By Andrea: http://oilshalegas.com
The first two completions of the 2010 drilling program in the Ardmore Basin horizontal Woodford play at depths of 7,000 feet have yielded outstanding results. One well completed for an average production rate of 801 barrels of oil and NGLs per day and 2.3 Mmcf per day or 1,176 (362 net) Boe per day. The average rate for the second completion was 1,064 barrels of oil and NGLs per day and 2.7 Mmcf per day or 1,514 (702 net) Boe per day. One operated rig is currently active in the play, along with one non-operated rig. During the quarter, the 5,000-foot deep horizontal Mississippian Lime play in northern Oklahoma recorded another strong completion with average daily production rates of 260 barrels of oil and NGLs and 900 mcf or 410 (318 net) Boe per day. Two additional wells in the play are currently drilling. In addition, Range controls approximately 80,000 (42,000 net) legacy acres that are all held by production in the emerging Cana Shale play in the Anadarko Basin. While still early, it appears that a material portion of our acreage is in the core of the play. Given that all of Range's acreage is held by production, our strategy is to take a "wait and see approach," before determining how to best exploit our acreage position.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Saturday, October 30, 2010
Range Resources Corp. (RRC) : Huron Shale Update
By Andrea: http://oilshalegas.com
Recently, Range Resources Corp. (RRC) released an update on the Huron Shale, located in the Nora field in Virginia:
During the third quarter 2010, Range's Appalachian Division drilled a total of 61 (29 net) wells, continuing its successful development of tight gas sand, coal bed methane and horizontal drilling projects in the Nora field in Virginia. The division averaged five rigs running during the quarter and drilled 14 (7 net) vertical tight gas sand wells, 43 (20 net) coalbed methane wells and 4 (2 net) tight gas sand horizontal wells. On the recently acquired Nora extension property, the division has performed three well recompletions and implemented two pipeline and compression optimization projects that, in total, resulted in a 1,000 mcf per day (10%) increase in production. By year end, the Appalachian Division plans to drill five new tight gas sand wells and recomplete 12 existing wells on the extension properties.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Recently, Range Resources Corp. (RRC) released an update on the Huron Shale, located in the Nora field in Virginia:
During the third quarter 2010, Range's Appalachian Division drilled a total of 61 (29 net) wells, continuing its successful development of tight gas sand, coal bed methane and horizontal drilling projects in the Nora field in Virginia. The division averaged five rigs running during the quarter and drilled 14 (7 net) vertical tight gas sand wells, 43 (20 net) coalbed methane wells and 4 (2 net) tight gas sand horizontal wells. On the recently acquired Nora extension property, the division has performed three well recompletions and implemented two pipeline and compression optimization projects that, in total, resulted in a 1,000 mcf per day (10%) increase in production. By year end, the Appalachian Division plans to drill five new tight gas sand wells and recomplete 12 existing wells on the extension properties.
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
Range Resources Corp. (RRC) recently released an update on the Barnett Shale located in Denton County, TX:
During the third quarter, the Southwestern Division continued its successful drilling program. In the Barnett Shale formation, Range initiated sales on three wells in Denton County at a combined average rate of 15.0 (11.3 net) Mmcfe per day, comprised of 8.1 (6.1 net) Mmcf per day and 1,156 (868 net) barrels of NGLs and oil per day. In addition, we began completion operations on five wells in Tarrant County and two wells in Ellis County with production scheduled to begin early in the fourth quarter of 2010. In West Texas at the Conger Field, the division deepened three wells to the Strawn formation and recompleted another well into the Wolfcamp formation. The three Strawn deepenings yielded a combined daily average rate of 551 (468 net) Boe per day, comprised of 437 (372 net) per day barrels of oil and NGLs and 685 (582 net) mcf per day. The Wolfcamp recompletion added 594 (505 net) Boe per day, comprised of 552 (469 net) barrels of oil and NGLs and 255 (217 net) mcf per day.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Range Resources Corp. (RRC) recently released an update on the Barnett Shale located in Denton County, TX:
During the third quarter, the Southwestern Division continued its successful drilling program. In the Barnett Shale formation, Range initiated sales on three wells in Denton County at a combined average rate of 15.0 (11.3 net) Mmcfe per day, comprised of 8.1 (6.1 net) Mmcf per day and 1,156 (868 net) barrels of NGLs and oil per day. In addition, we began completion operations on five wells in Tarrant County and two wells in Ellis County with production scheduled to begin early in the fourth quarter of 2010. In West Texas at the Conger Field, the division deepened three wells to the Strawn formation and recompleted another well into the Wolfcamp formation. The three Strawn deepenings yielded a combined daily average rate of 551 (468 net) Boe per day, comprised of 437 (372 net) per day barrels of oil and NGLs and 685 (582 net) mcf per day. The Wolfcamp recompletion added 594 (505 net) Boe per day, comprised of 552 (469 net) barrels of oil and NGLs and 255 (217 net) mcf per day.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Range Resources Corp. (RRC) : Marcellus Shale Update
By Andrea: http://oilshalegas.com
Range Resources Corp. (RRC) recently released an update on the Marcellus shale located in Washington County, PA and Lycoming County, PA:
Range's Marcellus production exit rate for the third quarter was 191 Mmcfe per day net. Approximately 71% of the production was natural gas and 29% was NGLs and condensate. At the end of the third quarter, approximately 34 Mmcfe per day of net production was shut in waiting on gathering and compression facilities currently under construction. In addition, Range has drilled 44 wells that are waiting on completion, of which 23 are scheduled to be completed prior to year-end. Given excellent drilling results through the first nine months of the year, Range is well-positioned to meet or exceed its Marcellus Shale year-end 2010 production exit rate target of 200 to 210 Mmcfe per day net.
During the third quarter, the Marcellus Division brought online a total of 18 horizontal wells in southwestern Pennsylvania, all in the liquids-rich "wet area" of the play. The wells had average lateral lengths of 3,291 feet and averaged 11 frac stages. The initial seven-day gross production rate for the 18 wells averaged 8.5 Mmcfe per day. All 18 wells are initially producing under somewhat constrained conditions due to gathering and compression capacity, as the facilities are not designed for peak production. Based on initial production results, we expect the average estimated ultimate recovery (EUR) of these 18 wells to exceed our average reserve estimate of 5.0 Bcfe per well for the southwest portion of Pennsylvania. Given low natural gas prices, we plan to drill fewer wells per pad, utilizing moderate lateral lengths and frac stages. This will allow us to build production with lower cycle times, while efficiently developing our leasehold position and generating outstanding well economics.
Providing additional upside resource potential from this region without additional acreage costs are a variety of shale formations that lie above the Marcellus formation. Range has now drilled and completed an initial horizontal test well to the Upper Devonian shales. Our first test indicates significant gas in place. The average seven-day test rate for the initial well was 5.1 Mmcfe per day. Range plans several more Upper Devonian test wells in 2011. We believe that a majority of our acreage in the southwest portion of the play is prospective for the Upper Devonian shales.
Over the past two years, Range has concentrated its leasing activities to filling in and blocking up its key acreage positions. In addition to acquiring fill-in leases in these areas, we have completed several acreage trades with third parties. The acreage trades allow each party to block up their respective leasehold positions. Recently, Range completed a trade in which it acquired approximately 42,000 net acres in our core area of southwestern Pennsylvania. The new acreage has longer term and adds more than 500 horizontal drilling locations in Washington County, an area where infrastructure is already in place and Range has had significant drilling success. To facilitate the trade, Range transferred approximately 55,000 net acres, of which 47,000 acres are located in West Virginia and 8,000 acres are located in Bradford and Sullivan counties in northeastern Pennsylvania.
The Marcellus infrastructure build out continues to progress on schedule. In the southwestern portion of the play, committed wet gas processing capacity has increased to 185 Mmcf per day, and is scheduled to expand to 390 Mmcf per day by third quarter 2011. Range also has access to an additional 40 Mmcf per day of wet gas processing on an interruptible basis. Dry gas capacity is currently 25 Mmcf per day in southwestern Pennsylvania, increasing to 65 Mmcf per day by year-end 2010. In the northeastern portion of the play, the build out of the first phase 150 Mmcf per day Lycoming County gathering system is on schedule for a year-end 2010 start up, with capacity increasing to as much as 350 Mmcf per day by year-end 2011.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Range Resources Corp. (RRC) recently released an update on the Marcellus shale located in Washington County, PA and Lycoming County, PA:
Range's Marcellus production exit rate for the third quarter was 191 Mmcfe per day net. Approximately 71% of the production was natural gas and 29% was NGLs and condensate. At the end of the third quarter, approximately 34 Mmcfe per day of net production was shut in waiting on gathering and compression facilities currently under construction. In addition, Range has drilled 44 wells that are waiting on completion, of which 23 are scheduled to be completed prior to year-end. Given excellent drilling results through the first nine months of the year, Range is well-positioned to meet or exceed its Marcellus Shale year-end 2010 production exit rate target of 200 to 210 Mmcfe per day net.
During the third quarter, the Marcellus Division brought online a total of 18 horizontal wells in southwestern Pennsylvania, all in the liquids-rich "wet area" of the play. The wells had average lateral lengths of 3,291 feet and averaged 11 frac stages. The initial seven-day gross production rate for the 18 wells averaged 8.5 Mmcfe per day. All 18 wells are initially producing under somewhat constrained conditions due to gathering and compression capacity, as the facilities are not designed for peak production. Based on initial production results, we expect the average estimated ultimate recovery (EUR) of these 18 wells to exceed our average reserve estimate of 5.0 Bcfe per well for the southwest portion of Pennsylvania. Given low natural gas prices, we plan to drill fewer wells per pad, utilizing moderate lateral lengths and frac stages. This will allow us to build production with lower cycle times, while efficiently developing our leasehold position and generating outstanding well economics.
Providing additional upside resource potential from this region without additional acreage costs are a variety of shale formations that lie above the Marcellus formation. Range has now drilled and completed an initial horizontal test well to the Upper Devonian shales. Our first test indicates significant gas in place. The average seven-day test rate for the initial well was 5.1 Mmcfe per day. Range plans several more Upper Devonian test wells in 2011. We believe that a majority of our acreage in the southwest portion of the play is prospective for the Upper Devonian shales.
Over the past two years, Range has concentrated its leasing activities to filling in and blocking up its key acreage positions. In addition to acquiring fill-in leases in these areas, we have completed several acreage trades with third parties. The acreage trades allow each party to block up their respective leasehold positions. Recently, Range completed a trade in which it acquired approximately 42,000 net acres in our core area of southwestern Pennsylvania. The new acreage has longer term and adds more than 500 horizontal drilling locations in Washington County, an area where infrastructure is already in place and Range has had significant drilling success. To facilitate the trade, Range transferred approximately 55,000 net acres, of which 47,000 acres are located in West Virginia and 8,000 acres are located in Bradford and Sullivan counties in northeastern Pennsylvania.
The Marcellus infrastructure build out continues to progress on schedule. In the southwestern portion of the play, committed wet gas processing capacity has increased to 185 Mmcf per day, and is scheduled to expand to 390 Mmcf per day by third quarter 2011. Range also has access to an additional 40 Mmcf per day of wet gas processing on an interruptible basis. Dry gas capacity is currently 25 Mmcf per day in southwestern Pennsylvania, increasing to 65 Mmcf per day by year-end 2010. In the northeastern portion of the play, the build out of the first phase 150 Mmcf per day Lycoming County gathering system is on schedule for a year-end 2010 start up, with capacity increasing to as much as 350 Mmcf per day by year-end 2011.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Friday, October 29, 2010
Roosevelt County, MT: Bakken Shale Update
By Andrea: http://oilshalegas.com
Voyager Oil and Gas Inc. (VYOG.OB) recently released an update on the Bakken Shale located in Roosevelt County, MT:
Voyager currently controls approximately 24,000 net acres in the Williston Basin, primarily in Williams, McKenzie and Mountrail Counties, North Dakota and Richland and Roosevelt Counties, Montana. Voyager has spud twelve gross Bakken wells, of which three are producing, four are drilling and five are completing. By the end of 2010, Voyager expects to spud 15 gross Bakken wells. In 2011, Voyager expects to spud approximately 35 gross and 5 net Bakken wells based on recent permitting activity on Voyager's leasehold interests. J.R. Reger, Voyager's CEO, commented, "The accelerated production and positive results across our Bakken/Three Forks position continue to remain within our original expectations. We believe that our 24,000 core acres are being developed by some of the best operators in the play and we are excited to be participating in this premier oil resource play. We continue to focus most of our efforts on leasing and acquisitions in the Bakken and Three Forks play. We are excited to be moving into the production ramp-up stage across our Bakken position. We expect substantial reserve and production additions over the coming months as the position is rapidly developed."
Voyager is currently participating in the following wells in Roosevelt County, MT:
OPERATOR WELL NAME COUNTY STATUS WI BOEPD
Brigham Swindle 16-9 1-H Roosevelt Drilling 18.75%
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Voyager Oil and Gas Inc. (VYOG.OB) recently released an update on the Bakken Shale located in Roosevelt County, MT:
Voyager currently controls approximately 24,000 net acres in the Williston Basin, primarily in Williams, McKenzie and Mountrail Counties, North Dakota and Richland and Roosevelt Counties, Montana. Voyager has spud twelve gross Bakken wells, of which three are producing, four are drilling and five are completing. By the end of 2010, Voyager expects to spud 15 gross Bakken wells. In 2011, Voyager expects to spud approximately 35 gross and 5 net Bakken wells based on recent permitting activity on Voyager's leasehold interests. J.R. Reger, Voyager's CEO, commented, "The accelerated production and positive results across our Bakken/Three Forks position continue to remain within our original expectations. We believe that our 24,000 core acres are being developed by some of the best operators in the play and we are excited to be participating in this premier oil resource play. We continue to focus most of our efforts on leasing and acquisitions in the Bakken and Three Forks play. We are excited to be moving into the production ramp-up stage across our Bakken position. We expect substantial reserve and production additions over the coming months as the position is rapidly developed."
Voyager is currently participating in the following wells in Roosevelt County, MT:
OPERATOR WELL NAME COUNTY STATUS WI BOEPD
Brigham Swindle 16-9 1-H Roosevelt Drilling 18.75%
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Thursday, October 28, 2010
Mountrail County, ND: Bakken shale Update
By Andrea: http://oilshalegas.com
Voyager Oil and Gas Inc. (VYOG.OB) recently released an update on the Bakken Shale located in Mountrail County, ND:
Voyager currently controls approximately 24,000 net acres in the Williston Basin, primarily in Williams, McKenzie and Mountrail Counties, North Dakota and Richland and Roosevelt Counties, Montana. Voyager has spud twelve gross Bakken wells, of which three are producing, four are drilling and five are completing. By the end of 2010, Voyager expects to spud 15 gross Bakken wells. In 2011, Voyager expects to spud approximately 35 gross and 5 net Bakken wells based on recent permitting activity on Voyager's leasehold interests. J.R. Reger, Voyager's CEO, commented, "The accelerated production and positive results across our Bakken/Three Forks position continue to remain within our original expectations. We believe that our 24,000 core acres are being developed by some of the best operators in the play and we are excited to be participating in this premier oil resource play. We continue to focus most of our efforts on leasing and acquisitions in the Bakken and Three Forks play. We are excited to be moving into the production ramp-up stage across our Bakken position. We expect substantial reserve and production additions over the coming months as the position is rapidly developed."
