By Andrea: http://oilshalegas.com
PetroQuest Energy (PQ) recently announced that they have reached total depth on its forty-third Woodford operated horizontal well (4,592 foot lateral). The Company expects to complete its forty-second (5,068 foot lateral) and forty-third Woodford operated wells before year-end. In addition, the Company has taken delivery of its second Woodford rig and recently spud its forty-fourth Woodford operated well. To date, the Company has drilled 43 gross operated horizontal wells and participated in 38 non-operated horizontal wells in the Woodford. The Company's total horizontal well count represents approximately 9% of all horizontal wells drilled in the trend.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Thursday, December 30, 2010
PetroQuest Energy (PQ): Niobrara Shale Update
By Andrea: http://oilshalegas.com
PetroQuest Energy, Inc. (PQ) recently announced that it has completed operations on its first two test wells in the Niobrara formation. The wells were designed to test differing geologic concepts relative to natural fracturing. The initial test well (Peterson #1- WI-25%) was selected to evaluate a location with less expected natural fracturing. The 4,962 foot lateral well was completed in November, but did not produce oil in commercial quantities.
The second well (Nevis #2, NRI-20%) was drilled approximately 15 miles from the Peterson #1 and tested a location where more natural fracturing was expected. The well was drilled with a 5,298 foot lateral section (20 frac stages) and was completed at an initial 24 hour gross daily rate of 831 barrels of oil and 205 Mcf of gas after cleaning up. Through the first two weeks of production, the well has averaged approximately 570 barrels of oil per day and is currently flowing at 407 barrels of oil per day. The Company estimates that the average gross cost per well for the initial two test wells was approximately $4.5 million.
Based on the results of the Nevis #2, the Company plans to proceed with a development plan in 2011 on its Niobrara acreage. The Company has a 25% non-operated working interest in approximately 20,000 gross acres (5,000 net acres) located in Southern Wyoming. Based on initial plans, the Company expects to participate in 12-15 gross wells during 2011. The Company expects to spud its third well (Hester #3, WI-25%) in January 2011.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
PetroQuest Energy, Inc. (PQ) recently announced that it has completed operations on its first two test wells in the Niobrara formation. The wells were designed to test differing geologic concepts relative to natural fracturing. The initial test well (Peterson #1- WI-25%) was selected to evaluate a location with less expected natural fracturing. The 4,962 foot lateral well was completed in November, but did not produce oil in commercial quantities.
The second well (Nevis #2, NRI-20%) was drilled approximately 15 miles from the Peterson #1 and tested a location where more natural fracturing was expected. The well was drilled with a 5,298 foot lateral section (20 frac stages) and was completed at an initial 24 hour gross daily rate of 831 barrels of oil and 205 Mcf of gas after cleaning up. Through the first two weeks of production, the well has averaged approximately 570 barrels of oil per day and is currently flowing at 407 barrels of oil per day. The Company estimates that the average gross cost per well for the initial two test wells was approximately $4.5 million.
Based on the results of the Nevis #2, the Company plans to proceed with a development plan in 2011 on its Niobrara acreage. The Company has a 25% non-operated working interest in approximately 20,000 gross acres (5,000 net acres) located in Southern Wyoming. Based on initial plans, the Company expects to participate in 12-15 gross wells during 2011. The Company expects to spud its third well (Hester #3, WI-25%) in January 2011.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
EXCO Resources, Inc. (XCO) - Marcellus Shale Update
By Andrea: http://oilshalegas.com
EXCO Resources, Inc. (XCO) recently announced the acquisition of properties prospective for the Marcellus shale from Chief Oil & Gas LLC and related parties for approximately $459.4 million, after preliminary purchase price adjustments at the closing. The parties agreed to close the transaction into an escrow account pending receipt of a waiver from a third party, which is expected to be obtained by January 14, 2011. The transaction has an effective date of July 1, 2010.
The assets are located within the area of mutual interest established by the existing Appalachian joint venture with BG Group, plc. BG Group has the right to purchase 50% of this acquisition. Assuming BG Group elects to participate, the development of these assets would be governed by our Appalachian joint venture. The purchase price was financed with borrowings under EXCO's credit agreement.
The assets include producing properties with current gross production of approximately 40 Mmcf per day (16 Mmcf per day net) from 15 producing wells, 11 wells currently awaiting completion and over 50,000 net acres prospective for the Marcellus shale located primarily in Lycoming and Sullivan Counties in Northeastern Pennsylvania.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
EXCO Resources, Inc. (XCO) recently announced the acquisition of properties prospective for the Marcellus shale from Chief Oil & Gas LLC and related parties for approximately $459.4 million, after preliminary purchase price adjustments at the closing. The parties agreed to close the transaction into an escrow account pending receipt of a waiver from a third party, which is expected to be obtained by January 14, 2011. The transaction has an effective date of July 1, 2010.
The assets are located within the area of mutual interest established by the existing Appalachian joint venture with BG Group, plc. BG Group has the right to purchase 50% of this acquisition. Assuming BG Group elects to participate, the development of these assets would be governed by our Appalachian joint venture. The purchase price was financed with borrowings under EXCO's credit agreement.
The assets include producing properties with current gross production of approximately 40 Mmcf per day (16 Mmcf per day net) from 15 producing wells, 11 wells currently awaiting completion and over 50,000 net acres prospective for the Marcellus shale located primarily in Lycoming and Sullivan Counties in Northeastern Pennsylvania.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Magnum Hunter Resources (MHR) approved for New York Stock Exchange (NYSE)
By Andrea: http://oilshalegas.com
Magnum Hunter Resources Corporation (Amex:MHR) announced today that shares of its Common Stock have been approved for listing on The New York Stock Exchange. The Common Stock will continue to trade under the ticker symbol "MHR". The Company's shares will begin trading on the NYSE sometime during the first ten trading days of January 2011.
Mr. Gary C. Evans, Chairman and Chief Executive Officer of Magnum Hunter Resources Corporation, commented, "As part of our business plan to improve the liquidity and exposure of our shares to the investment community here in the United States and worldwide, which includes both institutional and retail investors, we are pleased to announce this new milestone achievement by our Company. As the world's largest equity market, The New York Stock Exchange listing achieves that goal."
This is exciting news for Magnum Hunter Resources as it will increase the company's exposure and thus increase the sale of the stock.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Magnum Hunter Resources Corporation (Amex:MHR) announced today that shares of its Common Stock have been approved for listing on The New York Stock Exchange. The Common Stock will continue to trade under the ticker symbol "MHR". The Company's shares will begin trading on the NYSE sometime during the first ten trading days of January 2011.
Mr. Gary C. Evans, Chairman and Chief Executive Officer of Magnum Hunter Resources Corporation, commented, "As part of our business plan to improve the liquidity and exposure of our shares to the investment community here in the United States and worldwide, which includes both institutional and retail investors, we are pleased to announce this new milestone achievement by our Company. As the world's largest equity market, The New York Stock Exchange listing achieves that goal."
This is exciting news for Magnum Hunter Resources as it will increase the company's exposure and thus increase the sale of the stock.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Comstock Resources (CRK): Haynesville Shale Update
By Andrea: http://oilshalegas.com
Comstock Resources, Inc. (CRK) recently released an operational update where they they announced the distribution of their 2011 budget for natural gas.
They announced that they plan to spend approximately $522.0 million in 2011 for development and exploration activities. The 2011 drilling program will focus on the continued development and delineation of its Haynesville shale and Bossier shale properties in North Louisiana and its Eagle Ford shale properties in South Texas. Comstock is currently utilizing six operated drilling rigs for its drilling activity. Five of the rigs are currently drilling Haynesville or Bossier shale wells and one is currently drilling the Company's fourth Eagle Ford shale well. Comstock plans to release one of these rigs during the first quarter of 2011 and plans on moving one of the Haynesville shale rigs to the Eagle Ford by the middle of 2011.
The 2011 budget includes $110.2 million for completion costs for 25 (21.6 net) Haynesville or Bossier shale wells that were drilled in 2010 but will be carried into 2011 for completion by the Company's dedicated frac crew which will be under contract for 2011. In addition to completing the 25 wells drilled in 2010, Comstock has budgeted to drill 67 (49.5 net) wells in 2011. All of the wells will be horizontal wells. Comstock has budgeted to drill 45 (27.5 net) Hayneville or Bossier shale wells in North Louisiana. The remaining twenty-two (22.0 net) wells will be drilled to develop the Company's Eagle Ford shale leases which were acquired this year.
Taking into account the planned 2011 drilling and completion activity, Comstock expects production in 2011 to approximate 85 to 90 Bcfe, a substantial increase over production in 2010. The 2011 drilling program is also expected to provide another year of strong reserve growth in 2011. The Eagle Ford drilling program will focus on the oil and condensate portion of the Eagle Ford shale play which will allow the Company to grow its oil, condensate and natural gas liquids production in 2011.
Comstock has a substantial amount of flexibility in implementing its drilling program in 2011. During the first half of 2011, the Company can release two of its drilling rigs without penalty in addition to the one that the Company plans to release in the first quarter. Comstock can also move additional drilling rigs from its Haynesville shale program to its Eagle Ford shale program. This flexibility allows the Company to reduce its capital expenditures in response to weaker natural gas prices or reallocate its budget toward oil or liquids rich projects in response to continued strong oil prices in relation to natural gas prices.
The Company's early results in the Eagle Ford shale have been encouraging. Additional results from the recently drilled wells and future drilling will govern the timing of deploying additional drilling rigs to Comstock's South Texas operations.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Comstock Resources, Inc. (CRK) recently released an operational update where they they announced the distribution of their 2011 budget for natural gas.
They announced that they plan to spend approximately $522.0 million in 2011 for development and exploration activities. The 2011 drilling program will focus on the continued development and delineation of its Haynesville shale and Bossier shale properties in North Louisiana and its Eagle Ford shale properties in South Texas. Comstock is currently utilizing six operated drilling rigs for its drilling activity. Five of the rigs are currently drilling Haynesville or Bossier shale wells and one is currently drilling the Company's fourth Eagle Ford shale well. Comstock plans to release one of these rigs during the first quarter of 2011 and plans on moving one of the Haynesville shale rigs to the Eagle Ford by the middle of 2011.
The 2011 budget includes $110.2 million for completion costs for 25 (21.6 net) Haynesville or Bossier shale wells that were drilled in 2010 but will be carried into 2011 for completion by the Company's dedicated frac crew which will be under contract for 2011. In addition to completing the 25 wells drilled in 2010, Comstock has budgeted to drill 67 (49.5 net) wells in 2011. All of the wells will be horizontal wells. Comstock has budgeted to drill 45 (27.5 net) Hayneville or Bossier shale wells in North Louisiana. The remaining twenty-two (22.0 net) wells will be drilled to develop the Company's Eagle Ford shale leases which were acquired this year.
Taking into account the planned 2011 drilling and completion activity, Comstock expects production in 2011 to approximate 85 to 90 Bcfe, a substantial increase over production in 2010. The 2011 drilling program is also expected to provide another year of strong reserve growth in 2011. The Eagle Ford drilling program will focus on the oil and condensate portion of the Eagle Ford shale play which will allow the Company to grow its oil, condensate and natural gas liquids production in 2011.
Comstock has a substantial amount of flexibility in implementing its drilling program in 2011. During the first half of 2011, the Company can release two of its drilling rigs without penalty in addition to the one that the Company plans to release in the first quarter. Comstock can also move additional drilling rigs from its Haynesville shale program to its Eagle Ford shale program. This flexibility allows the Company to reduce its capital expenditures in response to weaker natural gas prices or reallocate its budget toward oil or liquids rich projects in response to continued strong oil prices in relation to natural gas prices.
The Company's early results in the Eagle Ford shale have been encouraging. Additional results from the recently drilled wells and future drilling will govern the timing of deploying additional drilling rigs to Comstock's South Texas operations.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Hess Corporation (HES): Bakken Shale Update
By Andrea: http://oilshalegas.com
Hess Corporation (HES) released an exciting operational update on the Bakken Shale located in North Dakota. It has completed the acquisition of 167,000 net acres in the Bakken oil shale play from TRZ Energy, LLC for $1,050 million in cash. The acquired properties are located near Hess' existing acreage and have current net production of approximately 4,400 boe/d.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Hess Corporation (HES) released an exciting operational update on the Bakken Shale located in North Dakota. It has completed the acquisition of 167,000 net acres in the Bakken oil shale play from TRZ Energy, LLC for $1,050 million in cash. The acquired properties are located near Hess' existing acreage and have current net production of approximately 4,400 boe/d.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Tuesday, December 28, 2010
Leed County and Fayette County: Eagle Ford Shale Update
By Andrea: http://oilshalegas.com
Evolution Petroleum Corp. (EPM) recently released an operational update on the Eagle Ford Shale, located in Leed and Fayette Counties. In response to a question inquiring about their involvement of the Eagle Ford to the Austin Chalk formation, CEO, Bob Herlin states:
"Eagle Ford is being tested by a variety of operators and what we preferred to be the stop list portion in the Giddings Field. Now with the – that we've heard activity up into Fayette County, where I know there’s some things going on the Leed County. There has been some test I believe further to northeast. I don't think industry is quite yet cracked the code on making Eagle Ford work that far to northeast.
Obviously, we hold a lot of acreage in the Giddings Field that is held by production or will be held by production, that's not on under current primary term or through expansions. Are there people lined up in my door warning to form out our Eagle Ford, right? No. But we – I can't say it will or it won’t down the road."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Evolution Petroleum Corp. (EPM) recently released an operational update on the Eagle Ford Shale, located in Leed and Fayette Counties. In response to a question inquiring about their involvement of the Eagle Ford to the Austin Chalk formation, CEO, Bob Herlin states:
"Eagle Ford is being tested by a variety of operators and what we preferred to be the stop list portion in the Giddings Field. Now with the – that we've heard activity up into Fayette County, where I know there’s some things going on the Leed County. There has been some test I believe further to northeast. I don't think industry is quite yet cracked the code on making Eagle Ford work that far to northeast.
