/haynesvilleshalestocks.html
Marcellus Shale - Utica Shale Meetings - New York
The New York State Department of Environmental Conservation ( DEC ) has finalized logistics for a series of meetings to give the public an opportunity to participate in the analysis of the potential environmental impacts of high-volume hydraulic fracturing of horizontal wells in New York's natural gas-bearing Marcellus and Utica shale formations.
DEC had previously announced that six meetings would be scheduled throughout the Southern Tier and Catskills in November and early December. Now finalized, the locations are:
Thursday, November 6, 2008: Allegany-Limestone High School Auditorium/Theater, 3131 Five Mile Road, Allegany, NY14706.
Wednesday, November 12, 2008: Haverling High School Auditorium, 25 Ellis Avenue, Bath, NY 14810.
Thursday, November 13, 2008: Southside High School Auditorium, 777 South Main Street, Elmira, NY 14904.
Monday, November 17, 2008: Broome County Community College, West Gym, 901 Upper Front Street, Binghamton, NY 13902.
Tuesday, December 2, 2008: SUNY/Oneonta, Hunt Union Ballroom, 108 Ravine Parkway, Oneonta, NY 13820.
Thursday, December 4, 2008: Sullivan County Community College, Fieldhouse, 112 College Road, Loch Sheldrake, NY 12759.
http://oilshalegas.com
DEC had previously announced that six meetings would be scheduled throughout the Southern Tier and Catskills in November and early December. Now finalized, the locations are:
Thursday, November 6, 2008: Allegany-Limestone High School Auditorium/Theater, 3131 Five Mile Road, Allegany, NY14706.
Wednesday, November 12, 2008: Haverling High School Auditorium, 25 Ellis Avenue, Bath, NY 14810.
Thursday, November 13, 2008: Southside High School Auditorium, 777 South Main Street, Elmira, NY 14904.
Monday, November 17, 2008: Broome County Community College, West Gym, 901 Upper Front Street, Binghamton, NY 13902.
Tuesday, December 2, 2008: SUNY/Oneonta, Hunt Union Ballroom, 108 Ravine Parkway, Oneonta, NY 13820.
Thursday, December 4, 2008: Sullivan County Community College, Fieldhouse, 112 College Road, Loch Sheldrake, NY 12759.
http://oilshalegas.com
Halliburton HAL 3rd Quarter Earnings .76EPS - Montney Shale, Bakken Shale
Halliburton ( HAL ) released 3rd quarter earnings this morning 10/20/08 and provided updates on the Montney Shale of Canada and the Bakken Shale of North Dakota.
For the third quarter, HAL earned .76 Earnings per share.
In Canada's Montney shale play, Halliburton completed its 50th horizontal CobraMax(R) job. The CobraMax(R) process now averages less than eight hours per zone from cut to cut, an improvement from over 24 hours on earlier wells.
Halliburton has set its 900th Swellpacker(R) isolation system in horizontal Bakken wells in the Williston Basin. The use of this packer system has allowed operators to compartmentalize their wellbores for fracture completions resulting in improved production. Delta Stim(R) sleeves are also used with the Swellpacker(R) systems greatly reducing the time required to complete a well.
For a full earnings calendar - visit - http://blackberrystocks.com
For the third quarter, HAL earned .76 Earnings per share.
In Canada's Montney shale play, Halliburton completed its 50th horizontal CobraMax(R) job. The CobraMax(R) process now averages less than eight hours per zone from cut to cut, an improvement from over 24 hours on earlier wells.
Halliburton has set its 900th Swellpacker(R) isolation system in horizontal Bakken wells in the Williston Basin. The use of this packer system has allowed operators to compartmentalize their wellbores for fracture completions resulting in improved production. Delta Stim(R) sleeves are also used with the Swellpacker(R) systems greatly reducing the time required to complete a well.
For a full earnings calendar - visit - http://blackberrystocks.com
Sunday, October 19, 2008
Haynesville Shale: Leasing & Mineral Rights Problems
There is no doubt that the sudden drop in natural gas prices has had a huge impact on the Haynesville Shale formation in East Texas and Louisiana. If any of these Shale plays in the USA and Canada can overcome this type of drop it would be the Haynesville Shale and Barnett Shale.