Voyager is currently participating in the following wells in Mountrail County, ND:
OPERATOR WELL NAME COUNTY STATUS WI BOEPD
Slawson Ripper #1-22H Mountrail Producing 1.11% 2,369
Brigham Ross-Alger 6-7 #1H Mountrail Producing 7.71% 3,070
Slawson Vixen #1-19-30H Mountrail Completing 2.28%
EOG Lostwood 13-25H Mountrail Drilling 0.52%
EOG Sidonia 38-3019H Mountrail Preparing 0.12%
EOG Sidonia 31-3019H Mountrail Preparing 0.12%
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Voyager Oil and Gas Inc. (VYOG.OB) recently released an update on the Bakken Shale located in Mountrail County, ND:
Voyager currently controls approximately 24,000 net acres in the Williston Basin, primarily in Williams, McKenzie and Mountrail Counties, North Dakota and Richland and Roosevelt Counties, Montana. Voyager has spud twelve gross Bakken wells, of which three are producing, four are drilling and five are completing. By the end of 2010, Voyager expects to spud 15 gross Bakken wells. In 2011, Voyager expects to spud approximately 35 gross and 5 net Bakken wells based on recent permitting activity on Voyager's leasehold interests. J.R. Reger, Voyager's CEO, commented, "The accelerated production and positive results across our Bakken/Three Forks position continue to remain within our original expectations. We believe that our 24,000 core acres are being developed by some of the best operators in the play and we are excited to be participating in this premier oil resource play. We continue to focus most of our efforts on leasing and acquisitions in the Bakken and Three Forks play. We are excited to be moving into the production ramp-up stage across our Bakken position. We expect substantial reserve and production additions over the coming months as the position is rapidly developed."
Voyager is currently participating in the following wells in Mountrail County, ND:
OPERATOR WELL NAME COUNTY STATUS WI BOEPD
Slawson Ripper #1-22H Mountrail Producing 1.11% 2,369
Brigham Ross-Alger 6-7 #1H Mountrail Producing 7.71% 3,070
Slawson Vixen #1-19-30H Mountrail Completing 2.28%
EOG Lostwood 13-25H Mountrail Drilling 0.52%
EOG Sidonia 38-3019H Mountrail Preparing 0.12%
EOG Sidonia 31-3019H Mountrail Preparing 0.12%
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Canadian County, OK: Woodford Shale Update
By Andrea: http://oilshalegas.com
Continental Resources Inc. (CLR) recently released an update on the Woodford Shale stretching from Dewey County, OK through Grady County, OK:
Continental also announced that it recently completed a strong confirmation well in the Southeast Cana area of the Anadarko Woodford play in Oklahoma in the third quarter of 2010. The Dana 1-29H flowed at 2.5 MMcfpd natural gas (million cubic feet per day) and 88 Bopd (barrels of oil per day) in its initial one-day test period. This was Continental's third and most productive test well completed in the southeastern portion of the Anadarko Woodford play, validating the productivity and scope of the play from Dewey County in the northwest through Canadian County to Grady County in the southeast, a span of approximately 100 miles.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Continental Resources Inc. (CLR) recently released an update on the Woodford Shale stretching from Dewey County, OK through Grady County, OK:
Continental also announced that it recently completed a strong confirmation well in the Southeast Cana area of the Anadarko Woodford play in Oklahoma in the third quarter of 2010. The Dana 1-29H flowed at 2.5 MMcfpd natural gas (million cubic feet per day) and 88 Bopd (barrels of oil per day) in its initial one-day test period. This was Continental's third and most productive test well completed in the southeastern portion of the Anadarko Woodford play, validating the productivity and scope of the play from Dewey County in the northwest through Canadian County to Grady County in the southeast, a span of approximately 100 miles.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Washington County, PA - Marcellus Shale Update
By Andrea: http://oilshalegas.com
Recently, Range Resources Corp. (RRC) released an update on the Marcellus Shale, located in Washington County, PA:
Recently, Range completed a trade in which it acquired approximately 42,000 net acres in our core area of southwestern Pennsylvania. The new acreage has longer term and adds more than 500 horizontal drilling locations in Washington County, an area where infrastructure is already in place and Range has had significant drilling success. To facilitate the trade, Range transferred approximately 55,000 net acres, of which 47,000 acres are located in West Virginia and 8,000 acres are located in Bradford and Sullivan counties in northeastern Pennsylvania.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Recently, Range Resources Corp. (RRC) released an update on the Marcellus Shale, located in Washington County, PA:
Recently, Range completed a trade in which it acquired approximately 42,000 net acres in our core area of southwestern Pennsylvania. The new acreage has longer term and adds more than 500 horizontal drilling locations in Washington County, an area where infrastructure is already in place and Range has had significant drilling success. To facilitate the trade, Range transferred approximately 55,000 net acres, of which 47,000 acres are located in West Virginia and 8,000 acres are located in Bradford and Sullivan counties in northeastern Pennsylvania.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Westmont Resources, Inc. (WMNS) - Marcellus Shale and Chattanooga Shale Update
By Andrea: http://oilshalegas.com
Westmont Resources, Inc. (WMNS), recently released an operational update announcing the acquisitions of 92 oil and gas wells in Tennessee and the follow-on acquisitions of 60 wells in Pennsylvania and 60 wells in West Virginia:
Westmont Resources has been working to obtain oil and gas leases in the Marcellus and Chattanooga Shale Region. Representing roughly 61,000 square miles, stretches from Upper New York, through western Pennsylvania and into eastern Ohio and most of Kentucky and West Virginia and parts of Virginia and Eastern Tennessee. It is believed to be one of the richest natural gas fields in the World. In early 2008, geoscientist at Penn State Univ, and SUNY Fredonia estimated that the Marcellus & Chattanooga contains more than 500 trillion cubic feet of natural gas. These reserves represent more than 2 times the current reserves located in Saudi Arabia. The shale contains largely untapped natural gas reserves, and its proximity to the high-demand markets along the East Coast makes it an attractive target for energy development.
Preliminary estimates indicate that the value of the potential reserves associated with these 212 wells in Pennsylvania, Tennessee, and West Virginia could amount to nearly $69.71 million. Westmont believes that with additional exploration an additional 560 wells could be redrilled or reentered in the area increasing the potential reserves for the entire project by an estimated $183 million, or a combined estimated value for the three project areas of $252.71 million. This is based on the company's review of other assessments and production in the immediate area.
"Westmont is focused on applying or proprietary cutting-edge technology in order to 'wring additional value from' long-lived, low risk natural gas and oil properties - To squeeze more oil out of mature basins," said Glenn McQuiston, Westmont's President. "Equally important our systems, as opposed to the traditional alternatives, meet our goal of producing zero harm to people and the environment."
Malone & Bailey, based in Houston, is one of the most experienced public accounting firms in the oil & gas sector and has extensive experience and expertise with publicly traded companies. The firm is registered with the Public Company Accounting Oversight Board and is an independent member firm associated TIAG and MSNA. Malone & Bailey will continue to review and audit the SEC filings in order to keep Westmont current in its disclosure obligations.
"We are very happy to have an experienced and very qualified firm to work with our senior management team," said Marcie Corbin, CFO. "We look forward to moving forward with our business integration and planned growth strategy of acquiring additional wells to augment our projects in the greater Marcellus in Pennsylvania, Tennessee, and West Virginia."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Westmont Resources, Inc. (WMNS), recently released an operational update announcing the acquisitions of 92 oil and gas wells in Tennessee and the follow-on acquisitions of 60 wells in Pennsylvania and 60 wells in West Virginia:
Westmont Resources has been working to obtain oil and gas leases in the Marcellus and Chattanooga Shale Region. Representing roughly 61,000 square miles, stretches from Upper New York, through western Pennsylvania and into eastern Ohio and most of Kentucky and West Virginia and parts of Virginia and Eastern Tennessee. It is believed to be one of the richest natural gas fields in the World. In early 2008, geoscientist at Penn State Univ, and SUNY Fredonia estimated that the Marcellus & Chattanooga contains more than 500 trillion cubic feet of natural gas. These reserves represent more than 2 times the current reserves located in Saudi Arabia. The shale contains largely untapped natural gas reserves, and its proximity to the high-demand markets along the East Coast makes it an attractive target for energy development.
Preliminary estimates indicate that the value of the potential reserves associated with these 212 wells in Pennsylvania, Tennessee, and West Virginia could amount to nearly $69.71 million. Westmont believes that with additional exploration an additional 560 wells could be redrilled or reentered in the area increasing the potential reserves for the entire project by an estimated $183 million, or a combined estimated value for the three project areas of $252.71 million. This is based on the company's review of other assessments and production in the immediate area.
"Westmont is focused on applying or proprietary cutting-edge technology in order to 'wring additional value from' long-lived, low risk natural gas and oil properties - To squeeze more oil out of mature basins," said Glenn McQuiston, Westmont's President. "Equally important our systems, as opposed to the traditional alternatives, meet our goal of producing zero harm to people and the environment."
Malone & Bailey, based in Houston, is one of the most experienced public accounting firms in the oil & gas sector and has extensive experience and expertise with publicly traded companies. The firm is registered with the Public Company Accounting Oversight Board and is an independent member firm associated TIAG and MSNA. Malone & Bailey will continue to review and audit the SEC filings in order to keep Westmont current in its disclosure obligations.
"We are very happy to have an experienced and very qualified firm to work with our senior management team," said Marcie Corbin, CFO. "We look forward to moving forward with our business integration and planned growth strategy of acquiring additional wells to augment our projects in the greater Marcellus in Pennsylvania, Tennessee, and West Virginia."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Comstock Resources, Inc. (CRK): Bossier Shale Update
By Andrea: http://oilshalegas.com
Comstock Resources, Inc. (CRK) today provided an update on the Bossier Shale located in North Louisiana:
As was previously reported with the Company's second quarter operating results, Comstock has been experiencing significant delays in completing its Haynesville or Bossier shale wells due to the limited availability of high pressure pumping services. On September 30, 2010 the Company has 26 Haynesville or Bossier shale wells drilled and waiting on completion. Going forward, Comstock has been successful in obtaining pressure pumping and other related services which will allow it to frac 14 wells before the end of the year. With six operated rigs drilling in the Haynesville and Bossier shale, Comstock expects to drill another ten wells in the fourth quarter giving the Company an estimated 22 wells to carry over into 2011 for completion. In response to the weak natural gas prices, Comstock plans to release one of the six rigs in November and is considering moving an additional rig to South Texas to be utilized in its Eagle Ford shale drilling program in 2011.
Comstock also announced today that the Company has entered into an agreement with a major service provider to provide the Company with a dedicated frac crew for its North Louisiana operations in early 2011. The dedicated crew will allow the Company to complete its backlog of Haynesville and Bossier shale wells during 2011 as well as keep current with the Company's 2011 anticipated drilling activity. In addition, Comstock is in the process of finalizing agreements for completion services for its 2010 and anticipated 2011 Eagle Ford shale drilling program in South Texas.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Comstock Resources, Inc. (CRK) today provided an update on the Bossier Shale located in North Louisiana:
As was previously reported with the Company's second quarter operating results, Comstock has been experiencing significant delays in completing its Haynesville or Bossier shale wells due to the limited availability of high pressure pumping services. On September 30, 2010 the Company has 26 Haynesville or Bossier shale wells drilled and waiting on completion. Going forward, Comstock has been successful in obtaining pressure pumping and other related services which will allow it to frac 14 wells before the end of the year. With six operated rigs drilling in the Haynesville and Bossier shale, Comstock expects to drill another ten wells in the fourth quarter giving the Company an estimated 22 wells to carry over into 2011 for completion. In response to the weak natural gas prices, Comstock plans to release one of the six rigs in November and is considering moving an additional rig to South Texas to be utilized in its Eagle Ford shale drilling program in 2011.
Comstock also announced today that the Company has entered into an agreement with a major service provider to provide the Company with a dedicated frac crew for its North Louisiana operations in early 2011. The dedicated crew will allow the Company to complete its backlog of Haynesville and Bossier shale wells during 2011 as well as keep current with the Company's 2011 anticipated drilling activity. In addition, Comstock is in the process of finalizing agreements for completion services for its 2010 and anticipated 2011 Eagle Ford shale drilling program in South Texas.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Wednesday, October 27, 2010
Dunn County, ND: Bakken Shale Update
By Andrea: http://oilshalegas.com
Recently, Continental Resources Inc. (CLR) completed 4 wells located in Dunn County, ND:
Among Continental's operated wells completed in the third quarter of 2010 were the four wells in its first ECO-Pad(R) project - Hegler 1-13H and 2-13H (83% WI) and Arthur 1-12H and 2-12H (94% WI) in Dunn County. Continental's ECO-Pad concept involves drilling paired wells in adjoining 1,280-acre spacing units. The ECO-Pad concept involves drilling the first pair of parallel wells to target the Middle Bakken zone and the Three Forks zone in the first unit, separated vertically by about 50 feet and horizontally by 660 feet. The second pair of wells duplicates this pattern in the adjoining spacing unit.
All four wells are drilled from a single drilling pad, which reduces surface footprint. The Arthur and Hegler wells in the first ECO-Pad project had a one-day test production rate total of 4,359 Boe, for an average of 1,090 Boepd per well.
"Production rates and wellbore pressures clearly indicate that the Middle Bakken and Three Forks zones are isolated from one another, confirming our expanded view of the North Dakota Bakken's potential," Mr. Hamm said. "We are producing these wells under restriction to conserve the energy resource and minimize flaring.
"This is clearly the technology approach to take as we move into full-scale development," Mr. Hamm said.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Recently, Continental Resources Inc. (CLR) completed 4 wells located in Dunn County, ND:
Among Continental's operated wells completed in the third quarter of 2010 were the four wells in its first ECO-Pad(R) project - Hegler 1-13H and 2-13H (83% WI) and Arthur 1-12H and 2-12H (94% WI) in Dunn County. Continental's ECO-Pad concept involves drilling paired wells in adjoining 1,280-acre spacing units. The ECO-Pad concept involves drilling the first pair of parallel wells to target the Middle Bakken zone and the Three Forks zone in the first unit, separated vertically by about 50 feet and horizontally by 660 feet. The second pair of wells duplicates this pattern in the adjoining spacing unit.