Obviously, we hold a lot of acreage in the Giddings Field that is held by production or will be held by production, that's not on under current primary term or through expansions. Are there people lined up in my door warning to form out our Eagle Ford, right? No. But we – I can't say it will or it won’t down the road."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Haskell County, OK: Woodford Shale Update
By Andrea: http://oilshalegas.com
Evolution Petroleum Corp. (EPM) recently released an update on the Woodford shale located in Haskell County, Oklahoma:
"In Haskell County, which is where we have actually more potential, we initiated field operations on the first of two tests that we have planned for this fiscal year and this is a mid-depth Woodford in the 4 to 5000 foot depth range. We should have the initial results from the first well sometimes in this calendar year or in January."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Evolution Petroleum Corp. (EPM) recently released an update on the Woodford shale located in Haskell County, Oklahoma:
"In Haskell County, which is where we have actually more potential, we initiated field operations on the first of two tests that we have planned for this fiscal year and this is a mid-depth Woodford in the 4 to 5000 foot depth range. We should have the initial results from the first well sometimes in this calendar year or in January."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Comstock Resources (CRK): Eagle Ford Shale Update
By Andrea: http://oilshalegas.com
Comstock Resources, Inc. (CRK) recently released an operational update where they they announced the distribution of their 2011 budget for natural gas.
They announced that they plan to spend approximately $522.0 million in 2011 for development and exploration activities. The 2011 drilling program will focus on the continued development and delineation of its Haynesville shale and Bossier shale properties in North Louisiana and its Eagle Ford shale properties in South Texas. Comstock is currently utilizing six operated drilling rigs for its drilling activity. Five of the rigs are currently drilling Haynesville or Bossier shale wells and one is currently drilling the Company's fourth Eagle Ford shale well. Comstock plans to release one of these rigs during the first quarter of 2011 and plans on moving one of the Haynesville shale rigs to the Eagle Ford by the middle of 2011.
The 2011 budget includes $110.2 million for completion costs for 25 (21.6 net) Haynesville or Bossier shale wells that were drilled in 2010 but will be carried into 2011 for completion by the Company's dedicated frac crew which will be under contract for 2011. In addition to completing the 25 wells drilled in 2010, Comstock has budgeted to drill 67 (49.5 net) wells in 2011. All of the wells will be horizontal wells. Comstock has budgeted to drill 45 (27.5 net) Hayneville or Bossier shale wells in North Louisiana. The remaining twenty-two (22.0 net) wells will be drilled to develop the Company's Eagle Ford shale leases which were acquired this year.
Taking into account the planned 2011 drilling and completion activity, Comstock expects production in 2011 to approximate 85 to 90 Bcfe, a substantial increase over production in 2010. The 2011 drilling program is also expected to provide another year of strong reserve growth in 2011. The Eagle Ford drilling program will focus on the oil and condensate portion of the Eagle Ford shale play which will allow the Company to grow its oil, condensate and natural gas liquids production in 2011.
Comstock has a substantial amount of flexibility in implementing its drilling program in 2011. During the first half of 2011, the Company can release two of its drilling rigs without penalty in addition to the one that the Company plans to release in the first quarter. Comstock can also move additional drilling rigs from its Haynesville shale program to its Eagle Ford shale program. This flexibility allows the Company to reduce its capital expenditures in response to weaker natural gas prices or reallocate its budget toward oil or liquids rich projects in response to continued strong oil prices in relation to natural gas prices.
The Company's early results in the Eagle Ford shale have been encouraging. Additional results from the recently drilled wells and future drilling will govern the timing of deploying additional drilling rigs to Comstock's South Texas operations.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Comstock Resources, Inc. (CRK) recently released an operational update where they they announced the distribution of their 2011 budget for natural gas.
They announced that they plan to spend approximately $522.0 million in 2011 for development and exploration activities. The 2011 drilling program will focus on the continued development and delineation of its Haynesville shale and Bossier shale properties in North Louisiana and its Eagle Ford shale properties in South Texas. Comstock is currently utilizing six operated drilling rigs for its drilling activity. Five of the rigs are currently drilling Haynesville or Bossier shale wells and one is currently drilling the Company's fourth Eagle Ford shale well. Comstock plans to release one of these rigs during the first quarter of 2011 and plans on moving one of the Haynesville shale rigs to the Eagle Ford by the middle of 2011.
The 2011 budget includes $110.2 million for completion costs for 25 (21.6 net) Haynesville or Bossier shale wells that were drilled in 2010 but will be carried into 2011 for completion by the Company's dedicated frac crew which will be under contract for 2011. In addition to completing the 25 wells drilled in 2010, Comstock has budgeted to drill 67 (49.5 net) wells in 2011. All of the wells will be horizontal wells. Comstock has budgeted to drill 45 (27.5 net) Hayneville or Bossier shale wells in North Louisiana. The remaining twenty-two (22.0 net) wells will be drilled to develop the Company's Eagle Ford shale leases which were acquired this year.
Taking into account the planned 2011 drilling and completion activity, Comstock expects production in 2011 to approximate 85 to 90 Bcfe, a substantial increase over production in 2010. The 2011 drilling program is also expected to provide another year of strong reserve growth in 2011. The Eagle Ford drilling program will focus on the oil and condensate portion of the Eagle Ford shale play which will allow the Company to grow its oil, condensate and natural gas liquids production in 2011.
Comstock has a substantial amount of flexibility in implementing its drilling program in 2011. During the first half of 2011, the Company can release two of its drilling rigs without penalty in addition to the one that the Company plans to release in the first quarter. Comstock can also move additional drilling rigs from its Haynesville shale program to its Eagle Ford shale program. This flexibility allows the Company to reduce its capital expenditures in response to weaker natural gas prices or reallocate its budget toward oil or liquids rich projects in response to continued strong oil prices in relation to natural gas prices.
The Company's early results in the Eagle Ford shale have been encouraging. Additional results from the recently drilled wells and future drilling will govern the timing of deploying additional drilling rigs to Comstock's South Texas operations.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Monday, December 27, 2010
Southwestern Energy Co. (SWN): Marcellus Shale Update
By Andrea: http://oilshalegas.com
Southwestern Energy Co. (SWN) recently released an operational update on their Marcellus Shale assets located in Pennsylvania:
In the Marcellus Shale play in Pennsylvania, the company plans to begin the year drilling with one operated rig and end the year with two operated rigs. Southwestern plans to participate in a total of 40 to 45 gross wells, all of which will be operated.
"We are currently operating one rig in the Marcellus Shale and will increase to two rigs by year-end 2011. As a result, our 2011 production is expected to be in a range of 465 to 475 Bcfe, which is an increase of approximately 18% compared to our expected 2010 levels."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Southwestern Energy Co. (SWN) recently released an operational update on their Marcellus Shale assets located in Pennsylvania:
In the Marcellus Shale play in Pennsylvania, the company plans to begin the year drilling with one operated rig and end the year with two operated rigs. Southwestern plans to participate in a total of 40 to 45 gross wells, all of which will be operated.
"We are currently operating one rig in the Marcellus Shale and will increase to two rigs by year-end 2011. As a result, our 2011 production is expected to be in a range of 465 to 475 Bcfe, which is an increase of approximately 18% compared to our expected 2010 levels."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Southwestern Energy Co. (SWN): Fayetteville Shale Update
By Andrea: http://oilshalegas.com
Southwestern Energy Co. (SWN) recently announced its planned capital investment program and guidance for 2011. The company's total capital investment program in 2011 is planned to be approximately $1.9 billion, attributing much of that to the Fayetteville Shale.
"Our large inventory of high-return wells in the Fayetteville Shale gives us the ability to have profitable growth in today's price environment and our economies of scale in the play enable us to enjoy one of the lowest cost structures in the industry. The continued focus on keeping our costs low and adding the maximum value for each dollar we invest are the keys to success in 2011," stated Steve Mueller, President and Chief Executive Officer of Southwestern Energy.
"Our 2011 capital investment program continues to be dominated by our position in the Fayetteville Shale. Our plan for the Fayetteville Shale during the year is to transition from earning our acreage position by drilling first wells in new sections and optimizing well spacing to more drilling on multi-well pads which will result in faster drilling times. We currently plan to start the year with 13 operated horizontal rigs in the Fayetteville Shale and exit the year drilling with 11 rigs...."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Southwestern Energy Co. (SWN) recently announced its planned capital investment program and guidance for 2011. The company's total capital investment program in 2011 is planned to be approximately $1.9 billion, attributing much of that to the Fayetteville Shale.
"Our large inventory of high-return wells in the Fayetteville Shale gives us the ability to have profitable growth in today's price environment and our economies of scale in the play enable us to enjoy one of the lowest cost structures in the industry. The continued focus on keeping our costs low and adding the maximum value for each dollar we invest are the keys to success in 2011," stated Steve Mueller, President and Chief Executive Officer of Southwestern Energy.
"Our 2011 capital investment program continues to be dominated by our position in the Fayetteville Shale. Our plan for the Fayetteville Shale during the year is to transition from earning our acreage position by drilling first wells in new sections and optimizing well spacing to more drilling on multi-well pads which will result in faster drilling times. We currently plan to start the year with 13 operated horizontal rigs in the Fayetteville Shale and exit the year drilling with 11 rigs...."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
SM Energy Company (SM): Bakken Shale Update
By Andrea: http://oilshalegas.com
SM Energy Company (SM) recently announced that they plan to invest roughly $170 million, or approximately 20% of its drilling capital, in 2011 on projects targeting the Bakken and Three Forks intervals in the Williston Basin. SM Energy plans to operate two (2) drilling rigs through the first half of next year, with the addition of a third rig planned at mid-year. Substantially all of this activity is expected to occur in McKenzie and Divide counties, North Dakota. Operations in McKenzie County will focus on the horizontal Bakken wells in the Company's Raven prospect area in the western portion of the county, with SM Energy operating approximately two-thirds of this activity. Activity in Divide County will target the Three Forks interval and will be entirely operated by the Company.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
SM Energy Company (SM) recently announced that they plan to invest roughly $170 million, or approximately 20% of its drilling capital, in 2011 on projects targeting the Bakken and Three Forks intervals in the Williston Basin. SM Energy plans to operate two (2) drilling rigs through the first half of next year, with the addition of a third rig planned at mid-year. Substantially all of this activity is expected to occur in McKenzie and Divide counties, North Dakota. Operations in McKenzie County will focus on the horizontal Bakken wells in the Company's Raven prospect area in the western portion of the county, with SM Energy operating approximately two-thirds of this activity. Activity in Divide County will target the Three Forks interval and will be entirely operated by the Company.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
SM Energy Company (SM): Eagle Ford Shale News
By Andrea: http://oilshalegas.com
SM Energy Company (SM) recently released an operational update on the Eagle Ford Shale located in Webb and LaSalle County,TX:
SM Energy Company (SM) plans to begin 2011 operating two (2) drilling rigs on its high working interest 165,000 net acre position in Webb and La Salle counties in South Texas. Over the course of the year, the Company plans to ramp its operated rig count to four (4) drilling rigs, the vast majority of which will target portions of the acreage containing rich gas and condensate. Most of the wells planned for the year will be in the Briscoe and Galvan Ranch program areas where SM Energy has been active during 2010. A higher level of activity is also planned for La Salle County, Texas in order to de-risk and delineate that portion of the Company's acreage. In addition, a number of projects such as retained energy fracture stimulations and reduced spacing pilots are planned for next year across the play. Projects in the Eagle Ford shale program make up the largest portion of the Company's facilities budget of $65 million.
In the partner-operated portion of SM Energy's 84,500 net acre position prospective for the Eagle Ford shale, seven (7) rigs are currently being operated by the Company's partner, Anadarko Petroleum Company (APC). For 2011, SM Energy anticipates that Anadarko will operate an average of ten (10) rigs for the year.
SM Energy has allocated approximately $500 million for drilling investment in its total Eagle Ford shale position for 2011. Based on the activity levels contemplated above, capital expenditures net to the Company would be in excess of this amount next year. The Company is initiating a marketing process to sell down or joint venture a portion of its total position in the play, which will lead to a smaller amount of net investment in 2011. Bank of America Merrill Lynch has been engaged to market the Eagle Ford shale package on behalf of the Company. Although details of the composition of the sale package are still being determined, SM Energy currently estimates that it will sell roughly 20% to 30% of its total acreage position and that as a result the net spending for 2011 will be approximately $500 million after adjusting for capital expenditures associated with divested properties and possible drilling carries.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
SM Energy Company (SM) recently released an operational update on the Eagle Ford Shale located in Webb and LaSalle County,TX:
SM Energy Company (SM) plans to begin 2011 operating two (2) drilling rigs on its high working interest 165,000 net acre position in Webb and La Salle counties in South Texas. Over the course of the year, the Company plans to ramp its operated rig count to four (4) drilling rigs, the vast majority of which will target portions of the acreage containing rich gas and condensate. Most of the wells planned for the year will be in the Briscoe and Galvan Ranch program areas where SM Energy has been active during 2010. A higher level of activity is also planned for La Salle County, Texas in order to de-risk and delineate that portion of the Company's acreage. In addition, a number of projects such as retained energy fracture stimulations and reduced spacing pilots are planned for next year across the play. Projects in the Eagle Ford shale program make up the largest portion of the Company's facilities budget of $65 million.
