Bakken Shale North Dakota - Parshall Field

By Tim - http://oilshalegas.com

EOG Resources (EOG) recently gave a drilling update in the Bakken Shale.

Consistent with its game plan to increase recovery rates in existing fields, during 2011 EOG continued infill drilling on its core acreage in the North Dakota Bakken Parshall Field, which it discovered in 2006. Although originally developed on 640-acre spacing, EOG has successfully tested 320-acre down-spacing in various areas and around the perimeters of the field. A recent well in Mountrail County, the Fertile 48-0905H, in which EOG has a 96 percent working interest, was completed at an initial rate of 1,324 Bopd. Also in Mountrail County, the Liberty 24-2531H and Liberty LR 20-26H were drilled on 320-acre spacing. The wells, in which EOG has 82 and 95 percent working interest, respectively, were turned to sales at initial crude oil rates of 1,507 and 1,165 Bopd, respectively. Over the course of 2012, EOG will continue its efforts to increase recovery of the oil-in-place on its Bakken acreage through further down-spacing tests and the initiation of a secondary recovery pilot project.

http://blackberrystocks.blogspot.com/

http://bakkenshale.net

Mountrail County, ND - Bakken Shale

By Tim - http://oilshalegas.com

EOG Resources (EOG) recently gave a drilling update in the Bakken Shale.

Consistent with its game plan to increase recovery rates in existing fields, during 2011 EOG continued infill drilling on its core acreage in the North Dakota Bakken Parshall Field, which it discovered in 2006. Although originally developed on 640-acre spacing, EOG has successfully tested 320-acre down-spacing in various areas and around the perimeters of the field. A recent well in Mountrail County, the Fertile 48-0905H, in which EOG has a 96 percent working interest, was completed at an initial rate of 1,324 Bopd. Also in Mountrail County, the Liberty 24-2531H and Liberty LR 20-26H were drilled on 320-acre spacing. The wells, in which EOG has 82 and 95 percent working interest, respectively, were turned to sales at initial crude oil rates of 1,507 and 1,165 Bopd, respectively. Over the course of 2012, EOG will continue its efforts to increase recovery of the oil-in-place on its Bakken acreage through further down-spacing tests and the initiation of a secondary recovery pilot project.

http://blackberrystocks.blogspot.com/

http://bakkenshale.net

Bakken Shale - EOG Resources (EOG)

By Tim - http://oilshalegas.com

EOG Resources (EOG) recently gave a drilling update in the Bakken Shale.

Consistent with its game plan to increase recovery rates in existing fields, during 2011 EOG continued infill drilling on its core acreage in the North Dakota Bakken Parshall Field, which it discovered in 2006. Although originally developed on 640-acre spacing, EOG has successfully tested 320-acre down-spacing in various areas and around the perimeters of the field. A recent well in Mountrail County, the Fertile 48-0905H, in which EOG has a 96 percent working interest, was completed at an initial rate of 1,324 Bopd. Also in Mountrail County, the Liberty 24-2531H and Liberty LR 20-26H were drilled on 320-acre spacing. The wells, in which EOG has 82 and 95 percent working interest, respectively, were turned to sales at initial crude oil rates of 1,507 and 1,165 Bopd, respectively. Over the course of 2012, EOG will continue its efforts to increase recovery of the oil-in-place on its Bakken acreage through further down-spacing tests and the initiation of a secondary recovery pilot project.

http://blackberrystocks.blogspot.com/

http://bakkenshale.net

Cana-Woodford Shale - Devon Energy (DVN)

By Tim - http://oilshalegas.com

Devon Energy (DVN) provides a drilling update for the Cana-Woodford Shale located on Oklahoma.

Moving now to the Cana-Woodford Shale in Western Oklahoma. Our Cana gas plant was back fully operational in December, following repairs of the damage incurred last May from a tornado. This helped us achieve our target exit rate for the Cana of 275 million cubic feet equivalent per day. Fourth quarter net production increased 83% over the year-ago quarter to a record 250 million cubic feet of gas equivalent per day, including 3,100 barrels of oil and 7,400 barrels of natural gas liquids per day. This significant liquids contribution, combined with our low acreage and royalty costs, enable us to generate strong full-cycle returns in the current commodity price environment.

In 2012, we plan to invest some $870 million of capital and drill nearly 200 wells in Cana. Our Cana activity will be focused in the oil and natural gas liquids-rich portion of the core area. Liquids should represent almost 40% of the production stream generated by the 2012 capital program. Cana oil and liquids production is expected to grow over 85% to an average of 16,000 barrels per day in 2012.

