Hess Corporation (HES): Bakken Shale Update

By Andrea: http://oilshalegas.com

Hess Corporation (HES) released an exciting operational update on the Bakken Shale located in North Dakota. It has completed the acquisition of 167,000 net acres in the Bakken oil shale play from TRZ Energy, LLC for $1,050 million in cash. The acquired properties are located near Hess' existing acreage and have current net production of approximately 4,400 boe/d.

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Avoyelles Parish, LA: Austin Chalk Formation Update

By Andrea: http://oilshalegas.com

Pryme Oil and Gas Limited released an operational update announcing the delay of acidizing of Deshotels 20-H No. 1 well located in the Austin Chalk Formation of Avoyelles Parish, LA.

As a result of a pre-Christmas increase in the demand for oil field services, the contractor which has been engaged to acidize the perforated intervals in the horizontal leg of the Deshotels 20-H No.1 has been unable to attend to the job as scheduled. It is now expected that the acidizing will be carried out after Christmas. Flow testing of the well will follow the acidizing.

As discussed in previous announcements, it is expected that the Deshotels 20-H No.1 well will primarily produce oil. However, it is also expected that commercial quantities of natural gas will be produced. Trenching and laying of the flow line from the well to the natural gas sales line, a distance of approximately 4 miles, is underway.

Pryme has a 40% working interest (30% net revenue interest (NRI)) in this well.

The Deshotels 20-H No.1 well, in Pryme's Turner Bayou Chalk project in the North Bayou Jack Field, is the first deep well to be drilled within the Turner Bayou 3D seismic survey. The well has been drilled to a depth of 16,400 feet (5,000 metres) vertically with a 3,755 feet (1,144 metre) horizontal leg through the Austin Chalk formation which is predominantly oil bearing in this region. The well location was confirmed using high resolution 3D seismic data from a survey carried out in 2007 and data from surrounding well bores.

Turner Bayou is one of Pryme's high value projects. It is located in Avoyelles Parish, Louisiana. Pryme has a 40% interest in the Turner Bayou Chalk project area, which is contained within the Turner Bayou 3D seismic survey, and a 52% interest in the balance of Turner Bayou. The Turner Bayou project comprises approximately 80 square miles (50,000 acres) which have been imaged by a proprietary 3D seismic survey. Primary targets are contained within six prospective formations ranging in depth from the Frio formation at 3,000 feet, to the Tuscaloosa formation at 18,000 feet.

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Webb County, TX: Eagle Ford Shale Update

By Andrea: http://oilshalegas.com

Regency Energy Partners (RGNC) recently announced a series of expansion projects along its rich gas gathering system in south Texas to meet increasing producer demand in the Eagle Ford Shale. Upon completion, these projects will provide an incremental 200 MMcf/d of capacity for the south Texas gathering system, allowing Regency to provide its customers with more robust gathering services.

"Regency's rich gas volumes in the south Texas region continue to ramp up and we have been aggressive in our plans to offer increased midstream services in the Eagle Ford Shale," said Mike Bradley, president and chief executive officer of Regency:

"Our current expansion projects position Regency for additional growth opportunities and will improve the operational efficiencies of our south Texas gathering system in this prolific shale play."

The expansions include:

• The construction of a 45-mile pipeline to loop a portion of the existing south Texas gathering system from western Webb County, Texas, to new facilities near I-35;

• The installation of 20,000 horsepower of compression;

• The installation of an additional 200 MMcf/d of dehydration capacity; and

• An additional 1,500 Bbl/d of stabilizer capacity.

The capital expenditures related to these expansions are already included in Regency's previously disclosed 2010 organic growth capital budget of $259 million and will be funded under its revolving credit facility. The expansion projects are scheduled to be completed in May 2011.

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Jefferson County, MS: Haynesville Shale Update

By Andrea: http://oilshalegas.com

Mainland Resources, Inc. (MNLU.OB) recently announced an update on the Haynesville Shale, located in Jefferson County, MS:

As of September 27, 2010, the Company is drilling ahead on the Burkley-Phillips No.1 well at 16,531 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.


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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.

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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.

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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.



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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."


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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.