In the partner-operated portion of SM Energy's 84,500 net acre position prospective for the Eagle Ford shale, seven (7) rigs are currently being operated by the Company's partner, Anadarko Petroleum Company (APC). For 2011, SM Energy anticipates that Anadarko will operate an average of ten (10) rigs for the year.
SM Energy has allocated approximately $500 million for drilling investment in its total Eagle Ford shale position for 2011. Based on the activity levels contemplated above, capital expenditures net to the Company would be in excess of this amount next year. The Company is initiating a marketing process to sell down or joint venture a portion of its total position in the play, which will lead to a smaller amount of net investment in 2011. Bank of America Merrill Lynch has been engaged to market the Eagle Ford shale package on behalf of the Company. Although details of the composition of the sale package are still being determined, SM Energy currently estimates that it will sell roughly 20% to 30% of its total acreage position and that as a result the net spending for 2011 will be approximately $500 million after adjusting for capital expenditures associated with divested properties and possible drilling carries.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
PetroBakken Energy Ltd.: Cardium Shale Update
By Andrea: http://oilshalegas.com
PetroBakken Energy Ltd. (PBN.TO) recently provided an update on results from their horizontal drilling program in the Cardium formation in Alberta at Pembina, Garrington, and Lochend.
PetroBakken's activity levels have continued to increase and they now operate 10 drilling rigs in the Cardium play with one full time completion crew and two other completion crews on an intermittent basis. With this operating configuration they will be able to accelerate completion and tie-in operations so that by the end of the first quarter of 2011 they expect to be on a normal operating cycle with approximately 10 to 12 wells waiting to be completed and brought on production at any time.
In the month of November, Petrobakken brought 8 (7.0 net) operated wells on production. Through the first sixteen days of December, they placed a further 8 (5.9 net) wells on production, and they anticipate that over the balance of December, they will add another 14 (12.2 net) operated wells. For November and December, they expect to bring a total of 30 (25.1 net) Cardium wells on production.
PetroBakken now has 11 operated wells completed with slick water fracture stimulations that have sufficient history to provide both 7 day and 30 day initial production data. The average initial 7 day production rate from the first 13 wells is 415 bopd, and the average initial 30 day production rate from their first 11 wells is 245 bopd. These results continue to meet their original expectations for productivity from Cardium horizontal wells, and they anticipate further improvements in productivity and capital efficiencies from their drilling and completions operations as they continue to refine their methodologies.
PetroBakken previously reported initial production data from the time that the well is put on production exclusive of the initial flowback or testing period. However, the oil produced from the initial flowback period is sales oil, and although these reported volumes are initially field estimates, once the volumes are reconciled with sales receipts these volumes are now included in their 7 day and 30 day initial production data. In the future, as pipeline projects evolve, PetroBakken expects to conserve more natural gas and natural gas liquids and include those volumes in the reported results.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
PetroBakken Energy Ltd. (PBN.TO) recently provided an update on results from their horizontal drilling program in the Cardium formation in Alberta at Pembina, Garrington, and Lochend.
PetroBakken's activity levels have continued to increase and they now operate 10 drilling rigs in the Cardium play with one full time completion crew and two other completion crews on an intermittent basis. With this operating configuration they will be able to accelerate completion and tie-in operations so that by the end of the first quarter of 2011 they expect to be on a normal operating cycle with approximately 10 to 12 wells waiting to be completed and brought on production at any time.
In the month of November, Petrobakken brought 8 (7.0 net) operated wells on production. Through the first sixteen days of December, they placed a further 8 (5.9 net) wells on production, and they anticipate that over the balance of December, they will add another 14 (12.2 net) operated wells. For November and December, they expect to bring a total of 30 (25.1 net) Cardium wells on production.
PetroBakken now has 11 operated wells completed with slick water fracture stimulations that have sufficient history to provide both 7 day and 30 day initial production data. The average initial 7 day production rate from the first 13 wells is 415 bopd, and the average initial 30 day production rate from their first 11 wells is 245 bopd. These results continue to meet their original expectations for productivity from Cardium horizontal wells, and they anticipate further improvements in productivity and capital efficiencies from their drilling and completions operations as they continue to refine their methodologies.
PetroBakken previously reported initial production data from the time that the well is put on production exclusive of the initial flowback or testing period. However, the oil produced from the initial flowback period is sales oil, and although these reported volumes are initially field estimates, once the volumes are reconciled with sales receipts these volumes are now included in their 7 day and 30 day initial production data. In the future, as pipeline projects evolve, PetroBakken expects to conserve more natural gas and natural gas liquids and include those volumes in the reported results.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Skywest Energy Corp. (SKW.V): Cardium Shale Update
By Andrea: http://oilshalegas.com
Skywest Energy Corp.(SKW.V) has recently entered into two new farm-in transactions to acquire an additional 8.5 gross (5.1 net) Cardium sections. The Company has also acquired an additional 4.25 Cardium sections at recent Crown land sales. As a result, the Company has added an additional 35 net Cardium drilling locations. Skywest will now hold approximately 40 net sections of Cardium acreage.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Skywest Energy Corp.(SKW.V) has recently entered into two new farm-in transactions to acquire an additional 8.5 gross (5.1 net) Cardium sections. The Company has also acquired an additional 4.25 Cardium sections at recent Crown land sales. As a result, the Company has added an additional 35 net Cardium drilling locations. Skywest will now hold approximately 40 net sections of Cardium acreage.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Comstock Resources (CRK): Bossier Shale Update
By Andrea: http://oilshalegas.com
Comstock Resources, Inc. (CRK) recently released an operational update where they they announced the distribution of their 2011 budget for natural gas.
They announced that they plan to spend approximately $522.0 million in 2011 for development and exploration activities. The 2011 drilling program will focus on the continued development and delineation of its Haynesville shale and Bossier shale properties in North Louisiana and its Eagle Ford shale properties in South Texas. Comstock is currently utilizing six operated drilling rigs for its drilling activity. Five of the rigs are currently drilling Haynesville or Bossier shale wells and one is currently drilling the Company's fourth Eagle Ford shale well. Comstock plans to release one of these rigs during the first quarter of 2011 and plans on moving one of the Haynesville shale rigs to the Eagle Ford by the middle of 2011.
The 2011 budget includes $110.2 million for completion costs for 25 (21.6 net) Haynesville or Bossier shale wells that were drilled in 2010 but will be carried into 2011 for completion by the Company's dedicated frac crew which will be under contract for 2011. In addition to completing the 25 wells drilled in 2010, Comstock has budgeted to drill 67 (49.5 net) wells in 2011. All of the wells will be horizontal wells. Comstock has budgeted to drill 45 (27.5 net) Hayneville or Bossier shale wells in North Louisiana. The remaining twenty-two (22.0 net) wells will be drilled to develop the Company's Eagle Ford shale leases which were acquired this year.
Taking into account the planned 2011 drilling and completion activity, Comstock expects production in 2011 to approximate 85 to 90 Bcfe, a substantial increase over production in 2010. The 2011 drilling program is also expected to provide another year of strong reserve growth in 2011. The Eagle Ford drilling program will focus on the oil and condensate portion of the Eagle Ford shale play which will allow the Company to grow its oil, condensate and natural gas liquids production in 2011.
Comstock has a substantial amount of flexibility in implementing its drilling program in 2011. During the first half of 2011, the Company can release two of its drilling rigs without penalty in addition to the one that the Company plans to release in the first quarter. Comstock can also move additional drilling rigs from its Haynesville shale program to its Eagle Ford shale program. This flexibility allows the Company to reduce its capital expenditures in response to weaker natural gas prices or reallocate its budget toward oil or liquids rich projects in response to continued strong oil prices in relation to natural gas prices.
The Company's early results in the Eagle Ford shale have been encouraging. Additional results from the recently drilled wells and future drilling will govern the timing of deploying additional drilling rigs to Comstock's South Texas operations.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Comstock Resources, Inc. (CRK) recently released an operational update where they they announced the distribution of their 2011 budget for natural gas.
They announced that they plan to spend approximately $522.0 million in 2011 for development and exploration activities. The 2011 drilling program will focus on the continued development and delineation of its Haynesville shale and Bossier shale properties in North Louisiana and its Eagle Ford shale properties in South Texas. Comstock is currently utilizing six operated drilling rigs for its drilling activity. Five of the rigs are currently drilling Haynesville or Bossier shale wells and one is currently drilling the Company's fourth Eagle Ford shale well. Comstock plans to release one of these rigs during the first quarter of 2011 and plans on moving one of the Haynesville shale rigs to the Eagle Ford by the middle of 2011.
The 2011 budget includes $110.2 million for completion costs for 25 (21.6 net) Haynesville or Bossier shale wells that were drilled in 2010 but will be carried into 2011 for completion by the Company's dedicated frac crew which will be under contract for 2011. In addition to completing the 25 wells drilled in 2010, Comstock has budgeted to drill 67 (49.5 net) wells in 2011. All of the wells will be horizontal wells. Comstock has budgeted to drill 45 (27.5 net) Hayneville or Bossier shale wells in North Louisiana. The remaining twenty-two (22.0 net) wells will be drilled to develop the Company's Eagle Ford shale leases which were acquired this year.
Taking into account the planned 2011 drilling and completion activity, Comstock expects production in 2011 to approximate 85 to 90 Bcfe, a substantial increase over production in 2010. The 2011 drilling program is also expected to provide another year of strong reserve growth in 2011. The Eagle Ford drilling program will focus on the oil and condensate portion of the Eagle Ford shale play which will allow the Company to grow its oil, condensate and natural gas liquids production in 2011.
Comstock has a substantial amount of flexibility in implementing its drilling program in 2011. During the first half of 2011, the Company can release two of its drilling rigs without penalty in addition to the one that the Company plans to release in the first quarter. Comstock can also move additional drilling rigs from its Haynesville shale program to its Eagle Ford shale program. This flexibility allows the Company to reduce its capital expenditures in response to weaker natural gas prices or reallocate its budget toward oil or liquids rich projects in response to continued strong oil prices in relation to natural gas prices.
The Company's early results in the Eagle Ford shale have been encouraging. Additional results from the recently drilled wells and future drilling will govern the timing of deploying additional drilling rigs to Comstock's South Texas operations.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Montague County, TX: Barnett Shale Update
By Andrea: http://oilshalegas.com
Topaz Resources, Inc. recently released an operational update on the Barnett Shale, located in Montague County, TX. In the update, they announced that they are completing the consolidation into Topaz of over 750 net acres in the oil leg of the Barnett Shale in Montague County in North Texas, which has 18 identifiable drill locations.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Topaz Resources, Inc. recently released an operational update on the Barnett Shale, located in Montague County, TX. In the update, they announced that they are completing the consolidation into Topaz of over 750 net acres in the oil leg of the Barnett Shale in Montague County in North Texas, which has 18 identifiable drill locations.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Denton County, TX: Barnett Shale Update
By Andrea: http://oilshalegas.com
In a recent operational update released by Topaz Resources, Inc., they announced that they are acquiring a lease of 85 acres in the Barnett Shale located in Denton County, TX. In addition, Topaz Resources will hold a 45% working interest in a horizontal Barnett Gas well, located in that acreage of the Barnett Shale.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
In a recent operational update released by Topaz Resources, Inc., they announced that they are acquiring a lease of 85 acres in the Barnett Shale located in Denton County, TX. In addition, Topaz Resources will hold a 45% working interest in a horizontal Barnett Gas well, located in that acreage of the Barnett Shale.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Sunday, December 26, 2010
La Salle County, TX: Eagle Ford Shale Update
By Andrea: http://oilshalegas.com
SM Energy Company (SM) recently released an operational update on the Eagle Ford Shale located in Webb and LaSalle County,TX:
SM Energy Company (SM) plans to begin 2011 operating two (2) drilling rigs on its high working interest 165,000 net acre position in Webb and La Salle counties in South Texas. Over the course of the year, the Company plans to ramp its operated rig count to four (4) drilling rigs, the vast majority of which will target portions of the acreage containing rich gas and condensate. Most of the wells planned for the year will be in the Briscoe and Galvan Ranch program areas where SM Energy has been active during 2010. A higher level of activity is also planned for La Salle County, Texas in order to de-risk and delineate that portion of the Company's acreage. In addition, a number of projects such as retained energy fracture stimulations and reduced spacing pilots are planned for next year across the play. Projects in the Eagle Ford shale program make up the largest portion of the Company's facilities budget of $65 million.
In the partner-operated portion of SM Energy's 84,500 net acre position prospective for the Eagle Ford shale, seven (7) rigs are currently being operated by the Company's partner, Anadarko Petroleum Company (APC). For 2011, SM Energy anticipates that Anadarko will operate an average of ten (10) rigs for the year.
SM Energy has allocated approximately $500 million for drilling investment in its total Eagle Ford shale position for 2011. Based on the activity levels contemplated above, capital expenditures net to the Company would be in excess of this amount next year. The Company is initiating a marketing process to sell down or joint venture a portion of its total position in the play, which will lead to a smaller amount of net investment in 2011. Bank of America Merrill Lynch has been engaged to market the Eagle Ford shale package on behalf of the Company. Although details of the composition of the sale package are still being determined, SM Energy currently estimates that it will sell roughly 20% to 30% of its total acreage position and that as a result the net spending for 2011 will be approximately $500 million after adjusting for capital expenditures associated with divested properties and possible drilling carries.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
SM Energy Company (SM) recently released an operational update on the Eagle Ford Shale located in Webb and LaSalle County,TX:
SM Energy Company (SM) plans to begin 2011 operating two (2) drilling rigs on its high working interest 165,000 net acre position in Webb and La Salle counties in South Texas. Over the course of the year, the Company plans to ramp its operated rig count to four (4) drilling rigs, the vast majority of which will target portions of the acreage containing rich gas and condensate. Most of the wells planned for the year will be in the Briscoe and Galvan Ranch program areas where SM Energy has been active during 2010. A higher level of activity is also planned for La Salle County, Texas in order to de-risk and delineate that portion of the Company's acreage. In addition, a number of projects such as retained energy fracture stimulations and reduced spacing pilots are planned for next year across the play. Projects in the Eagle Ford shale program make up the largest portion of the Company's facilities budget of $65 million.
