Gonzales County, TX - Eagle Ford Shale

By Tim - http://oilshalegas.com

EOG Resources (EOG) provided an oil & natural gas drilling update in the Eagle Ford Shale play located in Gonzales County, Texas.

EOG's well results in the Eagle Ford continue to lead the industry. In Gonzales County, the Henkhaus Unit #1H, #2H, #3H, #4H, #6H and #7H wells were drilled on a pattern of 65-acre spacing. The six wells were completed to sales at individual initial production rates ranging from 2,424 to 3,733 barrels of oil per day (Bopd) with 442 to 679 barrels per day (Bpd) of natural gas liquids (NGLs) and 2.2 to 3.4 million cubic feet per day (MMcfd) of natural gas per well. The Mitchell Unit #3H, #4H, #5H, #6H, #7H and #8H wells, which were also drilled as down-spaced pilots, began initial production at 2,833 to 3,527 Bopd with 275 to 485 Bpd of NGLs and 1.4 to 2.4 MMcfd of natural gas per well. The Meyer #3H, #4H, #5H, #8H and #9H wells had individual peak oil rates ranging from 1,647 to 2,813 Bopd with 199 to 413 Bpd of NGLs and 1.0 to 2.1 MMcfd of natural gas.

EOG has 100 percent working interest in these 17 Gonzales County wells. "With tremendous resource potential still remaining on our acreage, we continue to test and apply techniques that will increase the oil recovery and potential of the Eagle Ford, our crown jewel. This strategy takes us into the next inning of development. By concentrating our efforts on getting more oil out of the ground early in the development phase, we are taking a good asset and making it great," Papa said. "Looking across the industry, we believe EOG's Eagle Ford position represents the largest domestic net oil discovery in 40 years and the highest rate of return play in North America today."

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Cabot Oil & Gas (COG) - Eagle Ford Shale

By Tim - http://oilshalegas.com

Cabot Oil & Gas (COG) provided an oil & natural gas drilling update in the Eagle Ford Shale play located in South Texas.

Cabot's Eagle Ford activity drove the 68 percent increase in the Company's oil and liquids production between full years 2011 and 2010. This growth came from 29 net wells primarily located in the Company's Buckhorn area in South Texas. Of ten recent well successes, the 24-hour peak production rate for half of the wells has exceeded 1,000 barrels of oil per day, with a 30-day average increasing to around 575 barrels of oil per day. "We have continued our science efforts here to improve realizations in the play with a degree of success including increased EURs, higher reserves per foot completed and increases to initial maximum output rates," commented Dinges. "From these results we expect our oil resource potential to rise again in 2012 as we continue to enhance the play further by exploiting our ability to down-space locations in the field."

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EOG Resources (EOG) - Eagle Ford Shale

By Tim - http://oilshalegas.com

EOG Resources (EOG) provided an oil & natural gas drilling update in the Eagle Ford Shale play located in South Texas.

Starting 2011 with a 12-rig drilling program that ramped up to 26 rigs in December, EOG drilled and completed 244 net wells during the year with a focus on optimizing completion techniques, in addition to reducing drilling days and overall well costs. Moving into development mode early in 2011, EOG began shifting its attention to increasing recovery of the oil-in-place in the field. To test the impact of well spacing on reserve recoveries, EOG drilled eight pilot programs that included 33 total wells. Based on production analysis from these pilots and reservoir modeling, EOG is now pursuing development drilling on 65 to 90-acre spacing, significantly tighter than the original density of 130 acres between wells.

After taking into account both the excellent results from the 375 wells it has drilled to date across its 120-mile acreage position and the results from the down-spaced drilling tests, EOG has increased its estimated potential reserves in the Eagle Ford from 900 million barrels of oil equivalent (MMboe) to 1,600 MMboe, net after royalty (NAR). The 700 MMBoe, NAR, or 78 percent increase represents an estimated 6 percent recovery factor. On its 572,000 net acres in the prolific oil window, EOG has identified approximately 3,200 remaining drilling locations and increased its average per well estimate to 450 thousand barrels of oil equivalent (MBoe), NAR.

EOG's well results in the Eagle Ford continue to lead the industry. In Gonzales County, the Henkhaus Unit #1H, #2H, #3H, #4H, #6H and #7H wells were drilled on a pattern of 65-acre spacing. The six wells were completed to sales at individual initial production rates ranging from 2,424 to 3,733 barrels of oil per day (Bopd) with 442 to 679 barrels per day (Bpd) of natural gas liquids (NGLs) and 2.2 to 3.4 million cubic feet per day (MMcfd) of natural gas per well. The Mitchell Unit #3H, #4H, #5H, #6H, #7H and #8H wells, which were also drilled as down-spaced pilots, began initial production at 2,833 to 3,527 Bopd with 275 to 485 Bpd of NGLs and 1.4 to 2.4 MMcfd of natural gas per well. The Meyer #3H, #4H, #5H, #8H and #9H wells had individual peak oil rates ranging from 1,647 to 2,813 Bopd with 199 to 413 Bpd of NGLs and 1.0 to 2.1 MMcfd of natural gas.