All four wells are drilled from a single drilling pad, which reduces surface footprint. The Arthur and Hegler wells in the first ECO-Pad project had a one-day test production rate total of 4,359 Boe, for an average of 1,090 Boepd per well.
"Production rates and wellbore pressures clearly indicate that the Middle Bakken and Three Forks zones are isolated from one another, confirming our expanded view of the North Dakota Bakken's potential," Mr. Hamm said. "We are producing these wells under restriction to conserve the energy resource and minimize flaring.
"This is clearly the technology approach to take as we move into full-scale development," Mr. Hamm said.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Guizhou, Shanxi, Anhui and Zhejiang China Shale Gas
By Tim - http://oilshalegas.com
China is set to auction off six shale gas blocks in November 2010. China wants to exploit shale gas in an effort to scale back it's coal use which pollutes the country. The country currently has a small production of oil shale and natural gas shale.
While in the early stages of shale production, China is said to be sitting on as much as 25 trillion cubic feet (TCF's) of natural gas from shale
China will auction blocks off in Guizhou, Shanxi, Anhui and Zhejiang provinces.
For more shale news, visit http://blackberrystocks.blogspot.com
For more stock market updates, visit http://daytradingstockblog.blogspot.com
More on China Shale - http://oilshalegas.com/chinashale.html
China is set to auction off six shale gas blocks in November 2010. China wants to exploit shale gas in an effort to scale back it's coal use which pollutes the country. The country currently has a small production of oil shale and natural gas shale.
While in the early stages of shale production, China is said to be sitting on as much as 25 trillion cubic feet (TCF's) of natural gas from shale
China will auction blocks off in Guizhou, Shanxi, Anhui and Zhejiang provinces.
For more shale news, visit http://blackberrystocks.blogspot.com
For more stock market updates, visit http://daytradingstockblog.blogspot.com
More on China Shale - http://oilshalegas.com/chinashale.html
McKenzie County, ND: Bakken Shale Update
By Andrea: http://oilshalegas.com
Voyager Oil and Gas Inc. (VYOG.OB) recently released an update on the Bakken Shale located in McKenzie County, ND:
Voyager currently controls approximately 24,000 net acres in the Williston Basin, primarily in Williams, McKenzie and Mountrail Counties, North Dakota and Richland and Roosevelt Counties, Montana. Voyager has spud twelve gross Bakken wells, of which three are producing, four are drilling and five are completing. By the end of 2010, Voyager expects to spud 15 gross Bakken wells. In 2011, Voyager expects to spud approximately 35 gross and 5 net Bakken wells based on recent permitting activity on Voyager's leasehold interests. J.R. Reger, Voyager's CEO, commented, "The accelerated production and positive results across our Bakken/Three Forks position continue to remain within our original expectations. We believe that our 24,000 core acres are being developed by some of the best operators in the play and we are excited to be participating in this premier oil resource play. We continue to focus most of our efforts on leasing and acquisitions in the Bakken and Three Forks play. We are excited to be moving into the production ramp-up stage across our Bakken position. We expect substantial reserve and production additions over the coming months as the position is rapidly developed."
Voyager is currently participating in the following wells in Williams County, ND:
OPERATOR WELL NAME COUNTY STATUS WI BOEPD
EOG Wilson 150-99-29-32-1H McKenzie Preparing 0.39%
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Voyager Oil and Gas Inc. (VYOG.OB) recently released an update on the Bakken Shale located in McKenzie County, ND:
Voyager currently controls approximately 24,000 net acres in the Williston Basin, primarily in Williams, McKenzie and Mountrail Counties, North Dakota and Richland and Roosevelt Counties, Montana. Voyager has spud twelve gross Bakken wells, of which three are producing, four are drilling and five are completing. By the end of 2010, Voyager expects to spud 15 gross Bakken wells. In 2011, Voyager expects to spud approximately 35 gross and 5 net Bakken wells based on recent permitting activity on Voyager's leasehold interests. J.R. Reger, Voyager's CEO, commented, "The accelerated production and positive results across our Bakken/Three Forks position continue to remain within our original expectations. We believe that our 24,000 core acres are being developed by some of the best operators in the play and we are excited to be participating in this premier oil resource play. We continue to focus most of our efforts on leasing and acquisitions in the Bakken and Three Forks play. We are excited to be moving into the production ramp-up stage across our Bakken position. We expect substantial reserve and production additions over the coming months as the position is rapidly developed."
Voyager is currently participating in the following wells in Williams County, ND:
OPERATOR WELL NAME COUNTY STATUS WI BOEPD
EOG Wilson 150-99-29-32-1H McKenzie Preparing 0.39%
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Tuesday, October 26, 2010
Grady County, OK: Woodford Shale Update
By Andrea: http://oilshalegas.com
Continental Resources Inc. (CLR) recently released an update on the Woodford Shale stretching from Dewey County, OK through Grady County, OK:
Continental also announced that it recently completed a strong confirmation well in the Southeast Cana area of the Anadarko Woodford play in Oklahoma in the third quarter of 2010. The Dana 1-29H flowed at 2.5 MMcfpd natural gas (million cubic feet per day) and 88 Bopd (barrels of oil per day) in its initial one-day test period. This was Continental's third and most productive test well completed in the southeastern portion of the Anadarko Woodford play, validating the productivity and scope of the play from Dewey County in the northwest through Canadian County to Grady County in the southeast, a span of approximately 100 miles.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Continental Resources Inc. (CLR) recently released an update on the Woodford Shale stretching from Dewey County, OK through Grady County, OK:
Continental also announced that it recently completed a strong confirmation well in the Southeast Cana area of the Anadarko Woodford play in Oklahoma in the third quarter of 2010. The Dana 1-29H flowed at 2.5 MMcfpd natural gas (million cubic feet per day) and 88 Bopd (barrels of oil per day) in its initial one-day test period. This was Continental's third and most productive test well completed in the southeastern portion of the Anadarko Woodford play, validating the productivity and scope of the play from Dewey County in the northwest through Canadian County to Grady County in the southeast, a span of approximately 100 miles.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Williams County, ND: Bakken Shale Update
By Andrea: http://oilshalegas.com
Voyager Oil and Gas Inc. (VYOG.OB) recently released an update on the Bakken Shale located in Williams County, ND:
Voyager currently controls approximately 24,000 net acres in the Williston Basin, primarily in Williams, McKenzie and Mountrail Counties, North Dakota and Richland and Roosevelt Counties, Montana. Voyager has spud twelve gross Bakken wells, of which three are producing, four are drilling and five are completing. By the end of 2010, Voyager expects to spud 15 gross Bakken wells. In 2011, Voyager expects to spud approximately 35 gross and 5 net Bakken wells based on recent permitting activity on Voyager's leasehold interests. J.R. Reger, Voyager's CEO, commented, "The accelerated production and positive results across our Bakken/Three Forks position continue to remain within our original expectations. We believe that our 24,000 core acres are being developed by some of the best operators in the play and we are excited to be participating in this premier oil resource play. We continue to focus most of our efforts on leasing and acquisitions in the Bakken and Three Forks play. We are excited to be moving into the production ramp-up stage across our Bakken position. We expect substantial reserve and production additions over the coming months as the position is rapidly developed."
Voyager is currently participating in the following wells in Williams County, ND:
OPERATOR WELL NAME COUNTY STATUS WI BOEPD
Brigham Larsen 3-10 #1H Williams Producing 0.10% 3,090
Oasis Andre 5501 13-4H Williams Completing 11.06%
Oasis Ellis 5602 42-8H Williams Completing 0.22%
Oasis Somerset 5602 12-17H Williams Completing 3.59%
Brigham Knoshaug 14-11 #1-H Williams Completing 0.52%
Oasis Horne 5603 44-9H Williams Drilling 0.37%
Brigham Kalil Farm 14-23 #1H Williams Drilling 1.50%
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Voyager Oil and Gas Inc. (VYOG.OB) recently released an update on the Bakken Shale located in Williams County, ND:
Voyager currently controls approximately 24,000 net acres in the Williston Basin, primarily in Williams, McKenzie and Mountrail Counties, North Dakota and Richland and Roosevelt Counties, Montana. Voyager has spud twelve gross Bakken wells, of which three are producing, four are drilling and five are completing. By the end of 2010, Voyager expects to spud 15 gross Bakken wells. In 2011, Voyager expects to spud approximately 35 gross and 5 net Bakken wells based on recent permitting activity on Voyager's leasehold interests. J.R. Reger, Voyager's CEO, commented, "The accelerated production and positive results across our Bakken/Three Forks position continue to remain within our original expectations. We believe that our 24,000 core acres are being developed by some of the best operators in the play and we are excited to be participating in this premier oil resource play. We continue to focus most of our efforts on leasing and acquisitions in the Bakken and Three Forks play. We are excited to be moving into the production ramp-up stage across our Bakken position. We expect substantial reserve and production additions over the coming months as the position is rapidly developed."
Voyager is currently participating in the following wells in Williams County, ND:
OPERATOR WELL NAME COUNTY STATUS WI BOEPD
Brigham Larsen 3-10 #1H Williams Producing 0.10% 3,090
Oasis Andre 5501 13-4H Williams Completing 11.06%
Oasis Ellis 5602 42-8H Williams Completing 0.22%
Oasis Somerset 5602 12-17H Williams Completing 3.59%
Brigham Knoshaug 14-11 #1-H Williams Completing 0.52%
Oasis Horne 5603 44-9H Williams Drilling 0.37%
Brigham Kalil Farm 14-23 #1H Williams Drilling 1.50%
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Monday, October 25, 2010
Comstock Resources, Inc. (CRK): Haynesville Shale Update
By Andrea: http://oilshalegas.com
Comstock Resources, Inc. (CRK) today provided an update on the Haynesville shale located in North Louisiana:
As was previously reported with the Company's second quarter operating results, Comstock has been experiencing significant delays in completing its Haynesville or Bossier shale wells due to the limited availability of high pressure pumping services. On September 30, 2010 the Company has 26 Haynesville or Bossier shale wells drilled and waiting on completion. Going forward, Comstock has been successful in obtaining pressure pumping and other related services which will allow it to frac 14 wells before the end of the year. With six operated rigs drilling in the Haynesville and Bossier shale, Comstock expects to drill another ten wells in the fourth quarter giving the Company an estimated 22 wells to carry over into 2011 for completion. In response to the weak natural gas prices, Comstock plans to release one of the six rigs in November and is considering moving an additional rig to South Texas to be utilized in its Eagle Ford shale drilling program in 2011.
Comstock also announced today that the Company has entered into an agreement with a major service provider to provide the Company with a dedicated frac crew for its North Louisiana operations in early 2011. The dedicated crew will allow the Company to complete its backlog of Haynesville and Bossier shale wells during 2011 as well as keep current with the Company's 2011 anticipated drilling activity. In addition, Comstock is in the process of finalizing agreements for completion services for its 2010 and anticipated 2011 Eagle Ford shale drilling program in South Texas.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Comstock Resources, Inc. (CRK) today provided an update on the Haynesville shale located in North Louisiana:
As was previously reported with the Company's second quarter operating results, Comstock has been experiencing significant delays in completing its Haynesville or Bossier shale wells due to the limited availability of high pressure pumping services. On September 30, 2010 the Company has 26 Haynesville or Bossier shale wells drilled and waiting on completion. Going forward, Comstock has been successful in obtaining pressure pumping and other related services which will allow it to frac 14 wells before the end of the year. With six operated rigs drilling in the Haynesville and Bossier shale, Comstock expects to drill another ten wells in the fourth quarter giving the Company an estimated 22 wells to carry over into 2011 for completion. In response to the weak natural gas prices, Comstock plans to release one of the six rigs in November and is considering moving an additional rig to South Texas to be utilized in its Eagle Ford shale drilling program in 2011.
Comstock also announced today that the Company has entered into an agreement with a major service provider to provide the Company with a dedicated frac crew for its North Louisiana operations in early 2011. The dedicated crew will allow the Company to complete its backlog of Haynesville and Bossier shale wells during 2011 as well as keep current with the Company's 2011 anticipated drilling activity. In addition, Comstock is in the process of finalizing agreements for completion services for its 2010 and anticipated 2011 Eagle Ford shale drilling program in South Texas.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Berry Petroleum Company (BRY) - Permian Basin shale Update
By Andrea: http://oilshalegas.com
Berry Petroleum Company (BRY) announced that it has entered into agreements with a group of sellers to acquire their interests in properties on approximately 9,300 net acres in the Wolfberry trend (Permian Basin) in West Texas for a combined purchase price of $180 million in cash. Berry's proved plus probable reserve estimates associated with the forty-acre development of the properties are approximately 35 million barrels of oil equivalent (MMBOE) with crude oil comprising 76% of these volumes. Upon completion of the acquisitions, the properties are expected to add approximately 2,200 barrels of oil equivalent per day (BOED) to Berry's production during 2011.
Since entering the Permian basin in March of 2010, Berry has accumulated approximately 19,350 net acres in the Wolfberry trend. The $313 million of acquisitions in 2010 is expected to provide a five-year drilling inventory in the Wolfberry of 400 locations on forty-acre spacing with an additional 400 potential locations on twenty-acre spacing.
Robert Heinemann, president and chief executive officer, stated, "We are pleased to bring additional scalable, high margin oil assets into the portfolio which complements our base oil assets in California and Utah. We believe these acquisitions enhance our overall Permian operations with a contiguous 6,800 net acre block and strong per well recoveries of 180 MBOE. The first three years of expected production on these assets has a hedging floor of approximately $87 WTI which should allow these assets to generate operating margins of $62 per barrel. The Company's existing Wolfberry assets, acquired earlier in 2010, are performing in line with expectations and production is 1,700 BOED today. With the acquisitions announced today, we now expect production from our Permian assets will grow to 9,000 BOED during the next four years."
David Wolf, executive vice president and chief financial officer, stated "We expect to fund this acquisition under our credit facility and on a pro forma basis we will have liquidity of over $500 million. With this acquisition, our leverage should be in the range of 2.25 to 2.5 times EBITDA in 2011."
The effective date of the transaction is October 1, 2010 with closing expected in December 2010 and is subject to customary closing conditions. Production from the properties to be acquired is expected to be approximately 1,200 BOED at closing. Contribution to the Company's fourth quarter 2010 production will be minimal given the expected closing date.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Berry Petroleum Company (BRY) announced that it has entered into agreements with a group of sellers to acquire their interests in properties on approximately 9,300 net acres in the Wolfberry trend (Permian Basin) in West Texas for a combined purchase price of $180 million in cash. Berry's proved plus probable reserve estimates associated with the forty-acre development of the properties are approximately 35 million barrels of oil equivalent (MMBOE) with crude oil comprising 76% of these volumes. Upon completion of the acquisitions, the properties are expected to add approximately 2,200 barrels of oil equivalent per day (BOED) to Berry's production during 2011.