In the partner-operated portion of SM Energy's 84,500 net acre position prospective for the Eagle Ford shale, seven (7) rigs are currently being operated by the Company's partner, Anadarko Petroleum Company (APC). For 2011, SM Energy anticipates that Anadarko will operate an average of ten (10) rigs for the year.
SM Energy has allocated approximately $500 million for drilling investment in its total Eagle Ford shale position for 2011. Based on the activity levels contemplated above, capital expenditures net to the Company would be in excess of this amount next year. The Company is initiating a marketing process to sell down or joint venture a portion of its total position in the play, which will lead to a smaller amount of net investment in 2011. Bank of America Merrill Lynch has been engaged to market the Eagle Ford shale package on behalf of the Company. Although details of the composition of the sale package are still being determined, SM Energy currently estimates that it will sell roughly 20% to 30% of its total acreage position and that as a result the net spending for 2011 will be approximately $500 million after adjusting for capital expenditures associated with divested properties and possible drilling carries.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Linn Energy (LINE): Permian Basin Update
By Andrea: http://oilshalegas.com
During the fourth quarter of 2010, Linn Energy LLC (LINE) announced that they closed a bolt-on acquisition of Antrim Shale properties in Michigan and expects to close a bolt-on acquisition of Permian Basin properties by the end of the year. The combined contract price of both acquisitions totals approximately $90 million.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
During the fourth quarter of 2010, Linn Energy LLC (LINE) announced that they closed a bolt-on acquisition of Antrim Shale properties in Michigan and expects to close a bolt-on acquisition of Permian Basin properties by the end of the year. The combined contract price of both acquisitions totals approximately $90 million.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Friday, December 24, 2010
Beckham County, OK: Granite Wash Update
By Andrea: http://oilshalegas.com
SM Energy Company (SM) recently released an update on the Granite Wash, located in Beckham County, OK:
The company plans to invest $60 million in 2011 in horizontal wells targeting the Marmaton and Missourian washes (also collectively referred to as the Granite Wash) in Beckham County in western Oklahoma. Two (2) operated drilling rigs will be required next year to execute on this program. SM Energy will operate over 65% of this activity. The economics of these projects benefit from the contribution of higher BTU natural gas and condensate in the production stream.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
SM Energy Company (SM) recently released an update on the Granite Wash, located in Beckham County, OK:
The company plans to invest $60 million in 2011 in horizontal wells targeting the Marmaton and Missourian washes (also collectively referred to as the Granite Wash) in Beckham County in western Oklahoma. Two (2) operated drilling rigs will be required next year to execute on this program. SM Energy will operate over 65% of this activity. The economics of these projects benefit from the contribution of higher BTU natural gas and condensate in the production stream.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Divide County, ND: Bakken shale Update
By Andrea: http://oilshalegas.com
SM Energy Company (SM) recently announced that they plan to invest roughly $170 million, or approximately 20% of its drilling capital, in 2011 on projects targeting the Bakken and Three Forks intervals in the Williston Basin. SM Energy plans to operate two (2) drilling rigs through the first half of next year, with the addition of a third rig planned at mid-year. Substantially all of this activity is expected to occur in McKenzie and Divide counties, North Dakota. Operations in McKenzie County will focus on the horizontal Bakken wells in the Company's Raven prospect area in the western portion of the county, with SM Energy operating approximately two-thirds of this activity. Activity in Divide County will target the Three Forks interval and will be entirely operated by the Company.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
SM Energy Company (SM) recently announced that they plan to invest roughly $170 million, or approximately 20% of its drilling capital, in 2011 on projects targeting the Bakken and Three Forks intervals in the Williston Basin. SM Energy plans to operate two (2) drilling rigs through the first half of next year, with the addition of a third rig planned at mid-year. Substantially all of this activity is expected to occur in McKenzie and Divide counties, North Dakota. Operations in McKenzie County will focus on the horizontal Bakken wells in the Company's Raven prospect area in the western portion of the county, with SM Energy operating approximately two-thirds of this activity. Activity in Divide County will target the Three Forks interval and will be entirely operated by the Company.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Williams Companies, Inc. (WMB): Bakken Shale Update
By Andrea: http://oilshalegas.com
The Williams Companies, Inc. (WMB) recently released an operational update where it announced that it has completed a major purchase in North Dakota's Bakken oil play from private owners for $925 million cash. Williams announced the acquisition on Nov. 15.
In the transaction, Williams purchased 100 percent of the interests in Dakota-3 E&P Company LLC. Dakota-3 has approximately 85,800 net acres on the Fort Berthold Indian Reservation in the Williston Basin and 3,300 barrels per day of net oil production from 24 existing wells.
Williams' purchase has an effective date of Oct. 1, subject to standard closing adjustments. Williams is the new owner of Dakota-3, which will continue its existing contractual arrangement for services with the contract operator and field services provider after closing.
Currently, Dakota-3 has three rigs operating on its acreage. Williams expects to double the current level of drilling activity to six rigs by 2012, subject to permitting. Williams estimates that Dakota-3's holdings represent approximately 185 million barrels of oil equivalent in total net reserves potential in the Middle Bakken and the Upper Three Forks formations.
Williams' entry into the Bakken Shale play follows its entry into Pennsylvania's Marcellus Shale, where the company has accumulated approximately 100,000 net acres over the past year and a half.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
The Williams Companies, Inc. (WMB) recently released an operational update where it announced that it has completed a major purchase in North Dakota's Bakken oil play from private owners for $925 million cash. Williams announced the acquisition on Nov. 15.
In the transaction, Williams purchased 100 percent of the interests in Dakota-3 E&P Company LLC. Dakota-3 has approximately 85,800 net acres on the Fort Berthold Indian Reservation in the Williston Basin and 3,300 barrels per day of net oil production from 24 existing wells.
Williams' purchase has an effective date of Oct. 1, subject to standard closing adjustments. Williams is the new owner of Dakota-3, which will continue its existing contractual arrangement for services with the contract operator and field services provider after closing.
Currently, Dakota-3 has three rigs operating on its acreage. Williams expects to double the current level of drilling activity to six rigs by 2012, subject to permitting. Williams estimates that Dakota-3's holdings represent approximately 185 million barrels of oil equivalent in total net reserves potential in the Middle Bakken and the Upper Three Forks formations.
Williams' entry into the Bakken Shale play follows its entry into Pennsylvania's Marcellus Shale, where the company has accumulated approximately 100,000 net acres over the past year and a half.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Reliable Energy Ltd. (REL): Bakken formation update
By Andrea: http://oilshalegas.com
Reliable Energy Ltd. (REL) recently provided initial production results from the 5-34-11-29W1 horizontal well completed in the Bakken formation on its Kirkella property in Manitoba. Drilled from 4-27-11-29W1, the 5-34 well reached total depth on November 17th, 2010 and is comprised of a 1,200 meter horizontal lateral section that encountered excellent quality Bakken reservoir throughout. The well was completed using a multi stage frac system with a total of 15 stages being fracture stimulated. This is the first well in Reliable’s horizontal drilling program to be successfully completed in its entirety and placed on production. The well commenced production on December 3rd, 2010 and has been producing continuously since. During the clean-up phase of production, the oil cut has continuously increased to 35% while total fluid production has averaged 358 bbl/day. Over the last 24 hour period, the well has produced 125 bbls (94 bbls net) of light sweet oil. The well is expected to continue to clean up and stabilize over the next several weeks and the well has been set up as a single well battery until it can be tied into our central battery at our 14-10 site.
The Company has drilled a total of 5 (4.3 net) horizontal wells to date on its Kirkella and Elkhorn properties in Manitoba. As previously announced, the Company has experienced significant issues in accessing the equipment and services necessary to complete these wells, however the Company is working closely with the frac companies to ensure availability of services in the new year. Two wells, 5-15-11-29W1 and 6-15-11- 29W1, have been partially completed and are still awaiting the conclusion of their respective frac programs. These wells are currently on production test while awaiting frac equipment. The first well, 6-15, has had eight of twenty planned fracs completed and has been on production since November 9. In December, the well has produced an average of 75 BOPD (net). The company expects the final results of the 6-15 well to be similar to the 5-34 well. The 5-15 well has just been placed on production and is currently in the initial clean-up phase of production. Further results of these production tests on the 5-15 and 6-15 wells will be released upon the completion of the frac programs. Reliable has 2 (1.5 net) wells currently awaiting commencement of their frac programs. These wells, the 6-34-11-29W1 and the 10-8-11-28W1 horizontals at Kirkella and Elkhorn respectively, are not expected to be completed and on production until January 2011.
Corporate production is currently at 600 bbls of oil per day. Based on results of the 5-34 well, management believes that there is a further minimum of 300 bbls of oil per day (net) behind pipe and awaiting completion. Reliable does not expect to have any more wells frac’d and completed prior to year end due to lack of equipment and services and, accordingly, has revised downwards its year end exit rate to 600 bbls of oil per day. Murray Swanson, President and CEO stated that ”while we are disappointed that we have been unable to complete all five horizontal wells drilled this year because of equipment availability, we are extremely encouraged by the results from the 5-34 well, which has exceeded initial expectations. Furthermore, the test results from the 5-15 and 6-15 wells indicate that once they have been completed in their entirety that we will achieve our planned production levels for these respective wells.”
Reliable has identified 142 prospective horizontal drilling locations in the Kirkella area in the Bakken and is continuing to add to this total through ongoing exploration.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Reliable Energy Ltd. (REL) recently provided initial production results from the 5-34-11-29W1 horizontal well completed in the Bakken formation on its Kirkella property in Manitoba. Drilled from 4-27-11-29W1, the 5-34 well reached total depth on November 17th, 2010 and is comprised of a 1,200 meter horizontal lateral section that encountered excellent quality Bakken reservoir throughout. The well was completed using a multi stage frac system with a total of 15 stages being fracture stimulated. This is the first well in Reliable’s horizontal drilling program to be successfully completed in its entirety and placed on production. The well commenced production on December 3rd, 2010 and has been producing continuously since. During the clean-up phase of production, the oil cut has continuously increased to 35% while total fluid production has averaged 358 bbl/day. Over the last 24 hour period, the well has produced 125 bbls (94 bbls net) of light sweet oil. The well is expected to continue to clean up and stabilize over the next several weeks and the well has been set up as a single well battery until it can be tied into our central battery at our 14-10 site.
The Company has drilled a total of 5 (4.3 net) horizontal wells to date on its Kirkella and Elkhorn properties in Manitoba. As previously announced, the Company has experienced significant issues in accessing the equipment and services necessary to complete these wells, however the Company is working closely with the frac companies to ensure availability of services in the new year. Two wells, 5-15-11-29W1 and 6-15-11- 29W1, have been partially completed and are still awaiting the conclusion of their respective frac programs. These wells are currently on production test while awaiting frac equipment. The first well, 6-15, has had eight of twenty planned fracs completed and has been on production since November 9. In December, the well has produced an average of 75 BOPD (net). The company expects the final results of the 6-15 well to be similar to the 5-34 well. The 5-15 well has just been placed on production and is currently in the initial clean-up phase of production. Further results of these production tests on the 5-15 and 6-15 wells will be released upon the completion of the frac programs. Reliable has 2 (1.5 net) wells currently awaiting commencement of their frac programs. These wells, the 6-34-11-29W1 and the 10-8-11-28W1 horizontals at Kirkella and Elkhorn respectively, are not expected to be completed and on production until January 2011.
Corporate production is currently at 600 bbls of oil per day. Based on results of the 5-34 well, management believes that there is a further minimum of 300 bbls of oil per day (net) behind pipe and awaiting completion. Reliable does not expect to have any more wells frac’d and completed prior to year end due to lack of equipment and services and, accordingly, has revised downwards its year end exit rate to 600 bbls of oil per day. Murray Swanson, President and CEO stated that ”while we are disappointed that we have been unable to complete all five horizontal wells drilled this year because of equipment availability, we are extremely encouraged by the results from the 5-34 well, which has exceeded initial expectations. Furthermore, the test results from the 5-15 and 6-15 wells indicate that once they have been completed in their entirety that we will achieve our planned production levels for these respective wells.”
Reliable has identified 142 prospective horizontal drilling locations in the Kirkella area in the Bakken and is continuing to add to this total through ongoing exploration.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
SandRidge Energy, Inc. (SD): Permian Basin Update
By Andrea: http://oilshalegas.com
SandRidge Energy, Inc. (SD) recently announced that it has sold its Bone Spring asset package for $110 million, approximately $2,750 per acre. At closing, SandRidge received cash proceeds of $88 million. An additional $22 million was placed in escrow to be released to SandRidge in the first quarter of 2011, subject to satisfaction of customary post-closing conditions. The Bone Spring package includes approximately 40,000 net acres in the Permian Basin with development potential in the Avalon Shale and Bone Spring reservoirs. There is no production or proved reserves associated with these assets, and SandRidge will retain all rights above and below the Avalon Shale and Bone Spring formations. Proceeds from this transaction will be used to fund a portion of SandRidge’s planned capital expenditures in 2011.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
SandRidge Energy, Inc. (SD) recently announced that it has sold its Bone Spring asset package for $110 million, approximately $2,750 per acre. At closing, SandRidge received cash proceeds of $88 million. An additional $22 million was placed in escrow to be released to SandRidge in the first quarter of 2011, subject to satisfaction of customary post-closing conditions. The Bone Spring package includes approximately 40,000 net acres in the Permian Basin with development potential in the Avalon Shale and Bone Spring reservoirs. There is no production or proved reserves associated with these assets, and SandRidge will retain all rights above and below the Avalon Shale and Bone Spring formations. Proceeds from this transaction will be used to fund a portion of SandRidge’s planned capital expenditures in 2011.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Colorado County, TX: Austin Chalk Update
By Andrea: http://oilshalegas.com
Burleson Energy Limited (BUR) recently announced that they will complete the D.Truchard #1 well for production following electric logging. D.Truchard #1 is an appraisal well part of the Austin Chalk formation located in the Heintschel field in Colorado County, Texas. Evaluation of the well is continuing, however, the early logs indicated that hydrocarbons are present in over 300 feet (~90 metres) of the target Prairie Bell Wilcox sands and that there are several zones of interest above and below the Prairie Bell.