From a reserves performance perspective, Cana was a leading growth area for the company in 2011. Extensions, discoveries and performance revisions at Cana accounted for 160 million barrels of oil equivalent of additions. At year end, we had 328 million equivalent barrels booked in the Cana-Woodford. With almost 2 billion barrels equivalent of risked resource potential and more than 5,000 risked locations remaining, we expect Cana to deliver many more years of highly economic production and reserves growth.

http://blackberrystocks.blogspot.com/

http://oilshalegas.com/woodfordshale.html

Carroll County, Ohio (OH) Utica Shale

By Tim - http://oilshalegas.com

Rex Energy (REXX) has come out and updated investors on their Utica Shale Acreage located in Carroll County, Ohio. Mineral Rights land leasing has ramped up in Ohio due to the potential for a huge oil discovery in the region. Price Per acre is surging over $3,500 in the sweet spots.

http://oilshalegas.com/uticashale.html

Rex Energy has acquired the rights to lease approximately 11,000 net acres in Carroll County, Ohio (subject to title review) where the company intends to conduct exploratory operations for oil and natural gas within the Utica Shale. The company is continuing to lease acreage in this area and is planning its first well in 2012. The company expects to pay approximately $40 million or an average of $3,600 per acre.

For additional information on the Warrior Prospect, please visit the company's website at www.rexenergy.com and refer to the updated corporate presentation.

Chevron (CVX) Utica Shale - Oil & Gas Update

By Tim - http://oilshalegas.com

Chevron Corporation (NYSE:CVX) recently updated investors on It's Utica Shale prospective acreage. Chevron (CVX) has a large position in the Utica Shale but has not started drilling yet.

Evan Calio - Morgan Stanley

Okay. And a second question for George and maybe more pointed than Paul's. I mean, clearly, excitement's been building on the Utica shale opportunity. And then something that's a bit of a focus this morning with Chesapeake's release and conference call. I know and I believe Chevron has 600,000 acres that you disclosed that has Utica oil shale exposure. But you didn't call that out in Slide 17. Maybe you could discuss how you're thinking about activity there and play potential into 2012?

George Kirkland

Okay. Well, let me first say we believe it's a little bit too soon to conclude on the potential of the Utica. We've got a good acreage position in the Utica from the Atlas acquisition. We're going to do what we do everywhere in the world. We're going to evaluate that. And the only the way we can evaluate it is we're going to have to drill some wells and test performance. So it's something for the future, but it's, like you say, too early at this point in time to, I think, hype it.

The Utica Shale holds both Oil & Natural Gas and extends down from Canada into the states of New York, Pennsylvania, Ohio, and West Virginia. Chesapeake Energy (CHK) recently announced a major oil discovery in the Utica Shale Field and is excited about the prospects in Ohio. Could Utica Shale be as big as the Eagle Ford Shale? Only time will tell!

http://oilshalegas.com/uticashale.html

Utica Shale - Ohio Oil Field

By Tim - http://oilshalegas.com

Utica Shale minerals rights are heating up after Chesapeake Energy (CHK) came out with news about estimates related to their acreage position. Drilling for oil in the Utica Shale Ohio area is set to ramp up towards the end of 2011 and into 2012.

Chesapeake Announces a Major New Liquids-Rich Discovery in the Utica Shale in Eastern Ohio

Having achieved successful results from recent drilling activities in eastern Ohio, Chesapeake is announcing the discovery of a major new liquids-rich play in the Utica Shale. Based on its proprietary geoscientific, petrophysical and engineering research during the past two years and the results of six horizontal and nine vertical wells it has drilled, Chesapeake believes that its industry-leading 1.25 million net leasehold acres in the Utica Shale play could be worth $15 - $20 billion in increased value to the company. Chesapeake’s dataset on the Utica Shale includes approximately 2,000 well logs, full-suite petrophysical data on approximately 200 wells, 3,200 feet of proprietary core samples from nine wells and production results from three wells. As a result of its analysis, the company believes the Utica Shale will be characterized by a western oil phase, a central wet gas phase and an eastern dry gas phase and is likely most analogous, but economically superior to, the Eagle Ford Shale in South Texas.

Chesapeake is currently drilling in the Utica Shale with five operated rigs to further evaluate and develop its leasehold and anticipates increasing its rig count to eight by the end of 2011 and reaching at least a range of 16-20 rigs by year-end 2012. Also, the company believes that its leasehold position in the Utica Shale will support a drilling effort of at least 40 rigs by year-end 2014. Chesapeake is currently conducting a competitive process to monetize a portion of its Utica Shale leasehold position, which will be through an industry joint venture process or through a number of other monetization alternatives. The company anticipates completing a Utica Shale transaction in the 2011 fourth quarter.

See Also:

http://oilshalegas.com/uticashale.html

http://oilshalegas.com/eaglefordshale.html

http://oilshalegas.com/bakkenshale.html