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Roosevelt County, Montana: Bakken Shale Update

By Andrea: http://oilshalegas.com

GeoResources Inc. (GEOI) recently announced their first Bakken Shale well in Montana, located in Roosevelt County, Montana:

Their first Bakken well in Montana, the Renegade #1-10H has been drilled and is waiting on a frac. The well was drilled in the Middle Bakken on a 640 acre unit. The well is located on our 2,920 gross acre Rip-Rap prospect in Roosevelt County, Montana in Section 10, T26N-R59E. We have a 25% working interest in the well and prospect.

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Williams County, ND: GeoResources Inc. - Bakken Shale Update

By Andrea: http://oilshalegas.com

GeoResources Inc. (GEOI) recently released an operational update on the Bakken Shale located in Williams County, ND. They have acquired new land and have begun drilling in the area:

On September 25, 2010, they initiated drilling on the Williams County acreage with the Carlson 1-11H well, a Middle Bakken test in Section 11, T157N-R103W. The initial location is a 640 acre drilling unit and they have a 47.5% working interest. We also plan to drill two 1,280 acre spacing units immediately following the Carlson well. Their working interests in these locations are 34% and 35%, respectively.

GeoResources acquired approximately 50,000 net leasehold acres in an AMI covering about 115,000 acres and as mentioned in prior releases, brought in industry partners to participate in development. As operator, they retained a 47.5% working interest, representing approximately 24,000 net acres. Assuming full development on a 1,280 acre spacing unit basis, they have a majority interest and control about forty (40) units and have working interests in another forty-two (42) units. Where they have a minority interest in a spacing unit, they will continue to focus on increasing our interests; thereby increasing the likelihood that they will be the designated unit operator.

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Williams County, ND: Bakken Shale Update

By Andrea: http://oilshalegas.com

Since early August 2010, Brigham Exploration Company (BEXP) has expanded its acreage position in the Williston Basin in the Bakken Shale by approximately 10,200 net acres to an estimated 368,400 net acres. In its core Rough Rider project area, Brigham has expanded its acreage position by approximately 7,600 net acres, including a large acreage position obtained as a result of a transaction entered into with Zavanna, LLC. Inclusive of the acreage acquisitions, Brigham now has total core acreage of approximately 205,600 net acres.

Williston Basin Drilling and Completion Update

In its Rough Rider project area, Brigham announced the completion of the Larsen 3-10 #1H and the Boots 13-24 #1H Bakken wells, which produced at early 24-hour peak flow back rates of approximately 3,090 (2,631 barrels of oil and 2.75 MMcf) and 1,946 (1,773 barrels of oil and 1.04 MMcf) barrels of oil equivalent, respectively. The Larsen and Boots are located in Williams County and were both completed with 31 fracture stimulation stages. Brigham's working interests in the Larsen and Boots are approximately 72% and 74%, respectively. Brigham has completed 26 long lateral high frac stage Bakken wells in Rough Rider with an average early 24-hour peak rate of approximately 2,421 barrels of oil equivalent.

Brigham's accelerated development of its core operated acreage in its Rough Rider and Ross project areas is proceeding with four operated rigs drilling in Rough Rider and one operated rig drilling in Ross. Another operated rig is expected to arrive in early October and additional rigs are expected to arrive in January and May 2011, respectively, at which time Brigham will be continuously drilling with eight operated rigs.

Brigham currently has two wells fracing and nine wells waiting on completion. In the first quarter 2011, Brigham expects to add additional fracture stimulation capacity. At that time, Brigham estimates that approximately eight wells per month will be fracture stimulated and brought on line to production.

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Mountrail County, ND: Bakken shale Update

By Andrea: http://oilshalegas.com

In Mountrail County, North Dakota, Brigham announced the completion of the Domaskin 30-31 #1H, which was completed with 38 fracture stimulation stages, at an early 24-hour peak flow back rate of approximately 4,675 barrels of oil equivalent (4,106 barrels of oil and 3.42 MMcf). The Domaskin is located one mile to the west of the highest initial production rate Bakken well in the Williston Basin, the Brigham operated Sorenson 29-32 #1H, which was completed in April 2010 at an early 24-hour peak rate of 5,133 barrels of oil equivalent. Based on publicly available information, the Domaskin represents the fourth highest initial production rate Bakken well in the Williston Basin. Brigham has completed seven long lateral high frac stage Bakken wells in Ross at an average early 24-hour peak flow back rate of approximately 3,835 barrels of oil equivalent. Brigham maintains an approximate 65% working interest in the Domaskin. Also participating in the Domaskin is Lario Oil & Gas Company with a 12% working