Further evaluation is required to confirm the early results but based on the initial log interpretation there are no gas/water contacts evident throughout the major reservoir sand package. Also, analysis suggests that the sands encountered in D.Truchard #1 are at a higher stratigraphic level than the Heintschel #1 well and also structurally higher than the pre drill prognosis. These are all positive indications for the performance of the well.
The D.Truchard #1 well is located ~3km from the Heintschel # 1 gas condensate discovery made earlier in 2010. D.Truchard #1was drilled to a total depth of 12,000 feet (3658m) and gas shows were recorded while drilling the lower part of the hole.
Evaluation of the well continues, following which it will be cased and cemented and will then await completion, fracture stimulation (fraccing) and flow testing.
Fraccing contractors have been booked for the last week in January to complete the
fraccing of both this well and the upcoming Heintschel #2 well.
After production casing has been set, the drilling rig will move directly from the D.Truchard #1 drilling location to the Heintschel #2 drill site. The Heintschel #2 well is the second well in the program and has been designed as an immediate offset well to Heintschel #1.
Burleson Energy Managing Director, Michael Sandy said “While it is still early days the initial results for D.Truchard #1 are very encouraging”.
”The pre drill plan for the well had dual aims, firstly to appraise the overall Heintschel structure as a step towards confirming mid to high case gas and condensate volumes (see our latest presentation), and secondly to provide another source of additional production and cash flow for BUR and partners. Currently the Brasher #1 and Heintschel #1 wells are on production and the Joann #1 well is to be brought on production in the near future.
“A successful flow test following fraccing in late January will indicate that these aims have been achieved.
“The rig will now be moved to drill Heintschel #2 which also has dual aims – to be in a position to be able book proven and probable reserves for the area of the two Heintschel wells, and to provide yet another source of production and cash flow for Burleson Energy.”
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Burleson Energy Limited (BUR) recently announced that they will complete the D.Truchard #1 well for production following electric logging. D.Truchard #1 is an appraisal well part of the Austin Chalk formation located in the Heintschel field in Colorado County, Texas. Evaluation of the well is continuing, however, the early logs indicated that hydrocarbons are present in over 300 feet (~90 metres) of the target Prairie Bell Wilcox sands and that there are several zones of interest above and below the Prairie Bell.
Further evaluation is required to confirm the early results but based on the initial log interpretation there are no gas/water contacts evident throughout the major reservoir sand package. Also, analysis suggests that the sands encountered in D.Truchard #1 are at a higher stratigraphic level than the Heintschel #1 well and also structurally higher than the pre drill prognosis. These are all positive indications for the performance of the well.
The D.Truchard #1 well is located ~3km from the Heintschel # 1 gas condensate discovery made earlier in 2010. D.Truchard #1was drilled to a total depth of 12,000 feet (3658m) and gas shows were recorded while drilling the lower part of the hole.
Evaluation of the well continues, following which it will be cased and cemented and will then await completion, fracture stimulation (fraccing) and flow testing.
Fraccing contractors have been booked for the last week in January to complete the
fraccing of both this well and the upcoming Heintschel #2 well.
After production casing has been set, the drilling rig will move directly from the D.Truchard #1 drilling location to the Heintschel #2 drill site. The Heintschel #2 well is the second well in the program and has been designed as an immediate offset well to Heintschel #1.
Burleson Energy Managing Director, Michael Sandy said “While it is still early days the initial results for D.Truchard #1 are very encouraging”.
”The pre drill plan for the well had dual aims, firstly to appraise the overall Heintschel structure as a step towards confirming mid to high case gas and condensate volumes (see our latest presentation), and secondly to provide another source of additional production and cash flow for BUR and partners. Currently the Brasher #1 and Heintschel #1 wells are on production and the Joann #1 well is to be brought on production in the near future.
“A successful flow test following fraccing in late January will indicate that these aims have been achieved.
“The rig will now be moved to drill Heintschel #2 which also has dual aims – to be in a position to be able book proven and probable reserves for the area of the two Heintschel wells, and to provide yet another source of production and cash flow for Burleson Energy.”
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Avoyelles Parish, LA: Austin Chalk Formation Update
By Andrea: http://oilshalegas.com
Pryme Oil and Gas Limited released an operational update announcing the delay of acidizing of Deshotels 20-H No. 1 well located in the Austin Chalk Formation of Avoyelles Parish, LA.
As a result of a pre-Christmas increase in the demand for oil field services, the contractor which has been engaged to acidize the perforated intervals in the horizontal leg of the Deshotels 20-H No.1 has been unable to attend to the job as scheduled. It is now expected that the acidizing will be carried out after Christmas. Flow testing of the well will follow the acidizing.
As discussed in previous announcements, it is expected that the Deshotels 20-H No.1 well will primarily produce oil. However, it is also expected that commercial quantities of natural gas will be produced. Trenching and laying of the flow line from the well to the natural gas sales line, a distance of approximately 4 miles, is underway.
Pryme has a 40% working interest (30% net revenue interest (NRI)) in this well.
The Deshotels 20-H No.1 well, in Pryme's Turner Bayou Chalk project in the North Bayou Jack Field, is the first deep well to be drilled within the Turner Bayou 3D seismic survey. The well has been drilled to a depth of 16,400 feet (5,000 metres) vertically with a 3,755 feet (1,144 metre) horizontal leg through the Austin Chalk formation which is predominantly oil bearing in this region. The well location was confirmed using high resolution 3D seismic data from a survey carried out in 2007 and data from surrounding well bores.
Turner Bayou is one of Pryme's high value projects. It is located in Avoyelles Parish, Louisiana. Pryme has a 40% interest in the Turner Bayou Chalk project area, which is contained within the Turner Bayou 3D seismic survey, and a 52% interest in the balance of Turner Bayou. The Turner Bayou project comprises approximately 80 square miles (50,000 acres) which have been imaged by a proprietary 3D seismic survey. Primary targets are contained within six prospective formations ranging in depth from the Frio formation at 3,000 feet, to the Tuscaloosa formation at 18,000 feet.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Pryme Oil and Gas Limited released an operational update announcing the delay of acidizing of Deshotels 20-H No. 1 well located in the Austin Chalk Formation of Avoyelles Parish, LA.
As a result of a pre-Christmas increase in the demand for oil field services, the contractor which has been engaged to acidize the perforated intervals in the horizontal leg of the Deshotels 20-H No.1 has been unable to attend to the job as scheduled. It is now expected that the acidizing will be carried out after Christmas. Flow testing of the well will follow the acidizing.
As discussed in previous announcements, it is expected that the Deshotels 20-H No.1 well will primarily produce oil. However, it is also expected that commercial quantities of natural gas will be produced. Trenching and laying of the flow line from the well to the natural gas sales line, a distance of approximately 4 miles, is underway.
Pryme has a 40% working interest (30% net revenue interest (NRI)) in this well.
The Deshotels 20-H No.1 well, in Pryme's Turner Bayou Chalk project in the North Bayou Jack Field, is the first deep well to be drilled within the Turner Bayou 3D seismic survey. The well has been drilled to a depth of 16,400 feet (5,000 metres) vertically with a 3,755 feet (1,144 metre) horizontal leg through the Austin Chalk formation which is predominantly oil bearing in this region. The well location was confirmed using high resolution 3D seismic data from a survey carried out in 2007 and data from surrounding well bores.
Turner Bayou is one of Pryme's high value projects. It is located in Avoyelles Parish, Louisiana. Pryme has a 40% interest in the Turner Bayou Chalk project area, which is contained within the Turner Bayou 3D seismic survey, and a 52% interest in the balance of Turner Bayou. The Turner Bayou project comprises approximately 80 square miles (50,000 acres) which have been imaged by a proprietary 3D seismic survey. Primary targets are contained within six prospective formations ranging in depth from the Frio formation at 3,000 feet, to the Tuscaloosa formation at 18,000 feet.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Linn Energy (LINE): Antrim Shale Update
By Andrea: http://oilshalegas.com
During the fourth quarter of 2010, Linn Energy LLC (LINE) announced that they closed a bolt-on acquisition of Antrim Shale properties in Michigan and expects to close a bolt-on acquisition of Permian Basin properties by the end of the year. The combined contract price of both acquisitions totals approximately $90 million.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
During the fourth quarter of 2010, Linn Energy LLC (LINE) announced that they closed a bolt-on acquisition of Antrim Shale properties in Michigan and expects to close a bolt-on acquisition of Permian Basin properties by the end of the year. The combined contract price of both acquisitions totals approximately $90 million.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Thursday, December 23, 2010
Tyler County, WV: Marcellus Shale Update
By Andrea: http://oilshalegas.com
Magnum Hunter Resources Corp. (MHR) recently announced the completion of its first well drilled in the Marcellus Shale, located in Tyler County, West Virginia. The well is the Weese Hunter #1001.
Alpha Hunter Drilling, a wholly owned subsidiary of Magnum Hunter, spud the Weese Hunter #1001 in late July 2010 and reached vertical total depth of approximately 6,510 feet in mid August 2010. A third party drilling rig commenced the horizontal leg in mid September 2010 and reached a horizontal length of approximately 4,028 feet. Total measured depth for the Weese Hunter #1001 is approximately 10,388 feet. A twelve stage frac job was successfully completed in December. The Weese Hunter #1001 well recently tested at an initial production rate ("IP") of 7.0 MMcfe per day with flowing tubing pressures of 2350 psi on a 22/64 inch choke. The British Thermal Unit ("BTU") content of the well was measured at approximately 1,225. The Weese Hunter #1001 began producing yesterday into the recently completed Eureka Hunter pipeline system. The currently estimated economic ultimate recovery ("EUR") for the Weese Hunter #1001 is estimated by the Company's in-house reservoir engineers to be approximately 4 Bcfe. Magnum Hunter's wholly-owned subsidiary, Triad Hunter, LLC, is the operator of this well and owns a 100% working interest with a 84.3% net revenue interest.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Magnum Hunter Resources Corp. (MHR) recently announced the completion of its first well drilled in the Marcellus Shale, located in Tyler County, West Virginia. The well is the Weese Hunter #1001.
Alpha Hunter Drilling, a wholly owned subsidiary of Magnum Hunter, spud the Weese Hunter #1001 in late July 2010 and reached vertical total depth of approximately 6,510 feet in mid August 2010. A third party drilling rig commenced the horizontal leg in mid September 2010 and reached a horizontal length of approximately 4,028 feet. Total measured depth for the Weese Hunter #1001 is approximately 10,388 feet. A twelve stage frac job was successfully completed in December. The Weese Hunter #1001 well recently tested at an initial production rate ("IP") of 7.0 MMcfe per day with flowing tubing pressures of 2350 psi on a 22/64 inch choke. The British Thermal Unit ("BTU") content of the well was measured at approximately 1,225. The Weese Hunter #1001 began producing yesterday into the recently completed Eureka Hunter pipeline system. The currently estimated economic ultimate recovery ("EUR") for the Weese Hunter #1001 is estimated by the Company's in-house reservoir engineers to be approximately 4 Bcfe. Magnum Hunter's wholly-owned subsidiary, Triad Hunter, LLC, is the operator of this well and owns a 100% working interest with a 84.3% net revenue interest.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Susquehanna County, PA: Marcellus Shale Update
By Andrea: http://oilshalegas.com
Williams Partners L.P. (WPZ) announced that it has completed the acquisition of Cabot Oil & Gas Corporation's (COG) midstream assets in the Marcellus Shale located Susquehanna County, Pa., for $150 million.
The assets include approximately 75 miles of gathering pipelines and two compressor stations that are currently gathering approximately 230-240 million cubic feet per day (MMcf/d) of Cabot's natural gas production.
The partnership has also agreed to a new long-term dedicated gathering agreement with Cabot for its production in the northeast Pennsylvania area of the Marcellus Shale. The 25-year agreement covers an area of mutual interest that currently includes approximately 138,000 net acres.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Williams Partners L.P. (WPZ) announced that it has completed the acquisition of Cabot Oil & Gas Corporation's (COG) midstream assets in the Marcellus Shale located Susquehanna County, Pa., for $150 million.
The assets include approximately 75 miles of gathering pipelines and two compressor stations that are currently gathering approximately 230-240 million cubic feet per day (MMcf/d) of Cabot's natural gas production.
The partnership has also agreed to a new long-term dedicated gathering agreement with Cabot for its production in the northeast Pennsylvania area of the Marcellus Shale. The 25-year agreement covers an area of mutual interest that currently includes approximately 138,000 net acres.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Petrohawk Energy Corp. (HK): Fayettevill Shale Update
By Andrea: http://oilshalegas.com
Petrohawk Energy Corp. (HK) recently released an operational update on the Fayetteville Shale located in Cleburne and Van Buren County, Arkansas. Petrohawk has completed the sale of it's Fayetteville natural gas assets to XTO Energy Inc., for $575 million. The sale has an effective date of October 1, 2010.