EOG has 100 percent working interest in these 17 Gonzales County wells. "With tremendous resource potential still remaining on our acreage, we continue to test and apply techniques that will increase the oil recovery and potential of the Eagle Ford, our crown jewel. This strategy takes us into the next inning of development. By concentrating our efforts on getting more oil out of the ground early in the development phase, we are taking a good asset and making it great," Papa said. "Looking across the industry, we believe EOG's Eagle Ford position represents the largest domestic net oil discovery in 40 years and the highest rate of return play in North America today."

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http://oilshalegas.com/eaglefordshale.html

Anadarko Petroleum (APC) - Eagle Ford Shale 2012

By Tim - http://oilshalegas.com

Anadarko Petroleum (APC) provided an oil & natural gas drilling update in the Eagle Ford Shale play located in South Texas.

Anadarko accelerated production growth in the liquids-rich Eagleford Shale during 2011, exiting the year with gross volumes of approximately 77,000 BOE per day in the play, with a liquids yield of more than 65 percent. The growth in this highly economic field was aided by the company's entry into a $1.6 billion joint venture and major expansions in midstream infrastructure, and strategic service agreements.

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Eagle Ford Shale - Pioneer Natural Resources (PXD)

By Tim - http://oilshalegas.com

Pioneer Natural Resources (PXD) provided an oil & natural gas drilling update in the Eagle Ford Shale play located in South Texas.

In the liquids-rich Eagle Ford Shale in South Texas, Pioneer and its joint venture partners are currently running 12 rigs. The Company drilled 111 wells in 2011 and placed 92 wells on production. To improve the execution of its drilling and completions program and reduce costs, Pioneer is operating two Company-owned fracture stimulation fleets totaling 100,000 horsepower. The Company is also utilizing a dedicated third-party fracture stimulation fleet, which commenced operating in April 2011 under a two-year contract.

Pioneer plans to continue running 12 rigs in 2012 and drill approximately 125 wells. The 2012 drilling program will continue to focus on liquids-rich drilling, with only 15% of the wells designated to hold strategic dry gas acreage. The original plan for 2012 called for an increase to 14 rigs on the assumption that 25% of the program would target dry gas drilling. However, in response to the current low gas price environment, the increase to 14 rigs has been delayed until 2013. It is now planned that the rig count will increase to 16 rigs in 2014 and 19 rigs in 2015.

Pioneer increased its Eagle Ford Shale production from 14 MBOEPD in the third quarter to 20 MBOEPD in the fourth quarter. The Company expects production to increase from an average of 12 MBOEPD in 2011 to 25 MBOEPD to 29 MBOEPD in 2012, 37 MBOEPD to 41 MBOEPD in 2013 and 47 MBOEPD to 53 MBOEPD in 2014.

Pioneer’s gross well cost in the Eagle Ford Shale ranges from $7 million to $8 million per well. Using this well cost, estimated EURs, assumed flat commodity prices of $100 per barrel for oil and $4 per MCF for gas and excluding the benefit of the joint-venture drilling carry, the before-tax internal rate of return for the 2012 drilling program is estimated to be 70%.

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Eagle Ford Shale - Comstock Resources (CRK)

By Tim - http://oilshalegas.com

Comstock Resources (CRK) provided an oil & natural gas drilling update in the Eagle Ford Shale play located in South Texas.

In the South Texas region, the Company drilled 20 (19.2 net) horizontal Eagle Ford shale wells in 2011. Comstock completed 17 wells (17.0 net) including one well that was drilled in 2010. These wells had an average per well initial production rate of 820 barrels of oil equivalent ("BOE") per day. Four wells (3.2 net) were awaiting completion at year end. Since the last update, Comstock has completed four additional wells in its Eagle Ford shale program. The Gloria Wheeler "A" #1H was drilled to a vertical depth of 11,358 feet with a 6,725 foot lateral. This well was tested at an initial rate of 1,070 barrels of oil per day and 1.1 MMcf of natural gas per day or 1,254 BOE per day. The Gloria Wheeler "B" #1H was drilled to a vertical depth of 10,908 feet with a 5,175 foot lateral. This well was tested at an initial rate of 916 barrels of oil per day and 1.0 MMcf of natural gas per day or 1,085 BOE per day. The Donnell "A" #1H was drilled to a vertical depth of 9,404 feet with a 6,481 foot lateral. This well was tested at an initial rate of 646 barrels of oil per day and 0.2 MMcf of natural gas per day or 686 BOE per day. The Cutter Creek #2H was drilled to a vertical depth of 10,013 feet with a 5,541 foot lateral. This well was tested at an initial rate of 471 barrels of oil per day and 0.4 MMcf of natural gas per day or 541 BOE per day. All of the reported well results were obtained while following Comstock's restricted choke program.