Since entering the Permian basin in March of 2010, Berry has accumulated approximately 19,350 net acres in the Wolfberry trend. The $313 million of acquisitions in 2010 is expected to provide a five-year drilling inventory in the Wolfberry of 400 locations on forty-acre spacing with an additional 400 potential locations on twenty-acre spacing.
Robert Heinemann, president and chief executive officer, stated, "We are pleased to bring additional scalable, high margin oil assets into the portfolio which complements our base oil assets in California and Utah. We believe these acquisitions enhance our overall Permian operations with a contiguous 6,800 net acre block and strong per well recoveries of 180 MBOE. The first three years of expected production on these assets has a hedging floor of approximately $87 WTI which should allow these assets to generate operating margins of $62 per barrel. The Company's existing Wolfberry assets, acquired earlier in 2010, are performing in line with expectations and production is 1,700 BOED today. With the acquisitions announced today, we now expect production from our Permian assets will grow to 9,000 BOED during the next four years."
David Wolf, executive vice president and chief financial officer, stated "We expect to fund this acquisition under our credit facility and on a pro forma basis we will have liquidity of over $500 million. With this acquisition, our leverage should be in the range of 2.25 to 2.5 times EBITDA in 2011."
The effective date of the transaction is October 1, 2010 with closing expected in December 2010 and is subject to customary closing conditions. Production from the properties to be acquired is expected to be approximately 1,200 BOED at closing. Contribution to the Company's fourth quarter 2010 production will be minimal given the expected closing date.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Approach Resources: Permian Basin Update
By Andrea: http://oilshalegas.com
Approach Resources Inc. (AREX) recently released an operational update on the Permian Basin:
Approach identified the Wolffork through extensive regional mapping, using 3-D seismic data from over 135,000 acres and well data from over 400 wellbores that we have drilled and completed while targeting the deeper Canyon, Strawn and Ellenburger zones. The Wolffork is comprised of three stacked pay zones, the Clearfork, Dean and Wolfcamp Shale formations. Petrophysical analyses indicate more than 2,500 feet of gross pay from the Wolffork.
Based on log data and whole-core analyses, we believe that the Wolfcamp Shale has total organic carbon content ranging from 2.2% to 7.2%, porosity ranging from 4% to 11% (density porosity ranges from 8% to 15%) and high concentration of natural fractures.
Wolffork Reserve Potential
Approach estimates that, based on whole-core and detailed petrophysical analyses, there is significant potential oil and gas in place attributable to the Wolffork.
Formation Estimated
Oil and Gas In Place /
640 Acres (MMBoe)
Wolfcamp 118.9
Wolfcamp, Dean 125.6
Wolfcamp, Dean, Clearfork 181.7
The Wolfcamp Shale is over 1,000 feet thick and heavily fractured, ideal for horizontal drilling. We estimate 343 MBoe of potential recoverable reserves for a horizontal well targeting the Wolfcamp.
Results from Wolfcamp Shale Pilot Program and Estimated Ultimate Recovery ("EUR")
To date, we have recompleted four wells in the Wolfcamp Shale. All four pilot wells became producers. Based on our regional study, production data from our pilot wells and from adjacent operators, we estimate EURs ranging from 55 MBoe to 83 MBoe for a
Approach Resources Inc. (AREX) recently released an operationa
Wolfcamp recompletion, 90 MBoe to 135 MBoe for a Wolffork recompletion, 204 MBoe to 306 MBoe for a Canyon Wolffork new drill and 354 MBoe to 530 MBoe for a Wolfcamp horizontal well.
Fourth Quarter 2010 Plans
During the fourth quarter of 2010, we plan to further delineate the Wolffork trend across our acreage position. Our Wolffork pilot program for the fourth quarter of 2010 is outlined below.
* Drill one horizontal well, the Cinco Terry "M" 901-H, targeting the Wolfcamp Shale at the end of October 2010. Approach expects to complete the horizontal well during the first quarter of 2011.
* Recomplete the Cinco Terry 1601, targeting the Wolfcamp Shale zone.
* Recomplete two wells in Ozona Northeast, targeting the Wolffork.
* Complete the Baker "C" 1201, targeting the Wolffork and Canyon Sands zones.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Approach Resources Inc. (AREX) recently released an operational update on the Permian Basin:
Approach identified the Wolffork through extensive regional mapping, using 3-D seismic data from over 135,000 acres and well data from over 400 wellbores that we have drilled and completed while targeting the deeper Canyon, Strawn and Ellenburger zones. The Wolffork is comprised of three stacked pay zones, the Clearfork, Dean and Wolfcamp Shale formations. Petrophysical analyses indicate more than 2,500 feet of gross pay from the Wolffork.
Based on log data and whole-core analyses, we believe that the Wolfcamp Shale has total organic carbon content ranging from 2.2% to 7.2%, porosity ranging from 4% to 11% (density porosity ranges from 8% to 15%) and high concentration of natural fractures.
Wolffork Reserve Potential
Approach estimates that, based on whole-core and detailed petrophysical analyses, there is significant potential oil and gas in place attributable to the Wolffork.
Formation Estimated
Oil and Gas In Place /
640 Acres (MMBoe)
Wolfcamp 118.9
Wolfcamp, Dean 125.6
Wolfcamp, Dean, Clearfork 181.7
The Wolfcamp Shale is over 1,000 feet thick and heavily fractured, ideal for horizontal drilling. We estimate 343 MBoe of potential recoverable reserves for a horizontal well targeting the Wolfcamp.
Results from Wolfcamp Shale Pilot Program and Estimated Ultimate Recovery ("EUR")
To date, we have recompleted four wells in the Wolfcamp Shale. All four pilot wells became producers. Based on our regional study, production data from our pilot wells and from adjacent operators, we estimate EURs ranging from 55 MBoe to 83 MBoe for a
Approach Resources Inc. (AREX) recently released an operationa
Wolfcamp recompletion, 90 MBoe to 135 MBoe for a Wolffork recompletion, 204 MBoe to 306 MBoe for a Canyon Wolffork new drill and 354 MBoe to 530 MBoe for a Wolfcamp horizontal well.
Fourth Quarter 2010 Plans
During the fourth quarter of 2010, we plan to further delineate the Wolffork trend across our acreage position. Our Wolffork pilot program for the fourth quarter of 2010 is outlined below.
* Drill one horizontal well, the Cinco Terry "M" 901-H, targeting the Wolfcamp Shale at the end of October 2010. Approach expects to complete the horizontal well during the first quarter of 2011.
* Recomplete the Cinco Terry 1601, targeting the Wolfcamp Shale zone.
* Recomplete two wells in Ozona Northeast, targeting the Wolffork.
* Complete the Baker "C" 1201, targeting the Wolffork and Canyon Sands zones.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Sunday, October 24, 2010
Weld County, CO: Niobrara Shale Update
By Andrea: http://oilshalegas.com
Voyager Oil and Gas Inc. (VYOG.OB) recently released an update on the Niobrara Shale located in Weld County, CO:
Voyager recently participated with Slawson Exploration in three gross Niobrara well completions in the D-J Basin Niobrara play. Slawson is currently setting surface casing on 22 additional drilling locations that have been delineated and high-graded by initial results from the first three wells and other operator results in the area.
Bushwacker 24-11-67
The Bushwacker well is located in the western portion of Slawson's Weld County, Colorado lease block in Section 24, Township 11N, Range 67W. The well experienced significant geosteering issues in the Niobrara B formation and a majority of the lateral is believed to be low or out of the Niobrara B target zone. The well was recently completed with a 19-stage fracture stimulation and flowed back primarily frac fluids with a trace of oil. The well is temporarily shut in pending results of the Moonshine #1-36H and the Outlaw #1-16H. The well was drilled and completed for $3.0 million, below the AFE estimate of $4.2 million. We expect that the lateral portion of the well may be re-drilled and re-stimulated in either the Niobrara B or the Codell formation.
Moonshine #1-36H
The Moonshine well is located east of the Bushwacker well in Section 36, Township 11N, Range 65W Weld County, Colorado. The well experienced encouraging oil and gas shows in The Niobrara B formation during drilling and was recently completed with a 19-stage fracture stimulation. The well is currently flowing back primarily frac water with a 13% oil cut. Although the well is producing approximately 20 BOPD, the well will be placed on pump in late October and currently is expected to be a commercial producer. The well was drilled and completed for $3.29 million, below the AFE estimate of $4.2 million.
Outlaw 1-16H
The Outlaw well is located between the Moonshine and Bushwacker wells in Section 16, Township 11N, Range 66W Weld County, Colorado. The Outlaw well experienced encouraging oil and gas shows during drilling in the Niobrara B formation and is currently being completed. Three stages of the well were fracture stimulated and the fourth stage pressured out. The well is currently flowing back primarily frac water with a 3% oil cut. The remainder of the fracture stimulation is expected to be completed in late October. The well has incurred $1.3 million in drilling and completion costs to date and is expected to be fully completed for less than $3 million.
J.R. Reger commented, "We are encouraged by what we are seeing as we move east in the lease block with the Moonshine and the Outlaw wells. We are especially encouraged by the drilling and completion costs of approximately $3 million per well. We expect the Niobrara Play to continue to evolve and improve. Recent results by other operators in the area are beginning to come in and the operators are beginning to share data regarding target zone, azimuth (horizontal direction) and completion techniques. The horizontal Niobrara play is in its infancy and we expect the learning curve to be steep. Slawson is currently setting surface casing on 22 high-grade locations, based on the shows from the Moonshine and Outlaw wells. Slawson will commence drilling on the lease block when the surface casing is set on all 22 high-grade locations and additional field data regarding drilling and completions techniques has been received. Several of the high-grade locations are in the immediate vicinity of recent EOG results that have been very encouraging. Slawson and Voyager continue to acquire acreage in the core area of the play and we continue to add additional drilling opportunities to our inventory as the play evolves. We are excited about the pace with which this play is developing and we expect the data from these first 3 delineation wells to aid in our future leasing and drilling."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Voyager Oil and Gas Inc. (VYOG.OB) recently released an update on the Niobrara Shale located in Weld County, CO:
Voyager recently participated with Slawson Exploration in three gross Niobrara well completions in the D-J Basin Niobrara play. Slawson is currently setting surface casing on 22 additional drilling locations that have been delineated and high-graded by initial results from the first three wells and other operator results in the area.
Bushwacker 24-11-67
The Bushwacker well is located in the western portion of Slawson's Weld County, Colorado lease block in Section 24, Township 11N, Range 67W. The well experienced significant geosteering issues in the Niobrara B formation and a majority of the lateral is believed to be low or out of the Niobrara B target zone. The well was recently completed with a 19-stage fracture stimulation and flowed back primarily frac fluids with a trace of oil. The well is temporarily shut in pending results of the Moonshine #1-36H and the Outlaw #1-16H. The well was drilled and completed for $3.0 million, below the AFE estimate of $4.2 million. We expect that the lateral portion of the well may be re-drilled and re-stimulated in either the Niobrara B or the Codell formation.
Moonshine #1-36H
The Moonshine well is located east of the Bushwacker well in Section 36, Township 11N, Range 65W Weld County, Colorado. The well experienced encouraging oil and gas shows in The Niobrara B formation during drilling and was recently completed with a 19-stage fracture stimulation. The well is currently flowing back primarily frac water with a 13% oil cut. Although the well is producing approximately 20 BOPD, the well will be placed on pump in late October and currently is expected to be a commercial producer. The well was drilled and completed for $3.29 million, below the AFE estimate of $4.2 million.
Outlaw 1-16H
The Outlaw well is located between the Moonshine and Bushwacker wells in Section 16, Township 11N, Range 66W Weld County, Colorado. The Outlaw well experienced encouraging oil and gas shows during drilling in the Niobrara B formation and is currently being completed. Three stages of the well were fracture stimulated and the fourth stage pressured out. The well is currently flowing back primarily frac water with a 3% oil cut. The remainder of the fracture stimulation is expected to be completed in late October. The well has incurred $1.3 million in drilling and completion costs to date and is expected to be fully completed for less than $3 million.
J.R. Reger commented, "We are encouraged by what we are seeing as we move east in the lease block with the Moonshine and the Outlaw wells. We are especially encouraged by the drilling and completion costs of approximately $3 million per well. We expect the Niobrara Play to continue to evolve and improve. Recent results by other operators in the area are beginning to come in and the operators are beginning to share data regarding target zone, azimuth (horizontal direction) and completion techniques. The horizontal Niobrara play is in its infancy and we expect the learning curve to be steep. Slawson is currently setting surface casing on 22 high-grade locations, based on the shows from the Moonshine and Outlaw wells. Slawson will commence drilling on the lease block when the surface casing is set on all 22 high-grade locations and additional field data regarding drilling and completions techniques has been received. Several of the high-grade locations are in the immediate vicinity of recent EOG results that have been very encouraging. Slawson and Voyager continue to acquire acreage in the core area of the play and we continue to add additional drilling opportunities to our inventory as the play evolves. We are excited about the pace with which this play is developing and we expect the data from these first 3 delineation wells to aid in our future leasing and drilling."
For more shale updates, visit: http://blackberrystocks.blogspot.com
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Rex Energy Corp. - Niobrara Shale and Marcellus Shale Update
By Andrea: http://oilshalegas.com
Rex Energy Corporation (REXX) announced today that production during the third quarter 2010 was 20.3 Mmcfe per day which was within the company's guidance of 19.0 Mmcfe per day to 21.0 Mmcfe per day.
Rex Energy also provided an operational update on its Niobrara Shale operations. The company's first well, the Silo State 41-22, was a Rex Energy farm-in well located in the southern part of the Silo Field in Laramie County, Wyoming. The company drilled an approximate 4,000 foot lateral and encountered oil and gas shows while drilling. Rex Energy performed a 13 stage fracture stimulation in late September 2010 which went as planned. During load recovering, the tubing inside casing parted and the company is currently recovering the tubing. This has caused a delay in the completion. To date Rex Energy has recovered 15% of the fracture load. The company expects to resume load recovering shortly.
The well was located with the boundaries of the Silo Field, and Rex Energy anticipated some pressure depletion prior to drilling the well. The company expects to take several additional weeks to clean up the well. The Silo State 41-22 will provide Rex Energy with valuable information on the viability of infill drilling and drainage in the DJ Basin.
Rex Energy is now drilling the Herrington Farms 1H well, its second Niobrara Shale well, and is currently at 2,500 feet of the horizontal leg which is approximately half of the total planned lateral length. The well is in east Silo Field area and will be more representative of the company's 40,000 net acres in the DJ Basin. Rex Energy is encouraged by the continuous oil and gas shows while drilling and is pleased to report it has commenced oil sales from the drill site. The company expects to reach total depth of the well this weekend with completion planned for November 2010. Rex Energy currently has four more locations with approved permits.