In addition, the Company has entered into a definitive agreement with XTO Energy to sell its midstream assets in the Fayetteville Shale for $75 million. The portion of the transaction involving the midstream assets is expected to close in early 2011 and is subject to regulatory approval and customary closing conditions.
As of December 31, 2009, Petrohawk had estimated proved reserves in the Fayetteville Shale of approximately 299 billion cubic feet of natural gas (Bcf). Current production is approximately 98 million cubic feet of natural gas equivalent per day (Mmcfe/d).
Bank of America Merrill Lynch acted as marketing and financial advisor to Petrohawk in connection with both transactions.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Petrohawk Energy Corp. (HK) recently released an operational update on the Fayetteville Shale located in Cleburne and Van Buren County, Arkansas. Petrohawk has completed the sale of it's Fayetteville natural gas assets to XTO Energy Inc., for $575 million. The sale has an effective date of October 1, 2010.
In addition, the Company has entered into a definitive agreement with XTO Energy to sell its midstream assets in the Fayetteville Shale for $75 million. The portion of the transaction involving the midstream assets is expected to close in early 2011 and is subject to regulatory approval and customary closing conditions.
As of December 31, 2009, Petrohawk had estimated proved reserves in the Fayetteville Shale of approximately 299 billion cubic feet of natural gas (Bcf). Current production is approximately 98 million cubic feet of natural gas equivalent per day (Mmcfe/d).
Bank of America Merrill Lynch acted as marketing and financial advisor to Petrohawk in connection with both transactions.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Wednesday, December 22, 2010
Webb County, TX: Eagle Ford Shale Update
By Andrea: http://oilshalegas.com
Regency Energy Partners (RGNC) recently announced a series of expansion projects along its rich gas gathering system in south Texas to meet increasing producer demand in the Eagle Ford Shale. Upon completion, these projects will provide an incremental 200 MMcf/d of capacity for the south Texas gathering system, allowing Regency to provide its customers with more robust gathering services.
"Regency's rich gas volumes in the south Texas region continue to ramp up and we have been aggressive in our plans to offer increased midstream services in the Eagle Ford Shale," said Mike Bradley, president and chief executive officer of Regency:
"Our current expansion projects position Regency for additional growth opportunities and will improve the operational efficiencies of our south Texas gathering system in this prolific shale play."
The expansions include:
The capital expenditures related to these expansions are already included in Regency's previously disclosed 2010 organic growth capital budget of $259 million and will be funded under its revolving credit facility. The expansion projects are scheduled to be completed in May 2011.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Regency Energy Partners (RGNC) recently announced a series of expansion projects along its rich gas gathering system in south Texas to meet increasing producer demand in the Eagle Ford Shale. Upon completion, these projects will provide an incremental 200 MMcf/d of capacity for the south Texas gathering system, allowing Regency to provide its customers with more robust gathering services.
"Regency's rich gas volumes in the south Texas region continue to ramp up and we have been aggressive in our plans to offer increased midstream services in the Eagle Ford Shale," said Mike Bradley, president and chief executive officer of Regency:
"Our current expansion projects position Regency for additional growth opportunities and will improve the operational efficiencies of our south Texas gathering system in this prolific shale play."
The expansions include:
- The construction of a 45-mile pipeline to loop a portion of the existing south Texas gathering system from western Webb County, Texas, to new facilities near I-35;
- The installation of 20,000 horsepower of compression;
- The installation of an additional 200 MMcf/d of dehydration capacity; and
- An additional 1,500 Bbl/d of stabilizer capacity.
The capital expenditures related to these expansions are already included in Regency's previously disclosed 2010 organic growth capital budget of $259 million and will be funded under its revolving credit facility. The expansion projects are scheduled to be completed in May 2011.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Comstock Resources (CRK): Eagle Ford, Bossier and Haynesville Shale Update
By Andrea: http://oilshalegas.com
Comstock Resources, Inc. (CRK) recently released announced that it plans to spend approximately $522.0 million in 2011 for development and exploration activities. The 2011 drilling program will focus on the continued development and delineation of its Haynesville shale and Bossier shale properties in North Louisiana and its Eagle Ford shale properties in South Texas. Comstock is currently utilizing six operated drilling rigs for its drilling activity. Five of the rigs are currently drilling Haynesville or Bossier shale wells and one is currently drilling the Company's fourth Eagle Ford shale well. Comstock plans to release one of these rigs during the first quarter of 2011 and plans on moving one of the Haynesville shale rigs to the Eagle Ford by the middle of 2011.
The 2011 budget includes $110.2 million for completion costs for 25 (21.6 net) Haynesville or Bossier shale wells that were drilled in 2010 but will be carried into 2011 for completion by the Company's dedicated frac crew which will be under contract for 2011. In addition to completing the 25 wells drilled in 2010, Comstock has budgeted to drill 67 (49.5 net) wells in 2011. All of the wells will be horizontal wells. Comstock has budgeted to drill 45 (27.5 net) Hayneville or Bossier shale wells in North Louisiana. The remaining twenty-two (22.0 net) wells will be drilled to develop the Company's Eagle Ford shale leases which were acquired this year.
Taking into account the planned 2011 drilling and completion activity, Comstock expects production in 2011 to approximate 85 to 90 Bcfe, a substantial increase over production in 2010. The 2011 drilling program is also expected to provide another year of strong reserve growth in 2011. The Eagle Ford drilling program will focus on the oil and condensate portion of the Eagle Ford shale play which will allow the Company to grow its oil, condensate and natural gas liquids production in 2011.
Comstock has a substantial amount of flexibility in implementing its drilling program in 2011. During the first half of 2011, the Company can release two of its drilling rigs without penalty in addition to the one that the Company plans to release in the first quarter. Comstock can also move additional drilling rigs from its Haynesville shale program to its Eagle Ford shale program. This flexibility allows the Company to reduce its capital expenditures in response to weaker natural gas prices or reallocate its budget toward oil or liquids rich projects in response to continued strong oil prices in relation to natural gas prices.
The Company's early results in the Eagle Ford shale have been encouraging. Additional results from the recently drilled wells and future drilling will govern the timing of deploying additional drilling rigs to Comstock's South Texas operations.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Comstock Resources, Inc. (CRK) recently released announced that it plans to spend approximately $522.0 million in 2011 for development and exploration activities. The 2011 drilling program will focus on the continued development and delineation of its Haynesville shale and Bossier shale properties in North Louisiana and its Eagle Ford shale properties in South Texas. Comstock is currently utilizing six operated drilling rigs for its drilling activity. Five of the rigs are currently drilling Haynesville or Bossier shale wells and one is currently drilling the Company's fourth Eagle Ford shale well. Comstock plans to release one of these rigs during the first quarter of 2011 and plans on moving one of the Haynesville shale rigs to the Eagle Ford by the middle of 2011.
The 2011 budget includes $110.2 million for completion costs for 25 (21.6 net) Haynesville or Bossier shale wells that were drilled in 2010 but will be carried into 2011 for completion by the Company's dedicated frac crew which will be under contract for 2011. In addition to completing the 25 wells drilled in 2010, Comstock has budgeted to drill 67 (49.5 net) wells in 2011. All of the wells will be horizontal wells. Comstock has budgeted to drill 45 (27.5 net) Hayneville or Bossier shale wells in North Louisiana. The remaining twenty-two (22.0 net) wells will be drilled to develop the Company's Eagle Ford shale leases which were acquired this year.
Taking into account the planned 2011 drilling and completion activity, Comstock expects production in 2011 to approximate 85 to 90 Bcfe, a substantial increase over production in 2010. The 2011 drilling program is also expected to provide another year of strong reserve growth in 2011. The Eagle Ford drilling program will focus on the oil and condensate portion of the Eagle Ford shale play which will allow the Company to grow its oil, condensate and natural gas liquids production in 2011.
Comstock has a substantial amount of flexibility in implementing its drilling program in 2011. During the first half of 2011, the Company can release two of its drilling rigs without penalty in addition to the one that the Company plans to release in the first quarter. Comstock can also move additional drilling rigs from its Haynesville shale program to its Eagle Ford shale program. This flexibility allows the Company to reduce its capital expenditures in response to weaker natural gas prices or reallocate its budget toward oil or liquids rich projects in response to continued strong oil prices in relation to natural gas prices.
The Company's early results in the Eagle Ford shale have been encouraging. Additional results from the recently drilled wells and future drilling will govern the timing of deploying additional drilling rigs to Comstock's South Texas operations.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Karnes County, Texas: Eagle Ford Pipeline
By Andrea: http://oilshalegas.com
Koch Pipeline Company, L.P. recently announced that they will create the capacity to move an additional 120,000 barrels per day of Eagle Ford crude in late 2012. Koch Pipeline today received final shareholder approval to build a new pipeline into Karnes County, Texas.
“This will be our most extensive project to date to connect Eagle Ford producers with refineries in Corpus Christi,” said Kim Penner, president of Koch Pipeline. “It not only allows us to ship more crude oil to Corpus Christi refiners and to the Flint Hills Resources waterborne terminal at Ingleside, but it also improves our efficiency and reliability as this project includes new tanks and a new truck station.”
The new 16-inch line will have future expansion capability of more than 200,000 barrels per day and include direct pipeline connections to producer tank batteries in Karnes and DeWitt counties. A new station, likely near Helena, will connect into Koch Pipeline’s existing crude system in Pettus and Refugio.
Brad Urban, senior vice president of supply for Koch Pipeline’s affiliate Flint Hills Resources, said:
“This project fits well with our plan to process a large volume of South Texas crude oil and condensate at our Corpus Christi refinery as well as move a large volume of those products via the water. We continue to evaluate projects to enhance our Corpus Christi refinery processing capability and believe the majority of what we will refine in the future will be South Texas domestic crude oil and condensate.”
By the end of 2011, Koch Pipeline will have added 10 to 15 new employees and completed several other projects that add more than 140,000 barrels per day of new pipeline capacity in South Texas. The company is the largest transporter of South Texas crude oil. Engineering for the new pipeline to connect Eagle Ford producers to Corpus Christi, Texas, has begun. Construction, which will require numerous contractors, is expected once project permits are received.
“We are evaluating several other major pipeline projects in South Texas in addition to this one, including a project to connect producers in Western counties such as Dimmit and LaSalle,” Penner said. “We are working with producers and our affiliate Flint Hills Resources to ensure producers have transportation to markets for the rapid
growth of crude oil production projected in South Texas.”
Koch Pipeline currently is building a line to expand delivery capability to Flint Hills Resources’ Ingleside waterborne terminal. In addition, Koch Pipeline leased 30,000 barrels of capafrom Pettus to Corpus Christi. In August, in conjunction with Arrowhead Pipeline, L.P., Koch Pipeline announced an agreement and joint tariff to add 50,000 barrels per day of crude and condensate capacity during 2011 from the
western counties of the Eagle Ford trend. Koch Pipeline operates about 540 miles of active crude oil transportation lines in Texas. The company also has ongoing relations with other crude distribution systems that further its ability to provide services in this growing production area.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Koch Pipeline Company, L.P. recently announced that they will create the capacity to move an additional 120,000 barrels per day of Eagle Ford crude in late 2012. Koch Pipeline today received final shareholder approval to build a new pipeline into Karnes County, Texas.
“This will be our most extensive project to date to connect Eagle Ford producers with refineries in Corpus Christi,” said Kim Penner, president of Koch Pipeline. “It not only allows us to ship more crude oil to Corpus Christi refiners and to the Flint Hills Resources waterborne terminal at Ingleside, but it also improves our efficiency and reliability as this project includes new tanks and a new truck station.”
The new 16-inch line will have future expansion capability of more than 200,000 barrels per day and include direct pipeline connections to producer tank batteries in Karnes and DeWitt counties. A new station, likely near Helena, will connect into Koch Pipeline’s existing crude system in Pettus and Refugio.
Brad Urban, senior vice president of supply for Koch Pipeline’s affiliate Flint Hills Resources, said:
“This project fits well with our plan to process a large volume of South Texas crude oil and condensate at our Corpus Christi refinery as well as move a large volume of those products via the water. We continue to evaluate projects to enhance our Corpus Christi refinery processing capability and believe the majority of what we will refine in the future will be South Texas domestic crude oil and condensate.”
By the end of 2011, Koch Pipeline will have added 10 to 15 new employees and completed several other projects that add more than 140,000 barrels per day of new pipeline capacity in South Texas. The company is the largest transporter of South Texas crude oil. Engineering for the new pipeline to connect Eagle Ford producers to Corpus Christi, Texas, has begun. Construction, which will require numerous contractors, is expected once project permits are received.
“We are evaluating several other major pipeline projects in South Texas in addition to this one, including a project to connect producers in Western counties such as Dimmit and LaSalle,” Penner said. “We are working with producers and our affiliate Flint Hills Resources to ensure producers have transportation to markets for the rapid
growth of crude oil production projected in South Texas.”