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Eagle Ford Shale - Price Cost Per Acre - Mineral Rights Leases

By Tim - http://oilshalegas.com

November 7, 2011 - Whiting Petroleum (WLL) recently announced some good Eagle Ford Shale mineral rights leasing data. They sold 3,532 Eagle Ford Shale acres in Karnes County, Live Oak County, and DeWitt County Texas for a total of $66.4 Million.

Prospective Eagle Ford Acreage Sold for $66.4 Million, $12,542 per Net Acre

"During the third quarter, Whiting sold approximately 3,532 net leasehold acres prospective for oil and gas production from the Eagle Ford formation in Karnes, Live Oak and Dewitt Counties, Texas for a total cash consideration of $66.4 million before closing adjustments. The transaction, which was effective July 1, 2011, closed on September 29, 2011. Whiting used the net proceeds from the property sale to reduce the amount drawn under its Credit Agreement.

The non-core acreage sold is located in Kawitt, Nordheim and Three Rivers Fields, which produce from the Speary, Edwards, Wilcox and Eagle Ford formations. Recent net daily production was approximately 4.0 MMcfe from 33 producing wells. The property sale also included 16 shut-in and temporarily abandoned wells. The estimated proved net reserves associated with the producing properties were 1.1 MMBOE. Whiting valued the existing production in the transaction at $22.1 million net of plugging liabilities and the acreage at $44.3 million net of the production value, or approximately $12,542 per net acre."

Shale News

OilShaleGas.com

Eagle Ford Shale - LaSalle Frio County Texas Oil Wells

By Tim - http://oilshalegas.com

November 6, 2011 - The Eagle Ford Shale continues to produce some nice oil wells as we head into 2012. Goodrich Petroleum (GDP) recently reported some of their oil well data which you will see below. These Eagle Ford Shale wells are located in LaSalle County, TX & Frio County, TX.

Eagle Ford Shale, LaSalle and Frio Counties, Texas

The Company completed the following five Eagle Ford Shale wells during the quarter, with an average 24-hour peak production rate of 907 BOE per day:

• Burns Ranch 20H (67% WI), a 5,960 foot lateral with 21 frac stages, at a 24-hour peak production rate of 1,080 barrels oil equivalent ("BOE") per day;
• Burns Ranch 2H (67% WI), an 8,320 foot lateral with 29 frac stages, at a 24-hour peak production rate of 1,004 BOE per day;
• Burns Ranch 3H (67% WI), a 5,160 foot lateral with 19 frac stages, at a 24-hour peak production rate of 953 BOE per day;
• Burns Ranch 18H (67% WI), a 5,060 foot lateral with 19 frac stages, at a 24-hour peak production rate of 883 BOE per day;
• Burns Ranch 19H (67% WI), a 5,940 foot lateral with 21 frac stages, at a 24-hour peak production rate of 613 BOE per day.

The Company completed two additional Buda Lime wells in the quarter:

• Carnes 7H (65% WI), an un-stimulated 4,215 foot lateral, at a 24-hour peak production rate of 1,167 BOE per day and a 30-day average of 871 BOE per day (762 BO and 655 Mcf per day);
• Burns Ranch 30H (67% WI), a 5,060 foot lateral with 19 frac stages, at a 24-hour peak production rate of 500 BOE per day.

The Company is in completion phase on the following wells:

• Burns Ranch 35H (67% WI), an 8,880 foot lateral with 32 planned frac stages;
• Burns Ranch 16H (67% WI), a 5,710 foot lateral with 20 planned frac stages;
• Burns Ranch 22H (67% WI), a 5,520 foot lateral with 20 planned frac stages;
• Shiner G-1 (67% WI), a 4,190 foot lateral in the Buda Lime;
• Shiner G-4 (67% WI), a 4,130 foot lateral in the Buda Lime;

Shale News

OilShaleGas.com

SM Energy Company (SM): Eagle Ford Shale Update

By Andrea: http://oilshalegas.com

SM Energy Company (SM) recently released an update on its position in the Eagle Ford Shale located in LaSalle County and Dimmit County, TX.