In Butler County, Pennsylvania, Rex Energy is currently completing the second and third Marcellus Shale horizontal wells of the six which had been drilled and awaiting completion. The company expects to have all six wells completed by early November 2010 at which time their jointly owned cryogenic gas processing facility is expected to be operational.
Rex Energy is continuing to inject chemicals in its alkali-surfactant-polymer unit in the Lawrence Field, Illinois. The company has reached injection of approximately 8% of the pore volume. This amount remains on schedule with previously provided timelines.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Rex Energy Corporation (REXX) announced today that production during the third quarter 2010 was 20.3 Mmcfe per day which was within the company's guidance of 19.0 Mmcfe per day to 21.0 Mmcfe per day.
Rex Energy also provided an operational update on its Niobrara Shale operations. The company's first well, the Silo State 41-22, was a Rex Energy farm-in well located in the southern part of the Silo Field in Laramie County, Wyoming. The company drilled an approximate 4,000 foot lateral and encountered oil and gas shows while drilling. Rex Energy performed a 13 stage fracture stimulation in late September 2010 which went as planned. During load recovering, the tubing inside casing parted and the company is currently recovering the tubing. This has caused a delay in the completion. To date Rex Energy has recovered 15% of the fracture load. The company expects to resume load recovering shortly.
The well was located with the boundaries of the Silo Field, and Rex Energy anticipated some pressure depletion prior to drilling the well. The company expects to take several additional weeks to clean up the well. The Silo State 41-22 will provide Rex Energy with valuable information on the viability of infill drilling and drainage in the DJ Basin.
Rex Energy is now drilling the Herrington Farms 1H well, its second Niobrara Shale well, and is currently at 2,500 feet of the horizontal leg which is approximately half of the total planned lateral length. The well is in east Silo Field area and will be more representative of the company's 40,000 net acres in the DJ Basin. Rex Energy is encouraged by the continuous oil and gas shows while drilling and is pleased to report it has commenced oil sales from the drill site. The company expects to reach total depth of the well this weekend with completion planned for November 2010. Rex Energy currently has four more locations with approved permits.
In Butler County, Pennsylvania, Rex Energy is currently completing the second and third Marcellus Shale horizontal wells of the six which had been drilled and awaiting completion. The company expects to have all six wells completed by early November 2010 at which time their jointly owned cryogenic gas processing facility is expected to be operational.
Rex Energy is continuing to inject chemicals in its alkali-surfactant-polymer unit in the Lawrence Field, Illinois. The company has reached injection of approximately 8% of the pore volume. This amount remains on schedule with previously provided timelines.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Butler County, PA: Marcellus Shale Update
By Andrea: http://oilshalegas.com
Rexx Energy Corp. (REXX) recently released an operational update on the Marcellus Shale, located in Butler County, PA:
In Butler County, Pennsylvania, Rex Energy is currently completing the second and third Marcellus Shale horizontal wells of the six which had been drilled and awaiting completion. The company expects to have all six wells completed by early November 2010 at which time their jointly owned cryogenic gas processing facility is expected to be operational.
Rex Energy is continuing to inject chemicals in its alkali-surfactant-polymer unit in the Lawrence Field, Illinois. The company has reached injection of approximately 8% of the pore volume. This amount remains on schedule with previously provided timelines.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Rexx Energy Corp. (REXX) recently released an operational update on the Marcellus Shale, located in Butler County, PA:
In Butler County, Pennsylvania, Rex Energy is currently completing the second and third Marcellus Shale horizontal wells of the six which had been drilled and awaiting completion. The company expects to have all six wells completed by early November 2010 at which time their jointly owned cryogenic gas processing facility is expected to be operational.
Rex Energy is continuing to inject chemicals in its alkali-surfactant-polymer unit in the Lawrence Field, Illinois. The company has reached injection of approximately 8% of the pore volume. This amount remains on schedule with previously provided timelines.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Laramie County, Wyoming: Niobrara Shale Update
By Andrea: http://oilshalegas.com
Rex Energy Corporation (REXX) recently announced that production during the third quarter 2010 was 20.3 Mmcfe per day which was within the company's guidance of 19.0 Mmcfe per day to 21.0 Mmcfe per day.
Rex Energy also provided an operational update on its Niobrara Shale operations. The company's first well, the Silo State 41-22, was a Rex Energy farm-in well located in the southern part of the Silo Field in Laramie County, Wyoming. The company drilled an approximate 4,000 foot lateral and encountered oil and gas shows while drilling. Rex Energy performed a 13 stage fracture stimulation in late September 2010 which went as planned. During load recovering, the tubing inside casing parted and the company is currently recovering the tubing. This has caused a delay in the completion. To date Rex Energy has recovered 15% of the fracture load. The company expects to resume load recovering shortly.
The well was located with the boundaries of the Silo Field, and Rex Energy anticipated some pressure depletion prior to drilling the well. The company expects to take several additional weeks to clean up the well. The Silo State 41-22 will provide Rex Energy with valuable information on the viability of infill drilling and drainage in the DJ Basin.
Rex Energy is now drilling the Herrington Farms 1H well, its second Niobrara Shale well, and is currently at 2,500 feet of the horizontal leg which is approximately half of the total planned lateral length. The well is in east Silo Field area and will be more representative of the company's 40,000 net acres in the DJ Basin. Rex Energy is encouraged by the continuous oil and gas shows while drilling and is pleased to report it has commenced oil sales from the drill site. The company expects to reach total depth of the well this weekend with completion planned for November 2010. Rex Energy currently has four more locations with approved permits.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Rex Energy Corporation (REXX) recently announced that production during the third quarter 2010 was 20.3 Mmcfe per day which was within the company's guidance of 19.0 Mmcfe per day to 21.0 Mmcfe per day.
Rex Energy also provided an operational update on its Niobrara Shale operations. The company's first well, the Silo State 41-22, was a Rex Energy farm-in well located in the southern part of the Silo Field in Laramie County, Wyoming. The company drilled an approximate 4,000 foot lateral and encountered oil and gas shows while drilling. Rex Energy performed a 13 stage fracture stimulation in late September 2010 which went as planned. During load recovering, the tubing inside casing parted and the company is currently recovering the tubing. This has caused a delay in the completion. To date Rex Energy has recovered 15% of the fracture load. The company expects to resume load recovering shortly.
The well was located with the boundaries of the Silo Field, and Rex Energy anticipated some pressure depletion prior to drilling the well. The company expects to take several additional weeks to clean up the well. The Silo State 41-22 will provide Rex Energy with valuable information on the viability of infill drilling and drainage in the DJ Basin.
Rex Energy is now drilling the Herrington Farms 1H well, its second Niobrara Shale well, and is currently at 2,500 feet of the horizontal leg which is approximately half of the total planned lateral length. The well is in east Silo Field area and will be more representative of the company's 40,000 net acres in the DJ Basin. Rex Energy is encouraged by the continuous oil and gas shows while drilling and is pleased to report it has commenced oil sales from the drill site. The company expects to reach total depth of the well this weekend with completion planned for November 2010. Rex Energy currently has four more locations with approved permits.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Northerin Oil and Gas, Inc. - Bakken Shale Update
By Andrea: http://oilshalegas.com
Northern Oil and Gas, Inc. (NOG) recently announced increased 2010 drilling guidance and provided an operations update related to drilling and completion activity in the Williston Basin Bakken and Three Forks play.
2010 DRILLING ACTIVITY
Since January 1, 2010, Northern Oil has spud 21.5 net wells. Northern Oil is currently participating in the drilling or completion of 90 gross Bakken or Three Forks wells, for an aggregate of 10.4 net wells currently drilling, awaiting completion or completing. Of those wells, 5.0 net wells are currently drilling but have not reached total depth, an additional 4.6 net wells have been drilled to total depth and are awaiting completion and the remaining 0.8 net wells are currently undergoing fracture stimulation to commence production.
Northern Oil now expects to spud approximately 24 net wells by the end of 2010, increased from previous guidance of 18 net wells. We believe the increase in expected wells is based upon the increasing rig count, which was at an all-time high of 155 drillings rigs in the North Dakota Bakken play as of October 11, 2010. Northern Oil’s Chief Executive Officer, Michael Reger, commented "We continue to experience an increased pace of drilling in the Bakken and Three Forks plays. In addition to allowing Northern Oil to consistently increase its production, increasing drilling activities have also allowed us to observe the impactful delineation of the Three Forks play in key counties of the Williston Basin."
2010 ACREAGE ACQUISITIONS
Northern Oil has acquired a total of 38,864 net acres year-to-date in the core of the Williston Basin Bakken and Three Forks play at a total cost of approximately $42.2 million. This represents an average cost of $1,086 per acre.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Northern Oil and Gas, Inc. (NOG) recently announced increased 2010 drilling guidance and provided an operations update related to drilling and completion activity in the Williston Basin Bakken and Three Forks play.
2010 DRILLING ACTIVITY
Since January 1, 2010, Northern Oil has spud 21.5 net wells. Northern Oil is currently participating in the drilling or completion of 90 gross Bakken or Three Forks wells, for an aggregate of 10.4 net wells currently drilling, awaiting completion or completing. Of those wells, 5.0 net wells are currently drilling but have not reached total depth, an additional 4.6 net wells have been drilled to total depth and are awaiting completion and the remaining 0.8 net wells are currently undergoing fracture stimulation to commence production.
Northern Oil now expects to spud approximately 24 net wells by the end of 2010, increased from previous guidance of 18 net wells. We believe the increase in expected wells is based upon the increasing rig count, which was at an all-time high of 155 drillings rigs in the North Dakota Bakken play as of October 11, 2010. Northern Oil’s Chief Executive Officer, Michael Reger, commented "We continue to experience an increased pace of drilling in the Bakken and Three Forks plays. In addition to allowing Northern Oil to consistently increase its production, increasing drilling activities have also allowed us to observe the impactful delineation of the Three Forks play in key counties of the Williston Basin."
2010 ACREAGE ACQUISITIONS
Northern Oil has acquired a total of 38,864 net acres year-to-date in the core of the Williston Basin Bakken and Three Forks play at a total cost of approximately $42.2 million. This represents an average cost of $1,086 per acre.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Talisman Energy Inc. (TLM): Eagle Ford Shale Update
By Andrea: http://oilshalegas.com
Talisman Energy Inc. (TLM) recently announced that it has reached an agreement to acquire additional properties in the Eagle Ford shale play in south Texas. Talisman and Statoil have agreed on a joint-venture to acquire 97,000 net acres of high-quality, liquids rich Eagle Ford shale properties from Enduring Resources for a total consideration of US$1.325 billion.
"This transaction is an excellent fit with Talisman's strategy," said John A. Manzoni, President and CEO. "Talisman now has material positions in three world-class shale plays in North America. This acquisition is in the liquids rich window of the Eagle Ford and complements our existing acreage. We are very pleased to be working with Statoil, a respected global company with whom we have an excellent working relationship."
The Transaction
Talisman and Statoil have agreed to create a 50/50 joint-venture across the Eagle Ford shale play, with Talisman as the initial operator. The net cost to Talisman of this new acreage will be approximately US$485 million, after Statoil purchases a 50% working interest in Talisman's existing 37,000 net acres in the Eagle Ford. Upon completion of these transactions, Talisman will hold approximately 70,000 net acres, predominantly in the liquids rich heart of the play.
Talisman and Statoil have agreed that Statoil will operate approximately 50% of the joint assets within three years. The transaction is expected to close by year end.
The Assets
The acquisition includes 97,000 net acres of land (50/50 joint-venture between Talisman and Statoil) in the liquids rich window of the Eagle Ford shale. The purchase price equates to about US$10,900 per acre, taking into consideration Enduring's existing production of 5,500 boe/d, as well as gas processing infrastructure that comes with the acquisition. In addition, the companies have an option to jointly acquire up to an additional 22,000 net acres.
Approximately 55,000 net acres are held by existing production. There are currently three horizontal rigs operating on the leases, which is more than sufficient to hold this land. The land position consists of large contiguous blocks across the Eagle Ford, with a thick, high-porosity shale section, and high expected ultimate recovery factors (EURs). EURs are expected to average at least 660,000 boe per well.
There is currently 5,500 boe/d of production, including six Eagle Ford wells which are on-stream. An additional eight wells have been drilled; three wells are drilling, with nine additional wells planned by year-end. Initial production rates on the two most recent wells have averaged 3,700 boe/d (including 1,000 bbl/d of liquids) and 2,300 boe/d (including 425 bbl/d of liquids). There are numerous egress options available to support future production growth.
Strategic Context
The company believes there is an estimated 800 million boe of net contingent resource on the acquired properties, of which approximately 50% is expected to be condensate or natural gas liquids. Talisman estimates there are over 1,000 net drilling locations on the newly acquired acreage. The company believes that similar to its Marcellus and Montney shale plays, its Eagle Ford play will have a full-cycle break even of less than US$4 per mcf.
Shale gas and liquids development is an important part of Talisman's strategy for long-term, profitable growth. The company has established large, high-quality land positions in the Marcellus shale (Pennsylvania), Montney shale (British Columbia) and Utica shale (Quebec).
The addition of this new acreage gives Talisman a material core position in the liquids rich window of the Eagle Ford shale play. The company believes its shale plays have the critical mass needed to support Talisman's objective of becoming a leading, returns focused shale producer in North America.
The company is committed to operating in a safe, environmentally responsible manner and to maintaining good working relationships with local communities near our areas of operations.
Barclays Capital acted as an advisor to Talisman on this transaction.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Talisman Energy Inc. (TLM) recently announced that it has reached an agreement to acquire additional properties in the Eagle Ford shale play in south Texas. Talisman and Statoil have agreed on a joint-venture to acquire 97,000 net acres of high-quality, liquids rich Eagle Ford shale properties from Enduring Resources for a total consideration of US$1.325 billion.
"This transaction is an excellent fit with Talisman's strategy," said John A. Manzoni, President and CEO. "Talisman now has material positions in three world-class shale plays in North America. This acquisition is in the liquids rich window of the Eagle Ford and complements our existing acreage. We are very pleased to be working with Statoil, a respected global company with whom we have an excellent working relationship."
The Transaction
Talisman and Statoil have agreed to create a 50/50 joint-venture across the Eagle Ford shale play, with Talisman as the initial operator. The net cost to Talisman of this new acreage will be approximately US$485 million, after Statoil purchases a 50% working interest in Talisman's existing 37,000 net acres in the Eagle Ford. Upon completion of these transactions, Talisman will hold approximately 70,000 net acres, predominantly in the liquids rich heart of the play.
Talisman and Statoil have agreed that Statoil will operate approximately 50% of the joint assets within three years. The transaction is expected to close by year end.
The Assets
The acquisition includes 97,000 net acres of land (50/50 joint-venture between Talisman and Statoil) in the liquids rich window of the Eagle Ford shale. The purchase price equates to about US$10,900 per acre, taking into consideration Enduring's existing production of 5,500 boe/d, as well as gas processing infrastructure that comes with the acquisition. In addition, the companies have an option to jointly acquire up to an additional 22,000 net acres.