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Williams County, ND: Bakken Shale-Three Forks Update

By Andrea: http://oilshalegas.com

Brigham Exploration Co. (BEXP) recently announced an operational update on the Bakken Shale in the Three Forks area of Williams County, ND. Brigham currently has 3 completed wells in Williams County, ND:

In its Rough Rider project area in Williams County, North Dakota, Brigham announced the completion of the State 36-1 #2H Three Forks well, which was completed with 31 frac stages, at an early 24-hour peak flow back rate of approximately 2,356 barrels of oil equivalent (1,872 barrels of oil and 2.91 MMcf). The State 36-1 #2H represents Brigham's first Three Forks well completed west of the Nesson Anticline and based on publicly available information appears to represent a record Three Forks initial production rate west of the Nesson Anticline. The State 36-1 #2H represents Brigham's third Three Forks long lateral high frac stage completion. The two prior completions were east of the Nesson Anticline in Brigham's Ross project area and together averaged an early 24-hour peak flow back rate of 2,249 barrels of oil equivalent. Continued Three Forks success across its entire Rough Rider project area has the potential to add as many as 362 net drilling locations to Brigham's significantly de-risked development drilling inventory and could result in Brigham having an inventory of up to 933 net de-risked drilling locations within its current core acreage position. Brigham maintains an approximate 30% working interest in the State 36-1 #2H, which was completed with U.S. Energy Corp. (NASDAQ: USEG) as a working interest participant.

Brigham Exploration Co. (BEXP) stock has been on a steady incline since the end of August at about $15.32 and from when I sold it at $16.30 in mid-September. Today it has reached $20.94, I'm not bitter though.

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Montague County, TX - Barnett Shale Update

By Andrea: http://oilshalegas.com

In the Barnett Shale, EOG Resources Inc.(EOG)have completed 2 wells in Montague County, TX that I know, to date. This was reported in 2010 Q1 earnings report. I am unaware of any activity in 2010 Q2 but Q3 earnings will be coming out shortly and I will release a further update on Montague County:

In addition to the Settle well, we've also completed a number of horizontal wells in the Barnett combo play. The Alamo #1H, #2H and #3H wells were drilled on 55-acre spacing in Montague County. The wells began producing at a combined rate of over 900 barrels of oil per day, with 2.4 million cubic feet a day, and we have 97% working interest in these wells.

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Callon Petroleum Corp. - Haynesville Shale update

By Andrea: http://oilshalegas.com

Callon Petroleum Corp. (CPE) has successfully completed its first Haynesville Shale well in north Louisiana. The George R. Mills No. 1H Well was placed on production on September 3, 2010. The rate is being restricted to between 10 and 12 gross MMcfe/d to prevent any damage to the completion and maximize ultimate recovery. The well is currently flowing up the casing at a rate of 10.5 gross MMcfe/d on an 18/64-inch choke and a wellhead casing pressure of 7,000 pounds per square inch. The well continues to cleanup while flowing back at restricted rates. Callon has no remaining drilling obligations in its Haynesville Shale position and currently plans to remobilize a rig to the area once natural gas prices warrant continued development.

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Callion Petroleum Company: Permian Basin (Wolfberry) Update

By Andrea: http://oilshalegas.com

Callon Petroleum Company (CPE) recently provided an update on its onshore drilling activity in the Permian Basin:

Results in the company's Permian Basin Wolfberry development drilling program are exceeding expectations. As a result, earlier this month the company added a second drilling rig in the play. Ten wells have been drilled to date and the company plans to drill a total of 23 net wells by the end of 2010. Callon's net production has increased from 350 net Boe/d to 500 net Boe/d in September as a result of its development drilling activity. The company expects to exit the year at nearly 1,000 net Boe/d. In addition, Callon has increased its interest in the East Bloxom Development Area, located in Upton County, from an average 47% working interest to 100% working interest through a number of small acquisitions and a farm-ins. As a result, Callon controls the activity in three development areas encompassing 11 sections (6,656 net acres).

