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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Marathon Oil (MRO) Eagle Ford Shale - Atascosa County

By Tim - http://oilshalegas.com

Marathon Oil Corporation (MRO) is getting involved in the Eagle Ford Shale specifically in Wilson County Texas and Atascosa County Texas.

Marathon Enters Eagle Ford Shale Play - Entry Builds on Company's Strategy Targeting Unconventional, Liquids-Rich Resource Plays.

Nov. 29, 2010 - Marathon Oil Corporation (NYSE: MRO) announced today that it has completed an agreement with Denali Oil & Gas for entry into the Eagle Ford Shale formation in Wilson and Atascosa counties, Texas. Under the terms of the agreement, Marathon will pay Denali $10 million as well as drill and complete four wells to earn approximately 17,000 net acres. Marathon also has the option to purchase Denali's remaining 58,000 net acres in the Eagle Ford Shale in these two counties. If Marathon executes this option, the full 75,000 net acres, including the initial payment, carried well interest and lease extensions, will cost approximately $2,800 per acre or a total of approximately $209 million. Marathon has until Oct. 31, 2011, to exercise this option.

In the event Marathon does not exercise its purchase option, Denali has the option to sell the remaining 58,000 acres to Marathon. The total cost under this option, including the initial payment, carried well interest and lease extensions, would be $92 million or approximately $1,225 per acre. Denali has until the later of Nov. 15, 2011, or 15 days after the completion of the final well, to exercise this option. This agreement covers all of Denali's acreage in Wilson and Atascosa counties but excludes Denali's 25,000 acres in Gonzales and Fayette counties.
"Since acquiring our first shale assets in the onshore U.S. market in 2006, Marathon has developed substantial expertise that we can apply to emerging plays like the Eagle Ford and create more opportunities for mid- and long-term profitable production growth," said Dave Roberts, the Company's executive vice president, Upstream. "This new entry reinforces a key element of our Upstream strategy of targeting unconventional, primarily liquids-rich resource plays providing low-risk, scalable growth."

http://www.marathon.com/News/Press_Releases/Press_Release/?id=1500637

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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.

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Tim W
to me

show details Jul 29

Gonzales County, Texas: Eagle Ford Shale update

By Andrea: http://oilshalegas.com

Penn Virginia Corp. (PVA) announced that it will acquire approximately 6,800 acres in Gonzales County, Texas in the Eagle Ford Shale. The land was acquired for $31.1 million, totaling about $4600 per acre.

The acreage is estimated to contain over 40 horizontal well locations, with working interest averaging approximately 73 percent (net revenue interest averaging approximately 55 percent). They will operate and expect reserves from wells on the acreage to be predominantly oil.

A. James Dearlove, President and Chief Executive Officer, stated, "We are pleased to have expanded our portfolio to include a position in one of the most exciting new plays in the industry. This acquisition, in a core area of the Eagle Ford Shale, provides us with a high-quality; oily position which we believe will be an excellent use of the proceeds from recent divestitures of non-core assets."

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Penn Virginia (PVA) Penetrates Eagle Ford Shale

By Andrea: http://oilshalegas.com

Penn Virginia Corp. (PVA) announced an acquisition in the Eagle Ford Shale today where the company acquired roughly 6,800 acres in Gonzales County, Texas. The land was acquired for $31.1 million, totaling about $4600 per acre.

The acreage is estimated to contain over 40 horizontal well locations, with working interest averaging approximately 73 percent (net revenue interest averaging approximately 55 percent). They will operate and expect reserves from wells on the acreage to be predominantly oil.

A. James Dearlove, President and Chief Executive Officer, stated, "We are pleased to have expanded our portfolio to include a position in one of the most exciting new plays in the industry. This acquisition, in a core area of the Eagle Ford Shale, provides us with a high-quality; oily position which we believe will be an excellent use of the proceeds from recent divestitures of non-core assets."

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

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