Approximately 55,000 net acres are held by existing production. There are currently three horizontal rigs operating on the leases, which is more than sufficient to hold this land. The land position consists of large contiguous blocks across the Eagle Ford, with a thick, high-porosity shale section, and high expected ultimate recovery factors (EURs). EURs are expected to average at least 660,000 boe per well.
There is currently 5,500 boe/d of production, including six Eagle Ford wells which are on-stream. An additional eight wells have been drilled; three wells are drilling, with nine additional wells planned by year-end. Initial production rates on the two most recent wells have averaged 3,700 boe/d (including 1,000 bbl/d of liquids) and 2,300 boe/d (including 425 bbl/d of liquids). There are numerous egress options available to support future production growth.
Strategic Context
The company believes there is an estimated 800 million boe of net contingent resource on the acquired properties, of which approximately 50% is expected to be condensate or natural gas liquids. Talisman estimates there are over 1,000 net drilling locations on the newly acquired acreage. The company believes that similar to its Marcellus and Montney shale plays, its Eagle Ford play will have a full-cycle break even of less than US$4 per mcf.
Shale gas and liquids development is an important part of Talisman's strategy for long-term, profitable growth. The company has established large, high-quality land positions in the Marcellus shale (Pennsylvania), Montney shale (British Columbia) and Utica shale (Quebec).
The addition of this new acreage gives Talisman a material core position in the liquids rich window of the Eagle Ford shale play. The company believes its shale plays have the critical mass needed to support Talisman's objective of becoming a leading, returns focused shale producer in North America.
The company is committed to operating in a safe, environmentally responsible manner and to maintaining good working relationships with local communities near our areas of operations.
Barclays Capital acted as an advisor to Talisman on this transaction.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Continental Resources: Bakken Shale Update
By Andrea: http://oilshalegas.com
Continental Resources Inc. (CLR) announced the completion of 26 Company-operated gross wells (16.4 net) in the North Dakota Bakken play in the third quarter of 2010, with an average one-day production test of 995 Boepd (barrels of oil equivalent per day). These wells, with their one-day test results, included:
* Bonney 2-3H (43% WI) in Dunn Co. - 1,765 Boepd;
* Roadrunner 1-15H (56% WI) in Dunn Co. - 1,722 Boepd;
* Rollefstad 2-3H (73% WI) in McKenzie Co. - 1,714 Boepd;
* Medicine Hole 2-27H (43% WI) in Dunn Co. - 1,702 Boepd;
* Mack 2-2H (74% WI) in McKenzie Co. - 1,471 Boepd;
* Ravin 1-1H (59% WI) in McKenzie Co. - 1,300 Boepd;
* Howard 1-5H (52% WI) in Divide Co. - 1,201 Boepd;
* Bjella 1-24H (41% WI) in Williams Co. - 1,029 Boepd.
Among Continental's operated wells completed in the third quarter of 2010 were the four wells in its first ECO-Pad(R) project - Hegler 1-13H and 2-13H (83% WI) and Arthur 1-12H and 2-12H (94% WI) in Dunn County. Continental's ECO-Pad concept involves drilling paired wells in adjoining 1,280-acre spacing units. The ECO-Pad concept involves drilling the first pair of parallel wells to target the Middle Bakken zone and the Three Forks zone in the first unit, separated vertically by about 50 feet and horizontally by 660 feet. The second pair of wells duplicates this pattern in the adjoining spacing unit.
All four wells are drilled from a single drilling pad, which reduces surface footprint. The Arthur and Hegler wells in the first ECO-Pad project had a one-day test production rate total of 4,359 Boe, for an average of 1,090 Boepd per well.
"Production rates and wellbore pressures clearly indicate that the Middle Bakken and Three Forks zones are isolated from one another, confirming our expanded view of the North Dakota Bakken's potential," Mr. Hamm said. "We are producing these wells under restriction to conserve the energy resource and minimize flaring.
"This is clearly the technology approach to take as we move into full-scale development," Mr. Hamm said.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Continental Resources Inc. (CLR) announced the completion of 26 Company-operated gross wells (16.4 net) in the North Dakota Bakken play in the third quarter of 2010, with an average one-day production test of 995 Boepd (barrels of oil equivalent per day). These wells, with their one-day test results, included:
* Bonney 2-3H (43% WI) in Dunn Co. - 1,765 Boepd;
* Roadrunner 1-15H (56% WI) in Dunn Co. - 1,722 Boepd;
* Rollefstad 2-3H (73% WI) in McKenzie Co. - 1,714 Boepd;
* Medicine Hole 2-27H (43% WI) in Dunn Co. - 1,702 Boepd;
* Mack 2-2H (74% WI) in McKenzie Co. - 1,471 Boepd;
* Ravin 1-1H (59% WI) in McKenzie Co. - 1,300 Boepd;
* Howard 1-5H (52% WI) in Divide Co. - 1,201 Boepd;
* Bjella 1-24H (41% WI) in Williams Co. - 1,029 Boepd.
Among Continental's operated wells completed in the third quarter of 2010 were the four wells in its first ECO-Pad(R) project - Hegler 1-13H and 2-13H (83% WI) and Arthur 1-12H and 2-12H (94% WI) in Dunn County. Continental's ECO-Pad concept involves drilling paired wells in adjoining 1,280-acre spacing units. The ECO-Pad concept involves drilling the first pair of parallel wells to target the Middle Bakken zone and the Three Forks zone in the first unit, separated vertically by about 50 feet and horizontally by 660 feet. The second pair of wells duplicates this pattern in the adjoining spacing unit.
All four wells are drilled from a single drilling pad, which reduces surface footprint. The Arthur and Hegler wells in the first ECO-Pad project had a one-day test production rate total of 4,359 Boe, for an average of 1,090 Boepd per well.
"Production rates and wellbore pressures clearly indicate that the Middle Bakken and Three Forks zones are isolated from one another, confirming our expanded view of the North Dakota Bakken's potential," Mr. Hamm said. "We are producing these wells under restriction to conserve the energy resource and minimize flaring.
"This is clearly the technology approach to take as we move into full-scale development," Mr. Hamm said.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Dewey County, OK: Woodford Shale Update
By Andrea: http://oilshalegas.com
Continental Resources Inc. (CLR) recently released an update on the Woodford Shale stretching from Dewey County, OK through Grady County, OK:
Continental also announced that it recently completed a strong confirmation well in the Southeast Cana area of the Anadarko Woodford play in Oklahoma in the third quarter of 2010. The Dana 1-29H flowed at 2.5 MMcfpd natural gas (million cubic feet per day) and 88 Bopd (barrels of oil per day) in its initial one-day test period. This was Continental's third and most productive test well completed in the southeastern portion of the Anadarko Woodford play, validating the productivity and scope of the play from Dewey County in the northwest through Canadian County to Grady County in the southeast, a span of approximately 100 miles.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Continental Resources Inc. (CLR) recently released an update on the Woodford Shale stretching from Dewey County, OK through Grady County, OK:
Continental also announced that it recently completed a strong confirmation well in the Southeast Cana area of the Anadarko Woodford play in Oklahoma in the third quarter of 2010. The Dana 1-29H flowed at 2.5 MMcfpd natural gas (million cubic feet per day) and 88 Bopd (barrels of oil per day) in its initial one-day test period. This was Continental's third and most productive test well completed in the southeastern portion of the Anadarko Woodford play, validating the productivity and scope of the play from Dewey County in the northwest through Canadian County to Grady County in the southeast, a span of approximately 100 miles.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Continental Resources: Bakken Shale and Woodford Shale Update
By Andrea: http://oilshalegas.com
Continental Resources, Inc. (CLR) recently released an operational update where they announced that they expect to produce 20.6 million barrels of oil equivalent (MMBoe) in 2011, an increase of 30 percent over expected production for 2010. The Company confirmed that 2010 total production is expected to be 15.8 MMBoe, in line with guidance.
"Our 2011 capital expenditures budget of $1.36 billion will support accelerated growth," said Harold Hamm, Chairman and Chief Executive Officer. "We've committed 91 percent of 2011 capex, or $1.2 billion, to drilling, workovers and facilities, which directly support production growth.
"Of this drilling-related capex, 92 percent will be invested in the Bakken Shale play in North Dakota and Montana and in the Woodford Shale play in Oklahoma," he said. "These two plays will be critical to driving our growth for the next five years."
In the third quarter ended September 30, 2010, Continental continued to add to its acreage positions in strategic, liquids-rich plays. The Company now has 864,559 net acres leased in the Bakken Shale play, an increase of 47,707 net acres in the third quarter. In the Niobrara Shale play of Colorado and Wyoming, the Company now has leased 73,000 net acres, an increase of 13,929 net acres in the third quarter of 2010.
For more shale update, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Continental Resources, Inc. (CLR) recently released an operational update where they announced that they expect to produce 20.6 million barrels of oil equivalent (MMBoe) in 2011, an increase of 30 percent over expected production for 2010. The Company confirmed that 2010 total production is expected to be 15.8 MMBoe, in line with guidance.
"Our 2011 capital expenditures budget of $1.36 billion will support accelerated growth," said Harold Hamm, Chairman and Chief Executive Officer. "We've committed 91 percent of 2011 capex, or $1.2 billion, to drilling, workovers and facilities, which directly support production growth.
"Of this drilling-related capex, 92 percent will be invested in the Bakken Shale play in North Dakota and Montana and in the Woodford Shale play in Oklahoma," he said. "These two plays will be critical to driving our growth for the next five years."
In the third quarter ended September 30, 2010, Continental continued to add to its acreage positions in strategic, liquids-rich plays. The Company now has 864,559 net acres leased in the Bakken Shale play, an increase of 47,707 net acres in the third quarter. In the Niobrara Shale play of Colorado and Wyoming, the Company now has leased 73,000 net acres, an increase of 13,929 net acres in the third quarter of 2010.
For more shale update, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Karnes County, TX: Eagle Ford Shale Update
By Andrea: http://oilshalegas.com
Plains Exploration and Production Company (PXP) recently released an operational update announcing that they will expand their position in the Eagle Ford Shale located in Karnes County, TX:
PXP has agreed to acquire interests in approximately 60,000 net acres in the Eagle Ford oil and gas condensate windows in South Texas for $578 million in cash. Of the 60,000 net acres, approximately 20,400 net acres are located in a joint operating area between PXP and EOG Resources, Inc. (NYSE: EOG). The Eagle Ford properties are located primarily in Karnes County of South Texas and have net resource potential of approximately 140 to 175 million BOE, projected net production capability of approximately 2,000 BOE per day and a year-end 2011 production target exit rate of approximately 5,000 BOE per day net to PXP.
James C. Flores, Chairman, President and CEO of PXP commented, "We are pleased to announce this significant acquisition which enables us to aggressively expand our large, high-margin onshore oil business. The Eagle Ford transaction adds a high-quality oil asset with substantial reserve and oil production growth opportunities to PXP's existing domestic oil resource position. As part of our focused oil growth strategy, PXP will operate substantially all of its oil assets, maintain total company liquids volumes between 50% and 60% of total production, and continue to deploy a hedge strategy to protect our cash flows."
The Eagle Ford oil shale acquisition is expected to close during the fourth-quarter 2010, subject to customary closing conditions and adjustments, with an effective date of September 1, 2010. J.P. Morgan provided financial advisory services related to the acquisition. As previously announced, the data room process for the planned Gulf of Mexico deepwater divestment is underway with final bids expected in late-October to mid-November. PXP expects the divestment to close by year-end 2010. Barclays Capital and Jefferies & Company are assisting PXP in the Gulf of Mexico deepwater divestment.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Plains Exploration and Production Company (PXP) recently released an operational update announcing that they will expand their position in the Eagle Ford Shale located in Karnes County, TX:
PXP has agreed to acquire interests in approximately 60,000 net acres in the Eagle Ford oil and gas condensate windows in South Texas for $578 million in cash. Of the 60,000 net acres, approximately 20,400 net acres are located in a joint operating area between PXP and EOG Resources, Inc. (NYSE: EOG). The Eagle Ford properties are located primarily in Karnes County of South Texas and have net resource potential of approximately 140 to 175 million BOE, projected net production capability of approximately 2,000 BOE per day and a year-end 2011 production target exit rate of approximately 5,000 BOE per day net to PXP.
James C. Flores, Chairman, President and CEO of PXP commented, "We are pleased to announce this significant acquisition which enables us to aggressively expand our large, high-margin onshore oil business. The Eagle Ford transaction adds a high-quality oil asset with substantial reserve and oil production growth opportunities to PXP's existing domestic oil resource position. As part of our focused oil growth strategy, PXP will operate substantially all of its oil assets, maintain total company liquids volumes between 50% and 60% of total production, and continue to deploy a hedge strategy to protect our cash flows."
The Eagle Ford oil shale acquisition is expected to close during the fourth-quarter 2010, subject to customary closing conditions and adjustments, with an effective date of September 1, 2010. J.P. Morgan provided financial advisory services related to the acquisition. As previously announced, the data room process for the planned Gulf of Mexico deepwater divestment is underway with final bids expected in late-October to mid-November. PXP expects the divestment to close by year-end 2010. Barclays Capital and Jefferies & Company are assisting PXP in the Gulf of Mexico deepwater divestment.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Comstock Resources, Inc.: Mississippi shale sale
By Andrea: http://oilshalegas.com
Comstock Resources, Inc. (CRK) recently released an update and announced that it will be selling $75 million worth of natural gas and crude oil assets from it's Mississippi properties:
Comstock Resources, Inc. (CRK) announced that it has entered into an agreement to sell its oil and gas properties located in Mississippi to a privately held company. Comstock expects to receive $75 million in cash pursuant to the terms of the sale. Net production from the properties to be sold averaged 1,138 barrels of oil and 0.9 MMcf of natural gas per day during the first six months of 2010. The sale is expected to close prior to year end and is subject to completion of customary due diligence by the purchaser and closing conditions.
"The successful sale of this non-core asset allows us to further concentrate our resources and personnel on our core assets in the Haynesville and Bossier shale and our emerging position in the Eagle Ford shale," stated M. Jay Allison, Chief Executive Officer of Comstock.
Scotia Waterous (USA) Inc. acted as financial advisor to Comstock with respect to the sale.
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 update and announced that it will be selling $75 million worth of natural gas and crude oil assets from it's Mississippi properties:
Comstock Resources, Inc. (CRK) announced that it has entered into an agreement to sell its oil and gas properties located in Mississippi to a privately held company. Comstock expects to receive $75 million in cash pursuant to the terms of the sale. Net production from the properties to be sold averaged 1,138 barrels of oil and 0.9 MMcf of natural gas per day during the first six months of 2010. The sale is expected to close prior to year end and is subject to completion of customary due diligence by the purchaser and closing conditions.