Koch Pipeline currently is building a line to expand delivery capability to Flint Hills Resources’ Ingleside waterborne terminal. In addition, Koch Pipeline leased 30,000 barrels of capafrom Pettus to Corpus Christi. In August, in conjunction with Arrowhead Pipeline, L.P., Koch Pipeline announced an agreement and joint tariff to add 50,000 barrels per day of crude and condensate capacity during 2011 from the
western counties of the Eagle Ford trend. Koch Pipeline operates about 540 miles of active crude oil transportation lines in Texas. The company also has ongoing relations with other crude distribution systems that further its ability to provide services in this growing production area.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Texon Petro Ltd. (TEXOF.PK): Eagle Ford Shale Update
By Andrea: http://oilshalegas.com
Texon Petro Ltd. (TEXOF.PK) recently announced that it has finished drilling and casing its second Eagle Ford well (Teal EFS #1H). Strong oil and gas shows were observed throughout the 4,500ft of horizontal drilling within the Eagle Ford reservoir similar to the oil and gas shows in the first Eagle Ford well that has just been tested. Production casing has been run in preparation for the fracture stimulation
which has been contracted and is expected to begin in March. After this work has been
completed, the well will be production tested.
Log analysis indicates that the reservoir characteristics (porosity, permeability and oil and gas content) in the Eagle Ford in this second well (Teal EFS #1H) are similar to the reservoir properties of the Eagle Ford in recently tested Tyler Ranch EFS #1H located 5 km to the Northeast and which flowed 1,200 bopd.
There are now three wells which have flowed substantial quantities of oil from the Eagle Ford in and around Texon’s Leighton, Mosman, Rockingham and Sutton leases (“LMRS”). These wells are shown on the map i.e. Texon’s first Eagle Ford well which flowed 1,200 bopd and two Swift wells which flowed respectively 1,134 bopd and 775 bopd. These results indicate that the Eagle Ford in Texon’s LMRS leases is in a liquids rich area.
Texon has a 100% Working Interest (75% net revenue interest) in the Teal EFS #1H well.
Texon has an overall 92% Working Interest in approximately 5,000 gross acres in the LMRS leases which surround or are nearby to Texon’s first Eagle Ford well. The Eagle Ford reservoir is expected to be present throughout these leases.
Texon’s nett Eagle Ford acreage holding is 4,550 acres which could represent a resource potential of some 30-34 mmboe as to the Company’s working interest or 23–26 mmboe as to Texon’s net revenue interest in these leases.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Texon Petro Ltd. (TEXOF.PK) recently announced that it has finished drilling and casing its second Eagle Ford well (Teal EFS #1H). Strong oil and gas shows were observed throughout the 4,500ft of horizontal drilling within the Eagle Ford reservoir similar to the oil and gas shows in the first Eagle Ford well that has just been tested. Production casing has been run in preparation for the fracture stimulation
which has been contracted and is expected to begin in March. After this work has been
completed, the well will be production tested.
Log analysis indicates that the reservoir characteristics (porosity, permeability and oil and gas content) in the Eagle Ford in this second well (Teal EFS #1H) are similar to the reservoir properties of the Eagle Ford in recently tested Tyler Ranch EFS #1H located 5 km to the Northeast and which flowed 1,200 bopd.
There are now three wells which have flowed substantial quantities of oil from the Eagle Ford in and around Texon’s Leighton, Mosman, Rockingham and Sutton leases (“LMRS”). These wells are shown on the map i.e. Texon’s first Eagle Ford well which flowed 1,200 bopd and two Swift wells which flowed respectively 1,134 bopd and 775 bopd. These results indicate that the Eagle Ford in Texon’s LMRS leases is in a liquids rich area.
Texon has a 100% Working Interest (75% net revenue interest) in the Teal EFS #1H well.
Texon has an overall 92% Working Interest in approximately 5,000 gross acres in the LMRS leases which surround or are nearby to Texon’s first Eagle Ford well. The Eagle Ford reservoir is expected to be present throughout these leases.
Texon’s nett Eagle Ford acreage holding is 4,550 acres which could represent a resource potential of some 30-34 mmboe as to the Company’s working interest or 23–26 mmboe as to Texon’s net revenue interest in these leases.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Enterprise Product Partners (EPD) and Chesapeake Energy Corp (CHK): Eagle Ford Shale Update
By Andrea: http://oilshalegas.com
Enterprise Products Partners L.P. (EPD) recently announced that they recently entered into a 10-year agreement with Chesapeake Energy Corp. (CHK) to handle a large portion of their natural gas production in the Eagle Ford Shale:
Chesapeake's gross acreage position currently comprises more than 625,000 acres in and around the oil and natural gas liquids - rich areas of the Eagle Ford Shale across Dimmit, LaSalle, McMullen, Webb, and Zavala counties located in South Texas. The agreements provide Chesapeake with a comprehensive package of midstream natural gas and NGL services, including firm commitments for gas transportation, processing, and NGL transportation and fractionation services.
"We are extremely pleased with our new agreements with Chesapeake, which represent one of the largest single producer commitments to date for Enterprise in the Eagle Ford Shale," said Michael A. Creel, Enterprise's president and chief executive officer. "The deal with Chesapeake marks the fifth major midstream transaction Enterprise has executed with Eagle Ford Shale producers in the past year, reflecting the strategic importance of our integrated and expanding assets serving the various demands of producers in the prolific region."
Enterprise has previously announced long-term commitments with Petrohawk, EOG, Anadarko and Pioneer.
Chesapeake's NGL-rich natural gas will initially be gathered and compressed by Chesapeake affiliate, Chesapeake Midstream Development, LLC, for delivery to a central location. Enterprise will then transport and process the NGL-rich gas at its existing facilities while a previously announced natural gas processing plant that is currently under development in Texas is completed. This cryogenic processing facility, expected to be completed early in 2012, is designed for an initial capacity of 600 million cubic feet per day (MMcf/d) and with an initial capability to extract as many as 75,000 barrels per day (BPD) of NGLs.
The NGL production from Chesapeake's gas will ultimately be transported on Enterprise's previously announced 127-mile NGL pipeline that will extend from the new gas processing plant to Enterprise's NGL fractionation complex in Mont Belvieu, Texas. This new NGL pipeline, also scheduled for completion in early 2012, is expected to have an initial capacity of more than 85,000 BPD and would be readily expandable to over 120,000 BPD.
Activity in the Eagle Ford Shale continues to increase as approximately 115 rigs working in the play have drilled more than 330 wells completed to date. Total current production from the play is estimated at approximately 425 MMcf/d of natural gas and 35,000 BPD of crude oil and condensate.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Enterprise Products Partners L.P. (EPD) recently announced that they recently entered into a 10-year agreement with Chesapeake Energy Corp. (CHK) to handle a large portion of their natural gas production in the Eagle Ford Shale:
Chesapeake's gross acreage position currently comprises more than 625,000 acres in and around the oil and natural gas liquids - rich areas of the Eagle Ford Shale across Dimmit, LaSalle, McMullen, Webb, and Zavala counties located in South Texas. The agreements provide Chesapeake with a comprehensive package of midstream natural gas and NGL services, including firm commitments for gas transportation, processing, and NGL transportation and fractionation services.
"We are extremely pleased with our new agreements with Chesapeake, which represent one of the largest single producer commitments to date for Enterprise in the Eagle Ford Shale," said Michael A. Creel, Enterprise's president and chief executive officer. "The deal with Chesapeake marks the fifth major midstream transaction Enterprise has executed with Eagle Ford Shale producers in the past year, reflecting the strategic importance of our integrated and expanding assets serving the various demands of producers in the prolific region."
Enterprise has previously announced long-term commitments with Petrohawk, EOG, Anadarko and Pioneer.
Chesapeake's NGL-rich natural gas will initially be gathered and compressed by Chesapeake affiliate, Chesapeake Midstream Development, LLC, for delivery to a central location. Enterprise will then transport and process the NGL-rich gas at its existing facilities while a previously announced natural gas processing plant that is currently under development in Texas is completed. This cryogenic processing facility, expected to be completed early in 2012, is designed for an initial capacity of 600 million cubic feet per day (MMcf/d) and with an initial capability to extract as many as 75,000 barrels per day (BPD) of NGLs.
The NGL production from Chesapeake's gas will ultimately be transported on Enterprise's previously announced 127-mile NGL pipeline that will extend from the new gas processing plant to Enterprise's NGL fractionation complex in Mont Belvieu, Texas. This new NGL pipeline, also scheduled for completion in early 2012, is expected to have an initial capacity of more than 85,000 BPD and would be readily expandable to over 120,000 BPD.
Activity in the Eagle Ford Shale continues to increase as approximately 115 rigs working in the play have drilled more than 330 wells completed to date. Total current production from the play is estimated at approximately 425 MMcf/d of natural gas and 35,000 BPD of crude oil and condensate.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
SM Energy Company (SM): Haynesville Shale Update
By Andrea: http://oilshalegas.com
SM Energy Company (SM) recently released an operational update on the Haynesville shale, located in East Texas:
Approximately $35 million is budgeted for Haynesville shale activity in 2011. SM Energy has budgeted five (5) gross operated horizontal wells for 2011, of which the majority of costs will be carried under the previously announced carry and earning agreement covering a portion of our acreage position in East Texas. The Company will also participate in approximately 20 gross (approximately 2 net) partner-operated horizontal wells next year.
SM Energy is currently exploring a number of options for its operated Haynesville shale acreage position in East Texas which would allow the Company to drill enough wells in 2011 and early 2012 to hold its existing acreage while minimizing the amount of capital deployed. Twelve (12) gross wells in 2011 in addition to the operated wells discussed above and eight (8) gross wells in 2012 would need to be drilled to hold the Company's acreage position. The Company has approximately 22,000 net acres in the Shelby Trough in East Texas that is prospective for both the Haynesville and Bossier shales as well as other productive zones up hole.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
SM Energy Company (SM) recently released an operational update on the Haynesville shale, located in East Texas:
Approximately $35 million is budgeted for Haynesville shale activity in 2011. SM Energy has budgeted five (5) gross operated horizontal wells for 2011, of which the majority of costs will be carried under the previously announced carry and earning agreement covering a portion of our acreage position in East Texas. The Company will also participate in approximately 20 gross (approximately 2 net) partner-operated horizontal wells next year.
SM Energy is currently exploring a number of options for its operated Haynesville shale acreage position in East Texas which would allow the Company to drill enough wells in 2011 and early 2012 to hold its existing acreage while minimizing the amount of capital deployed. Twelve (12) gross wells in 2011 in addition to the operated wells discussed above and eight (8) gross wells in 2012 would need to be drilled to hold the Company's acreage position. The Company has approximately 22,000 net acres in the Shelby Trough in East Texas that is prospective for both the Haynesville and Bossier shales as well as other productive zones up hole.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
SM Energy Company (SM): Permian Basin Update
By Andrea: http://oilshalegas.com
SM Energy Company (SM) recently announced that it plans to spend $40 million in the Permian Basin, with approximately $20 million expected to be invested in Wolfberry wells in 2011. The majority of this program will be operated by an outside partner. The remaining Permian Basin budget will be allocated to various other plays in the basin.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
SM Energy Company (SM) recently announced that it plans to spend $40 million in the Permian Basin, with approximately $20 million expected to be invested in Wolfberry wells in 2011. The majority of this program will be operated by an outside partner. The remaining Permian Basin budget will be allocated to various other plays in the basin.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
SM Energy Company (SM): Granite Wash Update
By Andrea: http://oilshalegas.com
SM Energy Company (SM) recently released an update on the Granite Wash, located in Beckham County, OK:
The company plans to invest $60 million in 2011 in horizontal wells targeting the Marmaton and Missourian washes (also collectively referred to as the Granite Wash) in Beckham County in western Oklahoma. Two (2) operated drilling rigs will be required next year to execute on this program. SM Energy will operate over 65% of this activity. The economics of these projects benefit from the contribution of higher BTU natural gas and condensate in the production stream.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
SM Energy Company (SM) recently released an update on the Granite Wash, located in Beckham County, OK:
The company plans to invest $60 million in 2011 in horizontal wells targeting the Marmaton and Missourian washes (also collectively referred to as the Granite Wash) in Beckham County in western Oklahoma. Two (2) operated drilling rigs will be required next year to execute on this program. SM Energy will operate over 65% of this activity. The economics of these projects benefit from the contribution of higher BTU natural gas and condensate in the production stream.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
McKenzie County, ND: Bakken Shale Update
By Andrea: http://oilshalegas.com
SM Energy Company (SM) recently announced that they plan to invest roughly $170 million, or approximately 20% of its drilling capital, in 2011 on projects targeting the Bakken and Three Forks intervals in the Williston Basin. SM Energy plans to operate two (2) drilling rigs through the first half of next year, with the addition of a third rig planned at mid-year. Substantially all of this activity is expected to occur in McKenzie and Divide counties, North Dakota. Operations in McKenzie County will focus on the horizontal Bakken wells in the Company's Raven prospect area in the western portion of the county, with SM Energy operating approximately two-thirds of this activity. Activity in Divide County will target the Three Forks interval and will be entirely operated by the Company.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
SM Energy Company (SM) recently announced that they plan to invest roughly $170 million, or approximately 20% of its drilling capital, in 2011 on projects targeting the Bakken and Three Forks intervals in the Williston Basin. SM Energy plans to operate two (2) drilling rigs through the first half of next year, with the addition of a third rig planned at mid-year. Substantially all of this activity is expected to occur in McKenzie and Divide counties, North Dakota. Operations in McKenzie County will focus on the horizontal Bakken wells in the Company's Raven prospect area in the western portion of the county, with SM Energy operating approximately two-thirds of this activity. Activity in Divide County will target the Three Forks interval and will be entirely operated by the Company.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Webb County, TX: Eagle Ford Shale Update
By Andrea: http://oilshalegas.com
SM Energy Company (SM) recently released an operational update on the Eagle Ford Shale located in Webb and LaSalle County,TX:
SM Energy Company (SM) plans to begin 2011 operating two (2) drilling rigs on its high working interest 165,000 net acre position in Webb and La Salle counties in South Texas. Over the course of the year, the Company plans to ramp its operated rig count to four (4) drilling rigs, the vast majority of which will target portions of the acreage containing rich gas and condensate. Most of the wells planned for the year will be in the Briscoe and Galvan Ranch program areas where SM Energy has been active during 2010. A higher level of activity is also planned for La Salle County, Texas in order to de-risk and delineate that portion of the Company's acreage. In addition, a number of projects such as retained energy fracture stimulations and reduced spacing pilots are planned for next year across the play. Projects in the Eagle Ford shale program make up the largest portion of the Company's facilities budget of $65 million.