SM Energy Company has entered into an agreement with a subsidiary of Mitsui & Co., Ltd. concerning a 12.5% working interest in its non-operated Eagle Ford shale position. The Company will be carried on 90% of its drilling and completion costs (excluding costs associated with construction of mid-stream gathering assets) in this acreage until $680 million has been expended for the benefit of SM Energy. The purchaser will also reimburse SM Energy for the purchaser's share of capital expenditures and other costs, net of revenues, related to the period between the effective date of March 1, 2011, and the closing date. These reimbursed costs (net of revenues), estimated to range between $20 and $40 million, will be payable to SM Energy at closing and the Company will apply these funds to the remaining 10% of SM Energy's drilling and completion costs in this acreage. As a result, the Company will effectively be 100% carried until this reimbursement amount is exhausted. Once the reimbursement dollars have been expended, the Company will remain 90% carried until the remaining portion of the $680 million carry has been spent. The purchaser will also reimburse SM Energy for 50% of the Company's total capital investment expenditures in the related mid-stream assets in which the purchaser is acquiring an interest. This reimbursement is estimated to range between $20 and $30 million. The use of the reimbursement proceeds related to the mid-stream assets is not restricted and the proceeds will be treated as proceeds from divestitures in the Company's consolidated financial statements. Closing is anticipated to occur during the third quarter of 2011 and is subject to customary closing conditions and transaction fees.

After the closing of this transaction, SM Energy will have approximately 46,000 net acres in the non-operated portion of its Eagle Ford shale position, down from roughly 85,000 net acres. The Company's average working interest in this acreage will be reduced from approximately 27% to 14.5%. Reported average daily production from the Company's total non-operated Eagle Ford shale position at the end of the first quarter was 43.5 MMCFE/D (42% oil, 36% natural gas, and 22% NGLs). Proved reserves associated with the Company's total non-operated Eagle Ford shale position as of December 31, 2010 were 52 BCFE (52% proved undeveloped).

SM Energy will have roughly 196,000 net acres in the Eagle Ford shale, of which approximately 75% will be operated by the Company, after this transaction and the previously announced divestiture of Eagle Ford assets in LaSalle and Dimmit Counties, Texas are consummated. The size and timing of these transactions vary from the assumptions made in the Company's issued guidance, as these transactions are expected to close later in the year than originally anticipated and SM Energy is retaining a larger position in the Eagle Ford than was originally assumed. As a result, reported production and capital expenditures for the year will exceed the Company's currently published guidance. The Company will provide full capital, production, and cost guidance updates for the remainder of 2011, as well as preliminary capital and production guidance for 2012 in its second quarter earnings release.

SM Energy was advised on the transaction by Bank of America Merrill Lynch.

Tony Best, President and CEO, remarked, "I am pleased to announce the final phase of our planned Eagle Ford sell down effort. Combined with our previously announced LaSalle and Dimmit Counties Eagle Ford divestiture, we are generating nearly $1 billion in funds that will allow us to further develop our Eagle Ford assets while locking in some solid returns and maintaining a strong balance sheet. This specific transaction allows us to continue participating in the development of high value Eagle Ford assets, while providing us more control over our capital investment decisions."

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

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Dimmit County, TX: Eagle Ford Shale Update

By Andrea: http://oilshalegas.com

SM Energy Company (SM) recently released an update on its position in the Eagle Ford Shale located in LaSalle County and Dimmit County, TX.

SM Energy Company has entered into an agreement with a subsidiary of Mitsui & Co., Ltd. concerning a 12.5% working interest in its non-operated Eagle Ford shale position. The Company will be carried on 90% of its drilling and completion costs (excluding costs associated with construction of mid-stream gathering assets) in this acreage until $680 million has been expended for the benefit of SM Energy. The purchaser will also reimburse SM Energy for the purchaser's share of capital expenditures and other costs, net of revenues, related to the period between the effective date of March 1, 2011, and the closing date. These reimbursed costs (net of revenues), estimated to range between $20 and $40 million, will be payable to SM Energy at closing and the Company will apply these funds to the remaining 10% of SM Energy's drilling and completion costs in this acreage. As a result, the Company will effectively be 100% carried until this reimbursement amount is exhausted. Once the reimbursement dollars have been expended, the Company will remain 90% carried until the remaining portion of the $680 million carry has been spent. The purchaser will also reimburse SM Energy for 50% of the Company's total capital investment expenditures in the related mid-stream assets in which the purchaser is acquiring an interest. This reimbursement is estimated to range between $20 and $30 million. The use of the reimbursement proceeds related to the mid-stream assets is not restricted and the proceeds will be treated as proceeds from divestitures in the Company's consolidated financial statements. Closing is anticipated to occur during the third quarter of 2011 and is subject to customary closing conditions and transaction fees.