Callon currently has an inventory of 330 well locations in the Wolfberry oil play, 154 of which are 40-acre development locations. As operator and with no significant drilling obligations, the company can increase or decrease its pace of development as appropriate

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Dunn County and McKenzie County, ND: Bakken Shale Update

By Andrea: http://oilshalegas.com

Recently, Enerplus Resources Fund (ERF) acquired 46,500 net acres in the Bakken Shale across Dunn and McKenzie County, ND. The acquisition includes roughly 800 bbls/day of light crude oil production and around 10 million BOE:

Building on our existing Bakken land base in North Dakota, Enerplus has entered into an agreement to acquire an additional 46,500 net acres (72 sections) of land in the Fort Berthold area of Dunn and McKenzie counties in North Dakota. These lands are directly adjacent to our existing land holdings in this area and are prospective for light crude oil in the Bakken and Three Forks formations. The acquisition materially expands our current position to over 70,000 net acres (109 sections) in the Fort Berthold area, the majority of which will be operated by Enerplus with a greater than 90% working interest. Enerplus has proven expertise in this area and recent drilling results have been above expectations. With this acquisition, we now have over 210,000 net acres of undeveloped land with early stage Bakken and Three Forks potential in North Dakota and Saskatchewan in addition to our core Bakken field at Sleeping Giant in Montana.

The acquisition includes approximately 800 bbls/day of light crude oil production and proved plus probable reserves of 10 million BOE primarily attributable to the Bakken formation based upon our internal evaluation. This compliments our existing estimate of eight million BOE of unbooked proved plus probable reserves in this area. The purchase price before closing adjustments is US$456 million and will be funded through Enerplus' existing credit facility. The acquisition is expected to close in October 2010.

Enerplus has been active in the Fort Berthold area since late 2009 and over the past year we have participated in the drilling of nine operated horizontal wells, six of which have been completed to date. The lateral length of these wells has ranged from 4,300 feet with 12 frac stages for the short lateral wells to 9,000 feet with 24 frac stages for the long lateral wells.



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Production from the long lateral wells has been limited due to fluid handling capacity.



Our internal assessment of the Bakken potential in this area is approximately five to six million barrels of original oil in place per section. Based upon a drilling density of two wells per section (two long lateral wells per 1,280 acres or two short lateral wells per 640 acres) with an approximate 15% recovery factor, we estimate an additional 50 million barrels of best estimate contingent resources on our combined working interest lands in the Fort Berthold area in addition to the 18 million BOE of proved plus probable reserves. We also believe the lands are prospective for the Three Forks formation for which we have estimated four to five million barrels of original oil in place per section. However, given the limited production data available, we are in the process of evaluating the potential recoveries and development opportunity that may exist in the Three Forks.

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

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Richland County - Bakken Shale Update

By Andrea: http://oilshalegas.com

Continental Resources, Inc. (CLR) recently announced another significant well completion in the Bakken Shale, located Richland County, Montana, with the Winters 3-35H (36% WI). The Winters is a 320-acre spaced infill well (1,320 feet inter-well spacing) in the Elm Coulee Field and produced 827 Boepd in its one-day test. The Winters has a 9,000-foot lateral and was fracture stimulated in 24 stages.

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

For more stock updates, visit: http://daytradingstockblog.blogspot.com

Continental Resources Completes 13 New Bakken Shale Wells

By Andrea: http://oilshalegas.com

Continental Resources, Inc. (CLR) recently announced the completion of 13 Company-operated gross wells (7.4 net) in the North Dakota Bakken play since July 1, 2010, with an average one-day production test of 1,070 Boepd (barrels of oil equivalent per day). These wells, with their one-day test results, included:

• Roadrunner 1-15H (56% WI) in Dunn Co. - 1,722 Boepd;
• Medicine Hole 2-27H (43% WI) in Dunn Co. - 1,702 Boepd;
• Rollefstad 2-3H (73% WI) in McKenzie Co. - 1,689 Boepd;
• Bonney 2-3H (43% WI) in Dunn Co. - 1,435 Boepd;
• Howard 1-5H (52% WI) in Divide Co. - 1,201 Boepd;
• Ravin 1-1H (59% WI) in McKenzie Co. - 1,034 Boepd;
• Bjella 1-24H (41% WI) in Williams Co. - 1,029 Boepd.

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

For more stock updates, visit: http://daytradingstockblog.blogspot.com