In the partner-operated portion of SM Energy's 84,500 net acre position prospective for the Eagle Ford shale, seven (7) rigs are currently being operated by the Company's partner, Anadarko Petroleum Company (APC). For 2011, SM Energy anticipates that Anadarko will operate an average of ten (10) rigs for the year.
SM Energy has allocated approximately $500 million for drilling investment in its total Eagle Ford shale position for 2011. Based on the activity levels contemplated above, capital expenditures net to the Company would be in excess of this amount next year. The Company is initiating a marketing process to sell down or joint venture a portion of its total position in the play, which will lead to a smaller amount of net investment in 2011. Bank of America Merrill Lynch has been engaged to market the Eagle Ford shale package on behalf of the Company. Although details of the composition of the sale package are still being determined, SM Energy currently estimates that it will sell roughly 20% to 30% of its total acreage position and that as a result the net spending for 2011 will be approximately $500 million after adjusting for capital expenditures associated with divested properties and possible drilling carries.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
SM Energy Company (SM) recently released an operational update on the Eagle Ford Shale located in Webb and LaSalle County,TX:
SM Energy Company (SM) plans to begin 2011 operating two (2) drilling rigs on its high working interest 165,000 net acre position in Webb and La Salle counties in South Texas. Over the course of the year, the Company plans to ramp its operated rig count to four (4) drilling rigs, the vast majority of which will target portions of the acreage containing rich gas and condensate. Most of the wells planned for the year will be in the Briscoe and Galvan Ranch program areas where SM Energy has been active during 2010. A higher level of activity is also planned for La Salle County, Texas in order to de-risk and delineate that portion of the Company's acreage. In addition, a number of projects such as retained energy fracture stimulations and reduced spacing pilots are planned for next year across the play. Projects in the Eagle Ford shale program make up the largest portion of the Company's facilities budget of $65 million.
In the partner-operated portion of SM Energy's 84,500 net acre position prospective for the Eagle Ford shale, seven (7) rigs are currently being operated by the Company's partner, Anadarko Petroleum Company (APC). For 2011, SM Energy anticipates that Anadarko will operate an average of ten (10) rigs for the year.
SM Energy has allocated approximately $500 million for drilling investment in its total Eagle Ford shale position for 2011. Based on the activity levels contemplated above, capital expenditures net to the Company would be in excess of this amount next year. The Company is initiating a marketing process to sell down or joint venture a portion of its total position in the play, which will lead to a smaller amount of net investment in 2011. Bank of America Merrill Lynch has been engaged to market the Eagle Ford shale package on behalf of the Company. Although details of the composition of the sale package are still being determined, SM Energy currently estimates that it will sell roughly 20% to 30% of its total acreage position and that as a result the net spending for 2011 will be approximately $500 million after adjusting for capital expenditures associated with divested properties and possible drilling carries.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Eagle Ford Shale Pipeline
By Andrea: http://oilshalegas.com
Targa Resources Partners LP (NGLS) recently reported that they will be developing a pipeline to transport natural gas in the Eagle Ford Shale to Mont Belvieu, Texas. They signed a non-binding Memorandum of Understanding with TexStar Mistream Services, LP and TEAK Midstream, LLC for the development of the new pipeline:
Upon consummation of the transaction, Targa Resources Partners would expect to become an owner in the new y-grade pipeline that would provide transportation services from natural gas processing plants in the Eagle Ford shale area, including a TEAK gas plant and a TexStar gas plant, into Mont Belvieu, Texas. The new y-grade pipeline would be designed to provide additional capacity to customers in the Eagle Ford shale area. Additionally, the y-grade pipeline would be designed to accommodate a future extension into the Permian Basin area of West Texas to provide y-grade transportation services to that growth region.
CBF would be expected to expand by 100,000 barrels per day, with commencement of operations expected in late 2012. The 100,000 barrel per day expansion would be an addition to the current 78,000 barrel per day expansion at CBF, which is expected to be operational in the second quarter of 2011. Upon the completion of both expansions, the y-grade fractionation capacity of CBF would be approximately 353,000 barrels per day.
TEAK would be expected to install and operate a new cryogenic natural gas processing plant with approximately 200 MMcf per day of processing capacity and TexStar would be expected to install and operate a new cryogenic natural gas processing plant with approximately 300 MMcf per day of processing capacity. TEAK and TexStar would expand existing gas gathering systems that supply the new natural gas processing plants. The two plants would be expected to produce approximately 50,000 barrels per day of y-grade. Combined, the two processing plants and the gathering systems behind them would serve twelve counties in the liquids rich Eagle Ford shale of South Texas.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Targa Resources Partners LP (NGLS) recently reported that they will be developing a pipeline to transport natural gas in the Eagle Ford Shale to Mont Belvieu, Texas. They signed a non-binding Memorandum of Understanding with TexStar Mistream Services, LP and TEAK Midstream, LLC for the development of the new pipeline:
Upon consummation of the transaction, Targa Resources Partners would expect to become an owner in the new y-grade pipeline that would provide transportation services from natural gas processing plants in the Eagle Ford shale area, including a TEAK gas plant and a TexStar gas plant, into Mont Belvieu, Texas. The new y-grade pipeline would be designed to provide additional capacity to customers in the Eagle Ford shale area. Additionally, the y-grade pipeline would be designed to accommodate a future extension into the Permian Basin area of West Texas to provide y-grade transportation services to that growth region.
CBF would be expected to expand by 100,000 barrels per day, with commencement of operations expected in late 2012. The 100,000 barrel per day expansion would be an addition to the current 78,000 barrel per day expansion at CBF, which is expected to be operational in the second quarter of 2011. Upon the completion of both expansions, the y-grade fractionation capacity of CBF would be approximately 353,000 barrels per day.
TEAK would be expected to install and operate a new cryogenic natural gas processing plant with approximately 200 MMcf per day of processing capacity and TexStar would be expected to install and operate a new cryogenic natural gas processing plant with approximately 300 MMcf per day of processing capacity. TEAK and TexStar would expand existing gas gathering systems that supply the new natural gas processing plants. The two plants would be expected to produce approximately 50,000 barrels per day of y-grade. Combined, the two processing plants and the gathering systems behind them would serve twelve counties in the liquids rich Eagle Ford shale of South Texas.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Wednesday, December 1, 2010
Cameron County, PA - Marcellus Shale
By Tim - http://oilshalegas.com
UK Based Endeavour International Corporation (NYSE Amex: END) recently announced that they will be drilling two horizontal wells in Cameron County, PA in the Marcellus Shale.
In the Pennsylvania Marcellus shale play, the company will participate in two horizontal wells to be drilled in the fourth quarter to further evaluate the Daniel Field in Cameron County where an integrated development plan is being formalized.
http://phx.corporate-ir.net/phoenix.zhtml?c=131980&p=irol-newsArticle&ID=1490842&highlight=
For more shale news updates, visit http://blackberrystocks.blogspot.com
UK Based Endeavour International Corporation (NYSE Amex: END) recently announced that they will be drilling two horizontal wells in Cameron County, PA in the Marcellus Shale.
In the Pennsylvania Marcellus shale play, the company will participate in two horizontal wells to be drilled in the fourth quarter to further evaluate the Daniel Field in Cameron County where an integrated development plan is being formalized.
http://phx.corporate-ir.net/phoenix.zhtml?c=131980&p=irol-newsArticle&ID=1490842&highlight=
For more shale news updates, visit http://blackberrystocks.blogspot.com
Wichita County Texas - Barnett Shale Oil Play
By Tim - http://oilshalegas.com
Microcap company Topaz Resources, Inc. (OTCBB: TOPZ) has recently come out and given an update on the Barnett Shale Combo Oil Field. This area is the oil part of the zone.
Topaz Resources Commences Work Over Program on Its North Texas Shallow Oil Project
11/30/10 -- Topaz Resources, Inc. (OTCBB: TOPZ) today announced that it has commenced the first phase of its work over program on its North Texas shallow oil project, which comprises 543.69 acres with a history of proved producing oil wells, located in Wichita County.
The first phase of the work over program will involve remedial work on existing well bores, which will include pulling the rods and tubing, checking the down hole pumps, cleaning the well bores, shooting the fluid levels and resetting the pumps.
Topaz expects this work to take a few weeks and to provide immediate and significant increase in production
For more shale news updates, visit http://blackberrystocks.blogspot.com
Microcap company Topaz Resources, Inc. (OTCBB: TOPZ) has recently come out and given an update on the Barnett Shale Combo Oil Field. This area is the oil part of the zone.
Topaz Resources Commences Work Over Program on Its North Texas Shallow Oil Project
11/30/10 -- Topaz Resources, Inc. (OTCBB: TOPZ) today announced that it has commenced the first phase of its work over program on its North Texas shallow oil project, which comprises 543.69 acres with a history of proved producing oil wells, located in Wichita County.
The first phase of the work over program will involve remedial work on existing well bores, which will include pulling the rods and tubing, checking the down hole pumps, cleaning the well bores, shooting the fluid levels and resetting the pumps.
Topaz expects this work to take a few weeks and to provide immediate and significant increase in production
For more shale news updates, visit http://blackberrystocks.blogspot.com
Tuesday, November 30, 2010
Marathon Oil (MRO) Eagle Ford Shale - Atascosa County
By Tim - http://oilshalegas.com
Marathon Oil Corporation (MRO) is getting involved in the Eagle Ford Shale specifically in Wilson County Texas and Atascosa County Texas.
Marathon Enters Eagle Ford Shale Play - Entry Builds on Company's Strategy Targeting Unconventional, Liquids-Rich Resource Plays.
Nov. 29, 2010 - Marathon Oil Corporation (NYSE: MRO) announced today that it has completed an agreement with Denali Oil & Gas for entry into the Eagle Ford Shale formation in Wilson and Atascosa counties, Texas. Under the terms of the agreement, Marathon will pay Denali $10 million as well as drill and complete four wells to earn approximately 17,000 net acres. Marathon also has the option to purchase Denali's remaining 58,000 net acres in the Eagle Ford Shale in these two counties. If Marathon executes this option, the full 75,000 net acres, including the initial payment, carried well interest and lease extensions, will cost approximately $2,800 per acre or a total of approximately $209 million. Marathon has until Oct. 31, 2011, to exercise this option.
In the event Marathon does not exercise its purchase option, Denali has the option to sell the remaining 58,000 acres to Marathon. The total cost under this option, including the initial payment, carried well interest and lease extensions, would be $92 million or approximately $1,225 per acre. Denali has until the later of Nov. 15, 2011, or 15 days after the completion of the final well, to exercise this option. This agreement covers all of Denali's acreage in Wilson and Atascosa counties but excludes Denali's 25,000 acres in Gonzales and Fayette counties.
"Since acquiring our first shale assets in the onshore U.S. market in 2006, Marathon has developed substantial expertise that we can apply to emerging plays like the Eagle Ford and create more opportunities for mid- and long-term profitable production growth," said Dave Roberts, the Company's executive vice president, Upstream. "This new entry reinforces a key element of our Upstream strategy of targeting unconventional, primarily liquids-rich resource plays providing low-risk, scalable growth."
http://www.marathon.com/News/Press_Releases/Press_Release/?id=1500637
For more shale updates, visit http://blackberrystocks.blogspot.com
Marathon Oil Corporation (MRO) is getting involved in the Eagle Ford Shale specifically in Wilson County Texas and Atascosa County Texas.
Marathon Enters Eagle Ford Shale Play - Entry Builds on Company's Strategy Targeting Unconventional, Liquids-Rich Resource Plays.
Nov. 29, 2010 - Marathon Oil Corporation (NYSE: MRO) announced today that it has completed an agreement with Denali Oil & Gas for entry into the Eagle Ford Shale formation in Wilson and Atascosa counties, Texas. Under the terms of the agreement, Marathon will pay Denali $10 million as well as drill and complete four wells to earn approximately 17,000 net acres. Marathon also has the option to purchase Denali's remaining 58,000 net acres in the Eagle Ford Shale in these two counties. If Marathon executes this option, the full 75,000 net acres, including the initial payment, carried well interest and lease extensions, will cost approximately $2,800 per acre or a total of approximately $209 million. Marathon has until Oct. 31, 2011, to exercise this option.
In the event Marathon does not exercise its purchase option, Denali has the option to sell the remaining 58,000 acres to Marathon. The total cost under this option, including the initial payment, carried well interest and lease extensions, would be $92 million or approximately $1,225 per acre. Denali has until the later of Nov. 15, 2011, or 15 days after the completion of the final well, to exercise this option. This agreement covers all of Denali's acreage in Wilson and Atascosa counties but excludes Denali's 25,000 acres in Gonzales and Fayette counties.
"Since acquiring our first shale assets in the onshore U.S. market in 2006, Marathon has developed substantial expertise that we can apply to emerging plays like the Eagle Ford and create more opportunities for mid- and long-term profitable production growth," said Dave Roberts, the Company's executive vice president, Upstream. "This new entry reinforces a key element of our Upstream strategy of targeting unconventional, primarily liquids-rich resource plays providing low-risk, scalable growth."
http://www.marathon.com/News/Press_Releases/Press_Release/?id=1500637
For more shale updates, visit http://blackberrystocks.blogspot.com
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