With many companies such as Chesapeake Energy ( CHK ) and Petrohawk Energy ( HK ) cutting back on drilling and their budget, mineral rights leasing will fall as well. In fact, Landowners are nervous about what I described above. Some even fearing they won't get paid. This is why it is so important when signing a mineral rights lease that you take it seriously and hire a great lawyer to represent you.
Here is a great article about what is happening right now with regards to the land leasing from Chesapeake Energy. http://www.shreveporttimes.com/apps/pbcs.dll/article?AID=/20081018/NEWS01/810180357/1060
"The key is in the wording, Fitzgerald said. What she's witnessed in the past few days is Chesapeake not honoring an "agreement to lease" prepared by the company's own legal counsel. The document, which landowners she represented opted for instead of a letter of intent, states it is a binding and enforceable agreement but it is still not the actual lease."
http://oilshalegas.com
With many companies such as Chesapeake Energy ( CHK ) and Petrohawk Energy ( HK ) cutting back on drilling and their budget, mineral rights leasing will fall as well. In fact, Landowners are nervous about what I described above. Some even fearing they won't get paid. This is why it is so important when signing a mineral rights lease that you take it seriously and hire a great lawyer to represent you.
Here is a great article about what is happening right now with regards to the land leasing from Chesapeake Energy. http://www.shreveporttimes.com/apps/pbcs.dll/article?AID=/20081018/NEWS01/810180357/1060
"The key is in the wording, Fitzgerald said. What she's witnessed in the past few days is Chesapeake not honoring an "agreement to lease" prepared by the company's own legal counsel. The document, which landowners she represented opted for instead of a letter of intent, states it is a binding and enforceable agreement but it is still not the actual lease."
http://oilshalegas.com
Saturday, October 18, 2008
Marcellus Shale - RRC Range Resources Earnings 10/22
This coming week, the natural gas market will be eyeing Range Resources ( RRC ) as this company will be releasing earnings on Wednesday 10/22/08 at 4pm.
Range Resources is one of the biggest operators in the Marcellus Shale natural gas field and it will be interesting to see what they have to say about operations given the steep drop in natural gas prices. Chesapeake Energy ( CHK ) is reporting that it will try to sell its Marcellus Shale stake for 2.5 - 3 billion in cash to raise capital.
I will have an update later this week....for a full earnings calendar visit http://blackberrystocks.com
Range Resources is one of the biggest operators in the Marcellus Shale natural gas field and it will be interesting to see what they have to say about operations given the steep drop in natural gas prices. Chesapeake Energy ( CHK ) is reporting that it will try to sell its Marcellus Shale stake for 2.5 - 3 billion in cash to raise capital.
I will have an update later this week....for a full earnings calendar visit http://blackberrystocks.com
Thursday, October 16, 2008
Fayetteville Shale: EPEX Edge Petroleum Update 10/16/08
Edge Petroleum is out with an update on the Fayetteville Shale.
In the Fayetteville/Moorefield Shale play in Arkansas, we plan to participate with our partners in the drilling of at least two to three wells early in 2009. The proposed locations are near recently completed wells with initial rates in excess of 2 MMcfe per day. In addition, we continue to seek a permit from the Arkansas Oil & Gas Commission to re-inject produced water into an existing well. Once granted, we plan to bring three shut in wells with working interests from 80% to 100% back online. These wells, which tested at very favorable initial gas rates remain shut-in due to excessive water production from an underlying water-bearing formation.
http://www.edgepet.com/fw/main/default.asp?DocID=82&reqid=1212826
In the Fayetteville/Moorefield Shale play in Arkansas, we plan to participate with our partners in the drilling of at least two to three wells early in 2009. The proposed locations are near recently completed wells with initial rates in excess of 2 MMcfe per day. In addition, we continue to seek a permit from the Arkansas Oil & Gas Commission to re-inject produced water into an existing well. Once granted, we plan to bring three shut in wells with working interests from 80% to 100% back online. These wells, which tested at very favorable initial gas rates remain shut-in due to excessive water production from an underlying water-bearing formation.
http://www.edgepet.com/fw/main/default.asp?DocID=82&reqid=1212826
XTO Energy CFO Sells Stock
Independent oil and gas producer XTO Energy Inc.'s executive vice president and chief financial officer Louis Baldwin has sold 535,700 shares of the company’s common stock.