After the closing of this transaction, SM Energy will have approximately 46,000 net acres in the non-operated portion of its Eagle Ford shale position, down from roughly 85,000 net acres. The Company's average working interest in this acreage will be reduced from approximately 27% to 14.5%. Reported average daily production from the Company's total non-operated Eagle Ford shale position at the end of the first quarter was 43.5 MMCFE/D (42% oil, 36% natural gas, and 22% NGLs). Proved reserves associated with the Company's total non-operated Eagle Ford shale position as of December 31, 2010 were 52 BCFE (52% proved undeveloped).

SM Energy will have roughly 196,000 net acres in the Eagle Ford shale, of which approximately 75% will be operated by the Company, after this transaction and the previously announced divestiture of Eagle Ford assets in LaSalle and Dimmit Counties, Texas are consummated. The size and timing of these transactions vary from the assumptions made in the Company's issued guidance, as these transactions are expected to close later in the year than originally anticipated and SM Energy is retaining a larger position in the Eagle Ford than was originally assumed. As a result, reported production and capital expenditures for the year will exceed the Company's currently published guidance. The Company will provide full capital, production, and cost guidance updates for the remainder of 2011, as well as preliminary capital and production guidance for 2012 in its second quarter earnings release.

SM Energy was advised on the transaction by Bank of America Merrill Lynch.

Tony Best, President and CEO, remarked, "I am pleased to announce the final phase of our planned Eagle Ford sell down effort. Combined with our previously announced LaSalle and Dimmit Counties Eagle Ford divestiture, we are generating nearly $1 billion in funds that will allow us to further develop our Eagle Ford assets while locking in some solid returns and maintaining a strong balance sheet. This specific transaction allows us to continue participating in the development of high value Eagle Ford assets, while providing us more control over our capital investment decisions."

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

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LaSalle County, TX: Eagle Ford Shale update

By Andrea: http://oilshalegas.com

SM Energy Company (SM) recently released an update on its position in the Eagle Ford Shale located in LaSalle County and Dimmit County, TX.

SM Energy Company has entered into an agreement with a subsidiary of Mitsui & Co., Ltd. concerning a 12.5% working interest in its non-operated Eagle Ford shale position. The Company will be carried on 90% of its drilling and completion costs (excluding costs associated with construction of mid-stream gathering assets) in this acreage until $680 million has been expended for the benefit of SM Energy. The purchaser will also reimburse SM Energy for the purchaser's share of capital expenditures and other costs, net of revenues, related to the period between the effective date of March 1, 2011, and the closing date. These reimbursed costs (net of revenues), estimated to range between $20 and $40 million, will be payable to SM Energy at closing and the Company will apply these funds to the remaining 10% of SM Energy's drilling and completion costs in this acreage. As a result, the Company will effectively be 100% carried until this reimbursement amount is exhausted. Once the reimbursement dollars have been expended, the Company will remain 90% carried until the remaining portion of the $680 million carry has been spent. The purchaser will also reimburse SM Energy for 50% of the Company's total capital investment expenditures in the related mid-stream assets in which the purchaser is acquiring an interest. This reimbursement is estimated to range between $20 and $30 million. The use of the reimbursement proceeds related to the mid-stream assets is not restricted and the proceeds will be treated as proceeds from divestitures in the Company's consolidated financial statements. Closing is anticipated to occur during the third quarter of 2011 and is subject to customary closing conditions and transaction fees.

After the closing of this transaction, SM Energy will have approximately 46,000 net acres in the non-operated portion of its Eagle Ford shale position, down from roughly 85,000 net acres. The Company's average working interest in this acreage will be reduced from approximately 27% to 14.5%. Reported average daily production from the Company's total non-operated Eagle Ford shale position at the end of the first quarter was 43.5 MMCFE/D (42% oil, 36% natural gas, and 22% NGLs). Proved reserves associated with the Company's total non-operated Eagle Ford shale position as of December 31, 2010 were 52 BCFE (52% proved undeveloped).

SM Energy will have roughly 196,000 net acres in the Eagle Ford shale, of which approximately 75% will be operated by the Company, after this transaction and the previously announced divestiture of Eagle Ford assets in LaSalle and Dimmit Counties, Texas are consummated. The size and timing of these transactions vary from the assumptions made in the Company's issued guidance, as these transactions are expected to close later in the year than originally anticipated and SM Energy is retaining a larger position in the Eagle Ford than was originally assumed. As a result, reported production and capital expenditures for the year will exceed the Company's currently published guidance. The Company will provide full capital, production, and cost guidance updates for the remainder of 2011, as well as preliminary capital and production guidance for 2012 in its second quarter earnings release.

SM Energy was advised on the transaction by Bank of America Merrill Lynch.

Tony Best, President and CEO, remarked, "I am pleased to announce the final phase of our planned Eagle Ford sell down effort. Combined with our previously announced LaSalle and Dimmit Counties Eagle Ford divestiture, we are generating nearly $1 billion in funds that will allow us to further develop our Eagle Ford assets while locking in some solid returns and maintaining a strong balance sheet. This specific transaction allows us to continue participating in the development of high value Eagle Ford assets, while providing us more control over our capital investment decisions."