"The successful sale of this non-core asset allows us to further concentrate our resources and personnel on our core assets in the Haynesville and Bossier shale and our emerging position in the Eagle Ford shale," stated M. Jay Allison, Chief Executive Officer of Comstock.
Scotia Waterous (USA) Inc. acted as financial advisor to Comstock with respect to the sale.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Belmont County, OH: Marcellus Shale Update
By Andrea: http://oilshalegas.com
Consol Energy Inc. (CNX) recently release an update on the Marcellus Shale in Greene County, Pennsylvania:
Consol Energy Inc. (CNX), the leading diversified fuel producer in the Appalachian Basin, reported total coal production of 14.7 million tons for the quarter ended September 30, 2010. Included in the total was 1.3 million tons of low-vol coal produced by the company's Buchanan Mine.
CONSOL's Gas Division achieved record quarterly production of 35.8 Bcf for the quarter ended September 30, 2010. This was 44% higher than the 24.8 Bcf produced in last year's September quarter, and 12% higher than the 31.9 Bcf produced in the quarter ended June 30, 2010.
The Gas Division began the quarter with one horizontal rig running in Greene County, Pennsylvania and ended the quarter with three horizontal rigs operating. The original horizontal rig left its base in Greene County, in order to drill in nearby Belmont County, Ohio. Beginning at a depth of 8,450 feet, the rig encountered 200 feet of Utica Shale. The vertical well, un-stimulated, flowed 1.5 MMCF of gas in a 24-hour period.
CONSOL Energy has over 70,000 acres in and around the discovery well in Belmont County. "While most of our delineation efforts are focused on the Marcellus Shale," commented J. Brett Harvey, Chairman and CEO, "our vast acreage holdings include other zones that warrant testing, including the Utica Shale. As a result of this discovery, we will shift some of our exploration capital to this shale in 2011."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Consol Energy Inc. (CNX) recently release an update on the Marcellus Shale in Greene County, Pennsylvania:
Consol Energy Inc. (CNX), the leading diversified fuel producer in the Appalachian Basin, reported total coal production of 14.7 million tons for the quarter ended September 30, 2010. Included in the total was 1.3 million tons of low-vol coal produced by the company's Buchanan Mine.
CONSOL's Gas Division achieved record quarterly production of 35.8 Bcf for the quarter ended September 30, 2010. This was 44% higher than the 24.8 Bcf produced in last year's September quarter, and 12% higher than the 31.9 Bcf produced in the quarter ended June 30, 2010.
The Gas Division began the quarter with one horizontal rig running in Greene County, Pennsylvania and ended the quarter with three horizontal rigs operating. The original horizontal rig left its base in Greene County, in order to drill in nearby Belmont County, Ohio. Beginning at a depth of 8,450 feet, the rig encountered 200 feet of Utica Shale. The vertical well, un-stimulated, flowed 1.5 MMCF of gas in a 24-hour period.
CONSOL Energy has over 70,000 acres in and around the discovery well in Belmont County. "While most of our delineation efforts are focused on the Marcellus Shale," commented J. Brett Harvey, Chairman and CEO, "our vast acreage holdings include other zones that warrant testing, including the Utica Shale. As a result of this discovery, we will shift some of our exploration capital to this shale in 2011."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Saturday, October 23, 2010
Zavala County, Texas: Austin Chalk Update
By Andrea: http://oilshalegas.com
Eagleford Energy Inc. (EFRDE.OB) has been notified by Dawsey Operating, LLC, a Texas based engineering and consulting firm, that the rig allocated to drill an initial test well of the Eagle Ford shale formation will mobilize onto location at the Company's Matthews lease in Zavala County, Texas starting tomorrow. The Company intends to drill vertically through the Eagle Ford and log key formations including the San Miguel sands, the Austin Chalk and the Eagle Ford shale. After logging, the well will be drilled approximately 4,000 feet horizontally through the Eagle Ford shale formation.
The Matthews Lease comprises 2,629 acres of land (or 4 square miles) and is situated adjacent to the Redhawk land block under development by Petrohawk Energy Corporation (HK). Eric Johnson, VP Operations at Dyami Energy LLC, a Texas based subsidiary of Eagleford Energy, stated, "Our primary target is the Eagle Ford shale. Petrohawk has reported 355 barrels a day of oil production from its horizontal well on the property next door. Given the blanket nature of the Eagle Ford formation in this area we are excited by our prospects. We also plan to run tests on the San Miguel formation to gather important petro-physical data on the significant amount of heavy oil in place."
Eagleford Energy's consolidated working interest in the well before payout is 85% (69% working interest after payout).
Zavala County, Texas is part of the Maverick Basin of Southwest Texas and downdip from the United States Geological Studies north boundary of the Smackover-Austin-Eagle Ford total petroleum system. This area is often referred to as the oil window of the present Eagle Ford shale play.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Eagleford Energy Inc. (EFRDE.OB) has been notified by Dawsey Operating, LLC, a Texas based engineering and consulting firm, that the rig allocated to drill an initial test well of the Eagle Ford shale formation will mobilize onto location at the Company's Matthews lease in Zavala County, Texas starting tomorrow. The Company intends to drill vertically through the Eagle Ford and log key formations including the San Miguel sands, the Austin Chalk and the Eagle Ford shale. After logging, the well will be drilled approximately 4,000 feet horizontally through the Eagle Ford shale formation.
The Matthews Lease comprises 2,629 acres of land (or 4 square miles) and is situated adjacent to the Redhawk land block under development by Petrohawk Energy Corporation (HK). Eric Johnson, VP Operations at Dyami Energy LLC, a Texas based subsidiary of Eagleford Energy, stated, "Our primary target is the Eagle Ford shale. Petrohawk has reported 355 barrels a day of oil production from its horizontal well on the property next door. Given the blanket nature of the Eagle Ford formation in this area we are excited by our prospects. We also plan to run tests on the San Miguel formation to gather important petro-physical data on the significant amount of heavy oil in place."
Eagleford Energy's consolidated working interest in the well before payout is 85% (69% working interest after payout).
Zavala County, Texas is part of the Maverick Basin of Southwest Texas and downdip from the United States Geological Studies north boundary of the Smackover-Austin-Eagle Ford total petroleum system. This area is often referred to as the oil window of the present Eagle Ford shale play.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Wednesday, October 20, 2010
Zavala County, Texas: Eagle Ford Shale Update
By Andrea: http://oilshalegas.com
Eagleford Energy Inc. (EFRDE.OB) has been notified by Dawsey Operating, LLC, a Texas based engineering and consulting firm, that the rig allocated to drill an initial test well of the Eagle Ford shale formation will mobilize onto location at the Company's Matthews lease in Zavala County, Texas starting tomorrow. The Company intends to drill vertically through the Eagle Ford and log key formations including the San Miguel sands, the Austin Chalk and the Eagle Ford shale. After logging, the well will be drilled approximately 4,000 feet horizontally through the Eagle Ford shale formation.
The Matthews Lease comprises 2,629 acres of land (or 4 square miles) and is situated adjacent to the Redhawk land block under development by Petrohawk Energy Corporation (HK). Eric Johnson, VP Operations at Dyami Energy LLC, a Texas based subsidiary of Eagleford Energy, stated, "Our primary target is the Eagle Ford shale. Petrohawk has reported 355 barrels a day of oil production from its horizontal well on the property next door. Given the blanket nature of the Eagle Ford formation in this area we are excited by our prospects. We also plan to run tests on the San Miguel formation to gather important petro-physical data on the significant amount of heavy oil in place."
Eagleford Energy's consolidated working interest in the well before payout is 85% (69% working interest after payout).
Zavala County, Texas is part of the Maverick Basin of Southwest Texas and downdip from the United States Geological Studies north boundary of the Smackover-Austin-Eagle Ford total petroleum system. This area is often referred to as the oil window of the present Eagle Ford shale play.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Eagleford Energy Inc. (EFRDE.OB) has been notified by Dawsey Operating, LLC, a Texas based engineering and consulting firm, that the rig allocated to drill an initial test well of the Eagle Ford shale formation will mobilize onto location at the Company's Matthews lease in Zavala County, Texas starting tomorrow. The Company intends to drill vertically through the Eagle Ford and log key formations including the San Miguel sands, the Austin Chalk and the Eagle Ford shale. After logging, the well will be drilled approximately 4,000 feet horizontally through the Eagle Ford shale formation.
The Matthews Lease comprises 2,629 acres of land (or 4 square miles) and is situated adjacent to the Redhawk land block under development by Petrohawk Energy Corporation (HK). Eric Johnson, VP Operations at Dyami Energy LLC, a Texas based subsidiary of Eagleford Energy, stated, "Our primary target is the Eagle Ford shale. Petrohawk has reported 355 barrels a day of oil production from its horizontal well on the property next door. Given the blanket nature of the Eagle Ford formation in this area we are excited by our prospects. We also plan to run tests on the San Miguel formation to gather important petro-physical data on the significant amount of heavy oil in place."
Eagleford Energy's consolidated working interest in the well before payout is 85% (69% working interest after payout).
Zavala County, Texas is part of the Maverick Basin of Southwest Texas and downdip from the United States Geological Studies north boundary of the Smackover-Austin-Eagle Ford total petroleum system. This area is often referred to as the oil window of the present Eagle Ford shale play.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Greene County, PA - Marcellus Shale Update
By Andrea: http://oilshalegas.com
Consol Energy Inc. (CNX) recently release an update on the Marcellus Shale in Greene County, Pennsylvania:
Consol Energy Inc. (CNX), the leading diversified fuel producer in the Appalachian Basin, reported total coal production of 14.7 million tons for the quarter ended September 30, 2010. Included in the total was 1.3 million tons of low-vol coal produced by the company's Buchanan Mine.
CONSOL's Gas Division achieved record quarterly production of 35.8 Bcf for the quarter ended September 30, 2010. This was 44% higher than the 24.8 Bcf produced in last year's September quarter, and 12% higher than the 31.9 Bcf produced in the quarter ended June 30, 2010.
The Gas Division began the quarter with one horizontal rig running in Greene County, Pennsylvania and ended the quarter with three horizontal rigs operating. The original horizontal rig left its base in Greene County, in order to drill in nearby Belmont County, Ohio. Beginning at a depth of 8,450 feet, the rig encountered 200 feet of Utica Shale. The vertical well, un-stimulated, flowed 1.5 MMCF of gas in a 24-hour period.
CONSOL Energy has over 70,000 acres in and around the discovery well in Belmont County. "While most of our delineation efforts are focused on the Marcellus Shale," commented J. Brett Harvey, Chairman and CEO, "our vast acreage holdings include other zones that warrant testing, including the Utica Shale. As a result of this discovery, we will shift some of our exploration capital to this shale in 2011."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Consol Energy Inc. (CNX) recently release an update on the Marcellus Shale in Greene County, Pennsylvania:
Consol Energy Inc. (CNX), the leading diversified fuel producer in the Appalachian Basin, reported total coal production of 14.7 million tons for the quarter ended September 30, 2010. Included in the total was 1.3 million tons of low-vol coal produced by the company's Buchanan Mine.
CONSOL's Gas Division achieved record quarterly production of 35.8 Bcf for the quarter ended September 30, 2010. This was 44% higher than the 24.8 Bcf produced in last year's September quarter, and 12% higher than the 31.9 Bcf produced in the quarter ended June 30, 2010.
The Gas Division began the quarter with one horizontal rig running in Greene County, Pennsylvania and ended the quarter with three horizontal rigs operating. The original horizontal rig left its base in Greene County, in order to drill in nearby Belmont County, Ohio. Beginning at a depth of 8,450 feet, the rig encountered 200 feet of Utica Shale. The vertical well, un-stimulated, flowed 1.5 MMCF of gas in a 24-hour period.
CONSOL Energy has over 70,000 acres in and around the discovery well in Belmont County. "While most of our delineation efforts are focused on the Marcellus Shale," commented J. Brett Harvey, Chairman and CEO, "our vast acreage holdings include other zones that warrant testing, including the Utica Shale. As a result of this discovery, we will shift some of our exploration capital to this shale in 2011."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Kern County, CA - Occidental Petroleum OXY
By Tim - http://oilshalegas.com
Occidental Petroleum Corporation (OXY) reported earnings yesterday and updated investors on their Kern County, California oil field discovery.
Turning now to California. During the first nine months of the year, we drilled seven conventional exploration extension wells in California. Of these, five were outside the Kern County discovery area; two of these wells are currently being tested. We also drilled 12 unconventional exploration wells in the first nine months of this year, of which three are successful and five are being tested.
In the fourth quarter, we expect to drill ten exploration wells of which two will be conventional, the remaining eight wells unconventional. In the fourth quarter, our exploration program will target smaller prospects until permits are obtained to the larger ones.
We’ve also drilled 13 conventional exploitation wells in the Kern County discovery area and 15 unconventional exploitation wells California in the first nine months. Due to delays in permitting we’ve reduced our exploitation plans in the second half of the year by about 10 wells.
http://seekingalpha.com/article/230950-occidental-petroleum-management-discussion-q3-2010-results-earnings-call-transcript?find=kern
For more updates, visit http://blackberrystocks.blogspot.com
For updates on the stock market, visit http://daytradingstockblog.blogspot.com
Occidental Petroleum Corporation (OXY) reported earnings yesterday and updated investors on their Kern County, California oil field discovery.
Turning now to California. During the first nine months of the year, we drilled seven conventional exploration extension wells in California. Of these, five were outside the Kern County discovery area; two of these wells are currently being tested. We also drilled 12 unconventional exploration wells in the first nine months of this year, of which three are successful and five are being tested.
In the fourth quarter, we expect to drill ten exploration wells of which two will be conventional, the remaining eight wells unconventional. In the fourth quarter, our exploration program will target smaller prospects until permits are obtained to the larger ones.
We’ve also drilled 13 conventional exploitation wells in the Kern County discovery area and 15 unconventional exploitation wells California in the first nine months. Due to delays in permitting we’ve reduced our exploitation plans in the second half of the year by about 10 wells.
http://seekingalpha.com/article/230950-occidental-petroleum-management-discussion-q3-2010-results-earnings-call-transcript?find=kern
For more updates, visit http://blackberrystocks.blogspot.com
For updates on the stock market, visit http://daytradingstockblog.blogspot.com
Friday, October 15, 2010
Talisman Energy Inc: Eagle Ford Shale update
By Andrea: http://oilshalegas.com
Talisman Energy Inc.(TLM) recently announced that it has reached an agreement to acquire additional properties in the Eagle Ford shale play in south Texas. Talisman and Statoil have agreed on a joint-venture to acquire 97,000 net acres of high-quality, liquids rich Eagle Ford shale properties from Enduring Resources for a total consideration of US$1.325 billion.