It hasn't been certain whether this was involuntary like last weeks dumping by Chesapeake Energy's CEO.
XTO Energy is very active in the Marcellus Shale, Bakken Shale, and Haynesville Shale
http://finance.yahoo.com/q/it?s=XTO
It hasn't been certain whether this was involuntary like last weeks dumping by Chesapeake Energy's CEO.
XTO Energy is very active in the Marcellus Shale, Bakken Shale, and Haynesville Shale
http://finance.yahoo.com/q/it?s=XTO
Tuesday, October 14, 2008
Haynesville Shale: QBC Cubic Energy Looking to Sell 10/14/08
With crashing stock markets and energy prices....many companies are looking to get out of the shale plays lately. I had a feeling this was going to happen. It was almost like a bubble when every company and their mother was buying up mineral rights in the Haynesville Shale natural gas field.
Cubic Energy ( QBC ) announces today that due to ever increasing unsolicited interest in the Company's assets in North Louisiana, the Company has engaged RBC Richardson Barr Securities, Inc., an affiliate of Royal Bank of Canada Capital Markets ("RBC") to explore all strategic alternatives on behalf of the Company and its shareholders. The Company's asset position in Caddo and DeSoto Parishes includes the Rodessa, Pettet, Upper and Lower Hosston, Cotton Valley and the Haynesville Shale. In addition, there is significant interest in the Company's gathering and pipeline systems.
As the Company now holds substantially all of its acreage by production, and has completed its own pipelines and infrastructure, the Company is afforded the opportunity to evaluate all its options in order to increase shareholder value.
Cubic Energy ( QBC ) announces today that due to ever increasing unsolicited interest in the Company's assets in North Louisiana, the Company has engaged RBC Richardson Barr Securities, Inc., an affiliate of Royal Bank of Canada Capital Markets ("RBC") to explore all strategic alternatives on behalf of the Company and its shareholders. The Company's asset position in Caddo and DeSoto Parishes includes the Rodessa, Pettet, Upper and Lower Hosston, Cotton Valley and the Haynesville Shale. In addition, there is significant interest in the Company's gathering and pipeline systems.
As the Company now holds substantially all of its acreage by production, and has completed its own pipelines and infrastructure, the Company is afforded the opportunity to evaluate all its options in order to increase shareholder value.
Friday, October 10, 2008
Chesapeake Energy ( CHK ) News 10/10/08
Chesapeake Energy ( CHK ) just came out with major news that is sending its stock soaring in afterhours trading tonight.
Dow Jones is reporting:
Dow Jones is reporting:
- Chesapeake In Talks With 'Multiple Parties' On Midstream Ops Stake
- Chesapeake Energy CEO Involuntarily Sells All Shrs To Meet Margin Loan Calls
- Chesapeake: Further Cuts To 4Q CapEx Are Underway >CHK
- Chesapeake Energy ( CHK ) sells Marcellus Stake for 2.5- 3 Billion.
So Aubry got flushed out.....and now you can see why the stock got murdered over the past three weeks with the addition of Hedge Fund Selling.
Thursday, October 9, 2008
Woodford Shale: AOG Sells Woodford Stake
Aurora Oil & Gas has sold its stake in the Woodford Shale:
Sale of Oklahoma Project Area
Effective September 15, 2008, Aurora Oil & Gas Corporation ("Aurora") completed the sale of approximately 33,000 net acres, representing its entire Woodford shale position, for cash and other consideration valued in excess of $15 million. The transaction was completed with a private operator, Presidium Energy, LC ("Presidium"), which had been working to purchase the project from Aurora for several months. During that time period, Presidium made a $2 million non-refundable payment for the acreage and paid over $1 million of obligations to Aurora's operating partner in Oklahoma. At closing, Presidium made an additional $1 million cash payment and provided a promissory note in the amount of $12 million. In addition, Presidium assisted in negotiating a resolution to the lawsuit between Aurora and its operating partner, which led to a dismissal of the litigation, with prejudice.