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

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

Arenal Energy Corp. - Austin Chalk Update

By Andrea: http://oilshalegas.com

Arenal Energy Corporation recently released an update on the Austin Chalk Formation. The company is seeking oil reclamation and production opportunities in the Austin Chalk geologic formation, which extends through Texas into Louisiana and overlays the Eagle Ford shale formation.

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

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McMullen County, TX: Eagle Ford Shale Update

By Andrea: http://oilshalegas.com

Comstock Resources Inc. (CRK) has initiated development of its Eagle Ford shale acreage in Atascosa, Karnes and McMullen counties in South Texas. Comstock has drilled the Rancho Tres Hijos #1H in McMullen county to a vertical depth of 11,020 feet with a 4,091 lateral and has drilled the NWR #1H in Atascosa county to a vertical depth of 8,715 feet with a 5,209 foot lateral. These wells are scheduled for completion in November. Comstock is currently drilling its third Eagle Ford shale well in Karnes county.

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

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Karnes County, Texas: Eagle Ford Shale Update

By Andrea: http://oilshalegas.com

Comstock Resources Inc. (CRK) has initiated development of its Eagle Ford shale acreage in Atascosa, Karnes and McMullen counties in South Texas. Comstock has drilled the Rancho Tres Hijos #1H in McMullen county to a vertical depth of 11,020 feet with a 4,091 lateral and has drilled the NWR #1H in Atascosa county to a vertical depth of 8,715 feet with a 5,209 foot lateral. These wells are scheduled for completion in November. Comstock is currently drilling its third Eagle Ford shale well in Karnes county.

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

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Comstock Resources (CRK): Haynesville Shale Update

By Andrea: http://oilshalegas.com

Comstock Resources, Inc. (CRK) recently released an operational update where they they announced the distribution of their 2011 budget for natural gas.

They announced that they plan to spend approximately $522.0 million in 2011 for development and exploration activities. The 2011 drilling program will focus on the continued development and delineation of its Haynesville shale and Bossier shale properties in North Louisiana and its Eagle Ford shale properties in South Texas. Comstock is currently utilizing six operated drilling rigs for its drilling activity. Five of the rigs are currently drilling Haynesville or Bossier shale wells and one is currently drilling the Company's fourth Eagle Ford shale well. Comstock plans to release one of these rigs during the first quarter of 2011 and plans on moving one of the Haynesville shale rigs to the Eagle Ford by the middle of 2011.

The 2011 budget includes $110.2 million for completion costs for 25 (21.6 net) Haynesville or Bossier shale wells that were drilled in 2010 but will be carried into 2011 for completion by the Company's dedicated frac crew which will be under contract for 2011. In addition to completing the 25 wells drilled in 2010, Comstock has budgeted to drill 67 (49.5 net) wells in 2011. All of the wells will be horizontal wells. Comstock has budgeted to drill 45 (27.5 net) Hayneville or Bossier shale wells in North Louisiana. The remaining twenty-two (22.0 net) wells will be drilled to develop the Company's Eagle Ford shale leases which were acquired this year.

Taking into account the planned 2011 drilling and completion activity, Comstock expects production in 2011 to approximate 85 to 90 Bcfe, a substantial increase over production in 2010. The 2011 drilling program is also expected to provide another year of strong reserve growth in 2011. The Eagle Ford drilling program will focus on the oil and condensate portion of the Eagle Ford shale play which will allow the Company to grow its oil, condensate and natural gas liquids production in 2011.

Comstock has a substantial amount of flexibility in implementing its drilling program in 2011. During the first half of 2011, the Company can release two of its drilling rigs without penalty in addition to the one that the Company plans to release in the first quarter. Comstock can also move additional drilling rigs from its Haynesville shale program to its Eagle Ford shale program. This flexibility allows the Company to reduce its capital expenditures in response to weaker natural gas prices or reallocate its budget toward oil or liquids rich projects in response to continued strong oil prices in relation to natural gas prices.

The Company's early results in the Eagle Ford shale have been encouraging. Additional results from the recently drilled wells and future drilling will govern the timing of deploying additional drilling rigs to Comstock's South Texas operations.

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

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Leed County and Fayette County: Eagle Ford Shale Update

By Andrea: http://oilshalegas.com

Evolution Petroleum Corp. (EPM) recently released an operational update on the Eagle Ford Shale, located in Leed and Fayette Counties. In response to a question inquiring about their involvement of the Eagle Ford to the Austin Chalk formation, CEO, Bob Herlin states:

"Eagle Ford is being tested by a variety of operators and what we preferred to be the stop list portion in the Giddings Field. Now with the – that we've heard activity up into Fayette County, where I know there’s some things going on the Leed County. There has been some test I believe further to northeast. I don't think industry is quite yet cracked the code on making Eagle Ford work that far to northeast.