"This transaction is an excellent fit with Talisman's strategy," said John A. Manzoni, President and CEO. "Talisman now has material positions in three world-class shale plays in North America. This acquisition is in the liquids rich window of the Eagle Ford and complements our existing acreage. We are very pleased to be working with Statoil, a respected global company with whom we have an excellent working relationship."
The Transaction
Talisman and Statoil have agreed to create a 50/50 joint-venture across the Eagle Ford shale play, with Talisman as the initial operator. The net cost to Talisman of this new acreage will be approximately US$485 million, after Statoil purchases a 50% working interest in Talisman's existing 37,000 net acres in the Eagle Ford. Upon completion of these transactions, Talisman will hold approximately 70,000 net acres, predominantly in the liquids rich heart of the play.
Talisman and Statoil have agreed that Statoil will operate approximately 50% of the joint assets within three years. The transaction is expected to close by year end.
The Assets
The acquisition includes 97,000 net acres of land (50/50 joint-venture between Talisman and Statoil) in the liquids rich window of the Eagle Ford shale. The purchase price equates to about US$10,900 per acre, taking into consideration Enduring's existing production of 5,500 boe/d, as well as gas processing infrastructure that comes with the acquisition. In addition, the companies have an option to jointly acquire up to an additional 22,000 net acres.
Approximately 55,000 net acres are held by existing production. There are currently three horizontal rigs operating on the leases, which is more than sufficient to hold this land. The land position consists of large contiguous blocks across the Eagle Ford, with a thick, high-porosity shale section, and high expected ultimate recovery factors (EURs). EURs are expected to average at least 660,000 boe per well.
There is currently 5,500 boe/d of production, including six Eagle Ford wells which are on-stream. An additional eight wells have been drilled; three wells are drilling, with nine additional wells planned by year-end. Initial production rates on the two most recent wells have averaged 3,700 boe/d (including 1,000 bbl/d of liquids) and 2,300 boe/d (including 425 bbl/d of liquids). There are numerous egress options available to support future production growth.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Talisman Energy Inc.(TLM) recently announced that it has reached an agreement to acquire additional properties in the Eagle Ford shale play in south Texas. Talisman and Statoil have agreed on a joint-venture to acquire 97,000 net acres of high-quality, liquids rich Eagle Ford shale properties from Enduring Resources for a total consideration of US$1.325 billion.
"This transaction is an excellent fit with Talisman's strategy," said John A. Manzoni, President and CEO. "Talisman now has material positions in three world-class shale plays in North America. This acquisition is in the liquids rich window of the Eagle Ford and complements our existing acreage. We are very pleased to be working with Statoil, a respected global company with whom we have an excellent working relationship."
The Transaction
Talisman and Statoil have agreed to create a 50/50 joint-venture across the Eagle Ford shale play, with Talisman as the initial operator. The net cost to Talisman of this new acreage will be approximately US$485 million, after Statoil purchases a 50% working interest in Talisman's existing 37,000 net acres in the Eagle Ford. Upon completion of these transactions, Talisman will hold approximately 70,000 net acres, predominantly in the liquids rich heart of the play.
Talisman and Statoil have agreed that Statoil will operate approximately 50% of the joint assets within three years. The transaction is expected to close by year end.
The Assets
The acquisition includes 97,000 net acres of land (50/50 joint-venture between Talisman and Statoil) in the liquids rich window of the Eagle Ford shale. The purchase price equates to about US$10,900 per acre, taking into consideration Enduring's existing production of 5,500 boe/d, as well as gas processing infrastructure that comes with the acquisition. In addition, the companies have an option to jointly acquire up to an additional 22,000 net acres.
Approximately 55,000 net acres are held by existing production. There are currently three horizontal rigs operating on the leases, which is more than sufficient to hold this land. The land position consists of large contiguous blocks across the Eagle Ford, with a thick, high-porosity shale section, and high expected ultimate recovery factors (EURs). EURs are expected to average at least 660,000 boe per well.
There is currently 5,500 boe/d of production, including six Eagle Ford wells which are on-stream. An additional eight wells have been drilled; three wells are drilling, with nine additional wells planned by year-end. Initial production rates on the two most recent wells have averaged 3,700 boe/d (including 1,000 bbl/d of liquids) and 2,300 boe/d (including 425 bbl/d of liquids). There are numerous egress options available to support future production growth.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Gulfport Energy: Permian Basin shale Update
By Andrea: http://oilshalegas.com
Gulfport Energy Co. (GPOR) recently released an update on their Permian Basin shale activities:
In the Permian, 15 gross (6.75 net) wells have been drilled and four gross (two net) up-hole recompletions have been performed on our acreage year-to-date. At present, two rigs are active on Gulfport's acreage in the Permian and are drilling ahead on the 16th and 17th gross wells of 2010.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Gulfport Energy Co. (GPOR) recently released an update on their Permian Basin shale activities:
In the Permian, 15 gross (6.75 net) wells have been drilled and four gross (two net) up-hole recompletions have been performed on our acreage year-to-date. At present, two rigs are active on Gulfport's acreage in the Permian and are drilling ahead on the 16th and 17th gross wells of 2010.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Jefferson County, MS: Haynesville Shale Update
By Andrea: http://oilshalegas.com
Mainland Resources, Inc. (MNLU.OB)recently released an update on the progress of drilling operations at its Burkley- Phillips No.1 well in the Haynesville Shale, located Jefferson County Mississippi:
As of September 27, 2010, the Company is drilling ahead on the Burkley-Phillips No.1 well at 6,531 feet. Since the last activity update on August 16, 2010, the Company drilled to a depth of 12,940 feet where it conducted electric line logging, acquired side-wall cores in selected zones and successfully installed and cemented a 9 5/8” casing string. As previously reported, the well penetrated a sand package preliminarily identified as the Lower Tuscaloosa Massive Sand with approximately 50 feet of thickness exhibiting elevated mud log gas readings. Further analysis of the sand, utilizing electric line logging and side-wall cores, has warranted the initiation of a technical and commercial analysis, which is currently in progress.
The forward plan calls for drilling operations to continue to a depth of approximately 19,200 feet where wireline logging will be conducted to analyze the current open-hole interval and then a string of protective casing will be installed and cemented. At that point, the Company will begin drilling the final section of the well targeting the Haynesville Shale and will continue the drilling program to an anticipated depth of 22,000 feet.
Nick Atencio, CEO, states, “We are pleased with the drilling progress to this point and anticipate we will continue to make similar progress to the programmed total depth. As warranted, we will continue to analyze any secondary targets we encounter as we drill through the Hosston and Cotton Valley intervals.” Management will continue to provide updates as milestone events are reached on the well.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Mainland Resources, Inc. (MNLU.OB)recently released an update on the progress of drilling operations at its Burkley- Phillips No.1 well in the Haynesville Shale, located Jefferson County Mississippi:
As of September 27, 2010, the Company is drilling ahead on the Burkley-Phillips No.1 well at 6,531 feet. Since the last activity update on August 16, 2010, the Company drilled to a depth of 12,940 feet where it conducted electric line logging, acquired side-wall cores in selected zones and successfully installed and cemented a 9 5/8” casing string. As previously reported, the well penetrated a sand package preliminarily identified as the Lower Tuscaloosa Massive Sand with approximately 50 feet of thickness exhibiting elevated mud log gas readings. Further analysis of the sand, utilizing electric line logging and side-wall cores, has warranted the initiation of a technical and commercial analysis, which is currently in progress.
The forward plan calls for drilling operations to continue to a depth of approximately 19,200 feet where wireline logging will be conducted to analyze the current open-hole interval and then a string of protective casing will be installed and cemented. At that point, the Company will begin drilling the final section of the well targeting the Haynesville Shale and will continue the drilling program to an anticipated depth of 22,000 feet.
Nick Atencio, CEO, states, “We are pleased with the drilling progress to this point and anticipate we will continue to make similar progress to the programmed total depth. As warranted, we will continue to analyze any secondary targets we encounter as we drill through the Hosston and Cotton Valley intervals.” Management will continue to provide updates as milestone events are reached on the well.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Gonzales County, Texas: Eagle Ford Shale Update
By Andrea: http://oilshalegas.com
Lucas Energy Inc. (LEI) recently announced that they will be drilling a new well in the Eagle Ford Shale, located in Gozales County, Texas:
On September 27, 2010 the Railroad Commission Of Texas (the oil and gas regulatory agency for the State of Texas) issued permit number 702717 for a new horizontal well to be named the Hagen EF No.1H and operated by Hilcorp Energy Company, one of the largest privately owned oil and gas firms in the United States. The well is permitted in the Eagle Ford formation with an estimated lateral length of 4,500 feet in the Eagle Ford formation.
The Hagen EF No.1H well will be located on Lucas’ Hagen Ranch lease in Gonzales County, Texas. The water source well has been drilled and completed, and the roads and location pad for the is being built. According to the joint venture agreement between Lucas Energy, Inc. and an affiliate of Hilcorp Energy Corporation, the well is to be spudded by November 1, 2010. A second well is second well is scheduled to be spudded by December 31, 2010.
Lucas Energy, Inc. entered into a joint venture with Hilcorp Energy I, LP, an affiliate of Hilcorp Energy Company, earlier this year. More information on the joint venture are detailed in the Joint Venture section under the Current Activities tab of this web site. Lucas will have a 15% carried working interest (no capital cost to Lucas) in the Hagen EF No.1H well, and one addition well. The Company still retains all rights to the Austin Chalk formation and above. Lucas owns and operates two Austin Chalk horizontal wells on the Hagen Ranch lease.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Tim W
to me
show details Jul 29
Lucas Energy Inc. (LEI) recently announced that they will be drilling a new well in the Eagle Ford Shale, located in Gozales County, Texas:
On September 27, 2010 the Railroad Commission Of Texas (the oil and gas regulatory agency for the State of Texas) issued permit number 702717 for a new horizontal well to be named the Hagen EF No.1H and operated by Hilcorp Energy Company, one of the largest privately owned oil and gas firms in the United States. The well is permitted in the Eagle Ford formation with an estimated lateral length of 4,500 feet in the Eagle Ford formation.
The Hagen EF No.1H well will be located on Lucas’ Hagen Ranch lease in Gonzales County, Texas. The water source well has been drilled and completed, and the roads and location pad for the is being built. According to the joint venture agreement between Lucas Energy, Inc. and an affiliate of Hilcorp Energy Corporation, the well is to be spudded by November 1, 2010. A second well is second well is scheduled to be spudded by December 31, 2010.
Lucas Energy, Inc. entered into a joint venture with Hilcorp Energy I, LP, an affiliate of Hilcorp Energy Company, earlier this year. More information on the joint venture are detailed in the Joint Venture section under the Current Activities tab of this web site. Lucas will have a 15% carried working interest (no capital cost to Lucas) in the Hagen EF No.1H well, and one addition well. The Company still retains all rights to the Austin Chalk formation and above. Lucas owns and operates two Austin Chalk horizontal wells on the Hagen Ranch lease.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Tim W
to me
show details Jul 29
McMullen County, TX: Eagle Ford Shale Update
By Andrea: http://oilshalegas.com
Doxa Energy, Ltd. (DXAEF.PK) recently released an operational update announcing the completion of the Epley No. 1-H, a horizontal Eagle Ford well located in McMullen County, Texas. The well was recently shut-in for final hookup, pipeline and facility construction. Prior to shut-in, the well was being flowed back on a restricted choke (14/64") at a rate of 400 BOEPD (energy equivalent of 250 BOPD, 900 MCFD and 250 BWPD) with a flowing casing pressure of 1,920 psi, and approximately 15% of the frac load water recovered after two weeks of flow. Initial sales of oil production from the Epley well have commenced and the Company plans to release additional details once the well has been placed back on production with facility construction complete. Based on confirmation of commercially viable results on this initial well, Doxa expects that up to 5 gross wells may ultimately be drilled on the Epley Project.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Doxa Energy, Ltd. (DXAEF.PK) recently released an operational update announcing the completion of the Epley No. 1-H, a horizontal Eagle Ford well located in McMullen County, Texas. The well was recently shut-in for final hookup, pipeline and facility construction. Prior to shut-in, the well was being flowed back on a restricted choke (14/64") at a rate of 400 BOEPD (energy equivalent of 250 BOPD, 900 MCFD and 250 BWPD) with a flowing casing pressure of 1,920 psi, and approximately 15% of the frac load water recovered after two weeks of flow. Initial sales of oil production from the Epley well have commenced and the Company plans to release additional details once the well has been placed back on production with facility construction complete. Based on confirmation of commercially viable results on this initial well, Doxa expects that up to 5 gross wells may ultimately be drilled on the Epley Project.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
St. Martin Parish, Louisiana - GeoResources Update
By Andrea: http://oilshalegas.com
GeoResources Inc. (GEOI) recently released an operational update announcing their move into St. Martin Parish, LA where they plan on drilling in the 4th quarter of 2010:
St. Martinville is a shallow oil development project with deeper gas objectives located in St. Martin Parish, Louisiana. They are currently moving onto our first drilling location. GeoResources plans to drill four wells during the 4th Quarter of 2010 and 1st Quarter of 2011. The first well, the Conoco Fee A-53, is expected to test Miocene-aged, stacked oil objectives ranging from 2,700 to 4,500 feet. Our working interest is 97%. Pending approval of proposed units and drilling permits, they plan to drill three additional wells one of which will be a re-entry of a previously drilled well. Our working interests are expected to be similar to the Conoco Fee. They continue to work the 3-D seismic and subsurface geologic well control and expect to have additional locations. In the event of success in the first four locations, the project could be expanded to include six to ten additional wells. All of these proposed drilling locations have multiple stacked objectives and are above 5,000 feet. GeoResources also has drilling objectives for gas and liquids in the Discorbis section at about 10,000 feet. Drilling and completion services and supplies are readily available for this project.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
GeoResources Inc. (GEOI) recently released an operational update announcing their move into St. Martin Parish, LA where they plan on drilling in the 4th quarter of 2010:
St. Martinville is a shallow oil development project with deeper gas objectives located in St. Martin Parish, Louisiana. They are currently moving onto our first drilling location. GeoResources plans to drill four wells during the 4th Quarter of 2010 and 1st Quarter of 2011. The first well, the Conoco Fee A-53, is expected to test Miocene-aged, stacked oil objectives ranging from 2,700 to 4,500 feet. Our working interest is 97%. Pending approval of proposed units and drilling permits, they plan to drill three additional wells one of which will be a re-entry of a previously drilled well. Our working interests are expected to be similar to the Conoco Fee. They continue to work the 3-D seismic and subsurface geologic well control and expect to have additional locations. In the event of success in the first four locations, the project could be expanded to include six to ten additional wells. All of these proposed drilling locations have multiple stacked objectives and are above 5,000 feet. GeoResources also has drilling objectives for gas and liquids in the Discorbis section at about 10,000 feet. Drilling and completion services and supplies are readily available for this project.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
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