Sale of Oklahoma Project Area
Effective September 15, 2008, Aurora Oil & Gas Corporation ("Aurora") completed the sale of approximately 33,000 net acres, representing its entire Woodford shale position, for cash and other consideration valued in excess of $15 million. The transaction was completed with a private operator, Presidium Energy, LC ("Presidium"), which had been working to purchase the project from Aurora for several months. During that time period, Presidium made a $2 million non-refundable payment for the acreage and paid over $1 million of obligations to Aurora's operating partner in Oklahoma. At closing, Presidium made an additional $1 million cash payment and provided a promissory note in the amount of $12 million. In addition, Presidium assisted in negotiating a resolution to the lawsuit between Aurora and its operating partner, which led to a dismissal of the litigation, with prejudice.
Tuesday, October 7, 2008
Dryships DRYS Analysis 10/7/08
DryShips ( DRYS ) Technical Analysis Stock Chart - http://blackberrystocks.com/drys.html
This is why you don't try catching a falling knife....who knows where the bottom will be...but when it does form, you could get a 50% move in 3 or 4 days. Drys looks to have support $16 from early 2007. Even if you wait until Drys closes back over $30 you could catch a nice rally off that alone.
For more technical charts - go to http://blackberrystocks.com/charts.html
This is why you don't try catching a falling knife....who knows where the bottom will be...but when it does form, you could get a 50% move in 3 or 4 days. Drys looks to have support $16 from early 2007. Even if you wait until Drys closes back over $30 you could catch a nice rally off that alone.
For more technical charts - go to http://blackberrystocks.com/charts.html
Oil Shale: 2.5 Million Acres Opened - Green River Basin 10/7/08
The Beauru of Land Management has opened 2.5 million acres in the Green River Basin for drilling of Oil Shale.
The Bureau of Land Management (BLM) undermined the Federal Land Policy and Management Act and the National Environmental Policy Act when it decided to amend 12 land management plans for Colorado, Utah and Wyoming without providing an opportunity for the public to protest, The Wilderness Society charged in a letter sent today to the U.S. Department of the Interior. The plans were amended in particular to expedite the commercial development of oil shale in the Green River Basin of the three states.
Full Article - http://yubanet.com/usa/BLM-Ignores-Process-2-5-Million-Acres-to-Be-Opened-for-Oil-Shale-Development.php
The Bureau of Land Management (BLM) undermined the Federal Land Policy and Management Act and the National Environmental Policy Act when it decided to amend 12 land management plans for Colorado, Utah and Wyoming without providing an opportunity for the public to protest, The Wilderness Society charged in a letter sent today to the U.S. Department of the Interior. The plans were amended in particular to expedite the commercial development of oil shale in the Green River Basin of the three states.
Full Article - http://yubanet.com/usa/BLM-Ignores-Process-2-5-Million-Acres-to-Be-Opened-for-Oil-Shale-Development.php
Thursday, October 2, 2008
Cotton Valley & Haynesville Shale Discoveries 10/02/08
Southern Star Energy came out with the following news on a new Cotton Valley Formation discovery. They will also be drilling down into the Haynesville Shale.
Southern Star Energy Inc. (OTC Bulletin Board: SSEY - News; the "Company"), a fast-growing E&P company with reserves and production from leases located in northern Louisiana, today announced that it has successfully drilled and logged the targeted Cotton Valley interval in its Atkins-Lincoln 17-2 Well with positive results. The well reached planned intermediate pipe depth of 9,500 feet on September 26, 2008. Subsequent to logging the Cotton Valley and shallower horizons, 7-inch casing was set at 9,500 feet and the well is drilling ahead to test the Haynesville Shale at a planned total depth of 11,000 feet. This well is strategically located in the center section of the Company's Sentell Field in Bossier Parish, Louisiana. The Atkins-Lincoln 17-2 is the second well in the Company's 2008 development program and the first of two Haynesville Shale vertical test wells in the Sentell Field planned this year.
Full Article Here
For more on the shale plays in the USA and Canada, visit www.oilshalegas.com
Southern Star Energy Inc. (OTC Bulletin Board: SSEY - News; the "Company"), a fast-growing E&P company with reserves and production from leases located in northern Louisiana, today announced that it has successfully drilled and logged the targeted Cotton Valley interval in its Atkins-Lincoln 17-2 Well with positive results. The well reached planned intermediate pipe depth of 9,500 feet on September 26, 2008. Subsequent to logging the Cotton Valley and shallower horizons, 7-inch casing was set at 9,500 feet and the well is drilling ahead to test the Haynesville Shale at a planned total depth of 11,000 feet. This well is strategically located in the center section of the Company's Sentell Field in Bossier Parish, Louisiana. The Atkins-Lincoln 17-2 is the second well in the Company's 2008 development program and the first of two Haynesville Shale vertical test wells in the Sentell Field planned this year.