Obviously, we hold a lot of acreage in the Giddings Field that is held by production or will be held by production, that's not on under current primary term or through expansions. Are there people lined up in my door warning to form out our Eagle Ford, right? No. But we – I can't say it will or it won’t down the road."

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

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Comstock Resources (CRK): Eagle Ford Shale Update

By Andrea: http://oilshalegas.com

Comstock Resources, Inc. (CRK) recently released an operational update where they they announced the distribution of their 2011 budget for natural gas.

They announced that they plan to spend approximately $522.0 million in 2011 for development and exploration activities. The 2011 drilling program will focus on the continued development and delineation of its Haynesville shale and Bossier shale properties in North Louisiana and its Eagle Ford shale properties in South Texas. Comstock is currently utilizing six operated drilling rigs for its drilling activity. Five of the rigs are currently drilling Haynesville or Bossier shale wells and one is currently drilling the Company's fourth Eagle Ford shale well. Comstock plans to release one of these rigs during the first quarter of 2011 and plans on moving one of the Haynesville shale rigs to the Eagle Ford by the middle of 2011.

The 2011 budget includes $110.2 million for completion costs for 25 (21.6 net) Haynesville or Bossier shale wells that were drilled in 2010 but will be carried into 2011 for completion by the Company's dedicated frac crew which will be under contract for 2011. In addition to completing the 25 wells drilled in 2010, Comstock has budgeted to drill 67 (49.5 net) wells in 2011. All of the wells will be horizontal wells. Comstock has budgeted to drill 45 (27.5 net) Hayneville or Bossier shale wells in North Louisiana. The remaining twenty-two (22.0 net) wells will be drilled to develop the Company's Eagle Ford shale leases which were acquired this year.

Taking into account the planned 2011 drilling and completion activity, Comstock expects production in 2011 to approximate 85 to 90 Bcfe, a substantial increase over production in 2010. The 2011 drilling program is also expected to provide another year of strong reserve growth in 2011. The Eagle Ford drilling program will focus on the oil and condensate portion of the Eagle Ford shale play which will allow the Company to grow its oil, condensate and natural gas liquids production in 2011.

Comstock has a substantial amount of flexibility in implementing its drilling program in 2011. During the first half of 2011, the Company can release two of its drilling rigs without penalty in addition to the one that the Company plans to release in the first quarter. Comstock can also move additional drilling rigs from its Haynesville shale program to its Eagle Ford shale program. This flexibility allows the Company to reduce its capital expenditures in response to weaker natural gas prices or reallocate its budget toward oil or liquids rich projects in response to continued strong oil prices in relation to natural gas prices.

The Company's early results in the Eagle Ford shale have been encouraging. Additional results from the recently drilled wells and future drilling will govern the timing of deploying additional drilling rigs to Comstock's South Texas operations.

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

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

SM Energy Company (SM): Eagle Ford Shale News

By Andrea: http://oilshalegas.com


SM Energy Company (SM) recently released an operational update on the Eagle Ford Shale located in Webb and LaSalle County,TX:

SM Energy Company (SM) plans to begin 2011 operating two (2) drilling rigs on its high working interest 165,000 net acre position in Webb and La Salle counties in South Texas. Over the course of the year, the Company plans to ramp its operated rig count to four (4) drilling rigs, the vast majority of which will target portions of the acreage containing rich gas and condensate. Most of the wells planned for the year will be in the Briscoe and Galvan Ranch program areas where SM Energy has been active during 2010. A higher level of activity is also planned for La Salle County, Texas in order to de-risk and delineate that portion of the Company's acreage. In addition, a number of projects such as retained energy fracture stimulations and reduced spacing pilots are planned for next year across the play. Projects in the Eagle Ford shale program make up the largest portion of the Company's facilities budget of $65 million.

In the partner-operated portion of SM Energy's 84,500 net acre position prospective for the Eagle Ford shale, seven (7) rigs are currently being operated by the Company's partner, Anadarko Petroleum Company (APC). For 2011, SM Energy anticipates that Anadarko will operate an average of ten (10) rigs for the year.

SM Energy has allocated approximately $500 million for drilling investment in its total Eagle Ford shale position for 2011. Based on the activity levels contemplated above, capital expenditures net to the Company would be in excess of this amount next year. The Company is initiating a marketing process to sell down or joint venture a portion of its total position in the play, which will lead to a smaller amount of net investment in 2011. Bank of America Merrill Lynch has been engaged to market the Eagle Ford shale package on behalf of the Company. Although details of the composition of the sale package are still being determined, SM Energy currently estimates that it will sell roughly 20% to 30% of its total acreage position and that as a result the net spending for 2011 will be approximately $500 million after adjusting for capital expenditures associated with divested properties and possible drilling carries.

