Tuesday, August 17, 2010

DeWitt County, Texas: Eagle Ford Shale Update

By Andrea: http://oilshalegas.com

Petrohawk Energy Corp. (HK) confirmed its strong belief in the growth potential in their Eagle Ford Shale projects in DeWitt County, TX. In their 2010 2Q earnings call, Floyd Wilson, Chairman and CEO of Petrohawk Energy, stated:

"We expect to see a meaningful oil production component grow, fueled from new areas of our portfolio. Our growing Black Hawk area in the Eagle Ford Shale and our Red Hawk project, also in Eagle Ford Shale, should provide for this growth. This could bring the oil component of production to approximately 5% by year end and possibly much higher in future years. We will look for these higher-margin oil areas to meaningfully support cash flow growth and organic reserve growth."

Petrohawk Energy will have 90-some miles of gas and condensate gathering the line in the ground in the Black Hawk area by year end. In Hawkesville, the company has been putting pipes in the ground there for over a year now, and they are on track with their wells program.

Petrohawk Energy currently operates an approximate 20 wells in the Eagle Ford shale.

For more shale updates, visit: http://blackberrystocks.blogspot.com

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