Full Article Here
For more on the shale plays in the USA and Canada, visit www.oilshalegas.com
Haynesville Shale: ( HK ) PetroHawk Energy Update 10/02/08
Like Chesapeake Energy ( CHK ), Petrohawk Energy ( HK ) reduces capital budget for 2009 as energy prices decline. Petrohawk plans to focus more on the Haynesville Shale & the Fayetteville Shale.
The reallocation of capital reflects an increased emphasis on development of non-proved locations in Petrohawk's successful Haynesville and Fayetteville Shale projects, with the benefit of higher expected overall reserve growth potential for the Company. Petrohawk's production guidance for 2009 represents 25% to 35% drillbit growth over 2008 estimated annual production of 305 million cubic feet of natural gas equivalent per day (Mmfe/d).
http://www.petrohawk.com/news/default.aspx?id=1204163
For more on the shale plays in the USA and Canada...visit www.oilshalegas.com
The reallocation of capital reflects an increased emphasis on development of non-proved locations in Petrohawk's successful Haynesville and Fayetteville Shale projects, with the benefit of higher expected overall reserve growth potential for the Company. Petrohawk's production guidance for 2009 represents 25% to 35% drillbit growth over 2008 estimated annual production of 305 million cubic feet of natural gas equivalent per day (Mmfe/d).
http://www.petrohawk.com/news/default.aspx?id=1204163
For more on the shale plays in the USA and Canada...visit www.oilshalegas.com
Haynesville Shale: Penn Virginia ( PVA ) Update 10/02/08
Penn Virginia ( PVA ) came out today and gave operational guidance specifically on the Haynesville Shale.
A. James Dearlove, President and Chief Executive Officer of PVA, commented, "In spite of the reduced guidance levels for 2008, our growth strategy remains intact in all of our significant resource plays. The reduced 2008 guidance is largely the result of a number of unanticipated circumstances, including the effects of two hurricanes which impacted our largest producing region in East Texas. In addition, we are accelerating the transition from an exclusive vertical Cotton Valley development program in East Texas, which was supported by six drilling rigs at the beginning of 2008, to the current combination of four to five rigs drilling horizontal Lower Bossier (Haynesville) Shale wells and two to three rigs drilling vertical Cotton Valley wells. The near-term effect of this transition is a delay of production contributions from the horizontal shale drilling program, which has much longer spud-to-production lead time relative to vertical Cotton Valley wells. Even though this decision has affected near-term production growth, the benefits of expected superior economic returns and accelerated long-term production growth favor this approach, as reflected in our preliminary 2009 guidance.”
http://biz.yahoo.com/bw/081002/20081002006238.html?.v=1
For more on companies drilling in the Haynesville Shale and other shale plays, visit http://oilshalegas.com
A. James Dearlove, President and Chief Executive Officer of PVA, commented, "In spite of the reduced guidance levels for 2008, our growth strategy remains intact in all of our significant resource plays. The reduced 2008 guidance is largely the result of a number of unanticipated circumstances, including the effects of two hurricanes which impacted our largest producing region in East Texas. In addition, we are accelerating the transition from an exclusive vertical Cotton Valley development program in East Texas, which was supported by six drilling rigs at the beginning of 2008, to the current combination of four to five rigs drilling horizontal Lower Bossier (Haynesville) Shale wells and two to three rigs drilling vertical Cotton Valley wells. The near-term effect of this transition is a delay of production contributions from the horizontal shale drilling program, which has much longer spud-to-production lead time relative to vertical Cotton Valley wells. Even though this decision has affected near-term production growth, the benefits of expected superior economic returns and accelerated long-term production growth favor this approach, as reflected in our preliminary 2009 guidance.”
http://biz.yahoo.com/bw/081002/20081002006238.html?.v=1
For more on companies drilling in the Haynesville Shale and other shale plays, visit http://oilshalegas.com
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