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

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

Comstock Resources (CRK): Bossier Shale Update

By Andrea: http://oilshalegas.com

Comstock Resources, Inc. (CRK) recently released an operational update where they they announced the distribution of their 2011 budget for natural gas.

They announced that they plan to spend approximately $522.0 million in 2011 for development and exploration activities. The 2011 drilling program will focus on the continued development and delineation of its Haynesville shale and Bossier shale properties in North Louisiana and its Eagle Ford shale properties in South Texas. Comstock is currently utilizing six operated drilling rigs for its drilling activity. Five of the rigs are currently drilling Haynesville or Bossier shale wells and one is currently drilling the Company's fourth Eagle Ford shale well. Comstock plans to release one of these rigs during the first quarter of 2011 and plans on moving one of the Haynesville shale rigs to the Eagle Ford by the middle of 2011.

The 2011 budget includes $110.2 million for completion costs for 25 (21.6 net) Haynesville or Bossier shale wells that were drilled in 2010 but will be carried into 2011 for completion by the Company's dedicated frac crew which will be under contract for 2011. In addition to completing the 25 wells drilled in 2010, Comstock has budgeted to drill 67 (49.5 net) wells in 2011. All of the wells will be horizontal wells. Comstock has budgeted to drill 45 (27.5 net) Hayneville or Bossier shale wells in North Louisiana. The remaining twenty-two (22.0 net) wells will be drilled to develop the Company's Eagle Ford shale leases which were acquired this year.

Taking into account the planned 2011 drilling and completion activity, Comstock expects production in 2011 to approximate 85 to 90 Bcfe, a substantial increase over production in 2010. The 2011 drilling program is also expected to provide another year of strong reserve growth in 2011. The Eagle Ford drilling program will focus on the oil and condensate portion of the Eagle Ford shale play which will allow the Company to grow its oil, condensate and natural gas liquids production in 2011.

Comstock has a substantial amount of flexibility in implementing its drilling program in 2011. During the first half of 2011, the Company can release two of its drilling rigs without penalty in addition to the one that the Company plans to release in the first quarter. Comstock can also move additional drilling rigs from its Haynesville shale program to its Eagle Ford shale program. This flexibility allows the Company to reduce its capital expenditures in response to weaker natural gas prices or reallocate its budget toward oil or liquids rich projects in response to continued strong oil prices in relation to natural gas prices.

The Company's early results in the Eagle Ford shale have been encouraging. Additional results from the recently drilled wells and future drilling will govern the timing of deploying additional drilling rigs to Comstock's South Texas operations.

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

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

La Salle County, TX: Eagle Ford Shale Update

By Andrea: http://oilshalegas.com


SM Energy Company (SM) recently released an operational update on the Eagle Ford Shale located in Webb and LaSalle County,TX:

SM Energy Company (SM) plans to begin 2011 operating two (2) drilling rigs on its high working interest 165,000 net acre position in Webb and La Salle counties in South Texas. Over the course of the year, the Company plans to ramp its operated rig count to four (4) drilling rigs, the vast majority of which will target portions of the acreage containing rich gas and condensate. Most of the wells planned for the year will be in the Briscoe and Galvan Ranch program areas where SM Energy has been active during 2010. A higher level of activity is also planned for La Salle County, Texas in order to de-risk and delineate that portion of the Company's acreage. In addition, a number of projects such as retained energy fracture stimulations and reduced spacing pilots are planned for next year across the play. Projects in the Eagle Ford shale program make up the largest portion of the Company's facilities budget of $65 million.

In the partner-operated portion of SM Energy's 84,500 net acre position prospective for the Eagle Ford shale, seven (7) rigs are currently being operated by the Company's partner, Anadarko Petroleum Company (APC). For 2011, SM Energy anticipates that Anadarko will operate an average of ten (10) rigs for the year.

SM Energy has allocated approximately $500 million for drilling investment in its total Eagle Ford shale position for 2011. Based on the activity levels contemplated above, capital expenditures net to the Company would be in excess of this amount next year. The Company is initiating a marketing process to sell down or joint venture a portion of its total position in the play, which will lead to a smaller amount of net investment in 2011. Bank of America Merrill Lynch has been engaged to market the Eagle Ford shale package on behalf of the Company. Although details of the composition of the sale package are still being determined, SM Energy currently estimates that it will sell roughly 20% to 30% of its total acreage position and that as a result the net spending for 2011 will be approximately $500 million after adjusting for capital expenditures associated with divested properties and possible drilling carries.

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

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