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.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Showing posts with label new acreage. Show all posts
Showing posts with label new acreage. Show all posts
Friday, October 15, 2010
Fayette County, Texas; Eagle Ford Shale Update
By Andrea: http://oilshalegas.com
GeoResources Inc. (GEOI) recently released an operational update noting the acquirement of new land acreage in the Eagle Ford Shale in Southwest Fayette County, Texas:
They have assembled approximately 22,000 net acres in the Eagle Ford trend of Texas and entered into agreements with Ramshorn Investments, Inc., an affiliate of Nabors Industries LTD, to jointly acquire additional acreage and implement a drilling and development program. A wholly-owned subsidiary of GeoResources, Inc. retains a 50% working interest (currently about 11,000 net acres) and will serve as operator within an Area of Mutual Interest, located in Southwest Fayette County, Texas, which covers approximately 140,000 acres. Pursuant to the Participation and Joint Operating Agreements, Ramshorn has purchased a 50% interest in the acreage and will drill six horizontal obligation wells for the joint account. In addition, the parties have agreed to acquire additional acreage within the AMI. They intend to begin drilling as soon as reasonably possible, perhaps by the end of 2010.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
GeoResources Inc. (GEOI) recently released an operational update noting the acquirement of new land acreage in the Eagle Ford Shale in Southwest Fayette County, Texas:
They have assembled approximately 22,000 net acres in the Eagle Ford trend of Texas and entered into agreements with Ramshorn Investments, Inc., an affiliate of Nabors Industries LTD, to jointly acquire additional acreage and implement a drilling and development program. A wholly-owned subsidiary of GeoResources, Inc. retains a 50% working interest (currently about 11,000 net acres) and will serve as operator within an Area of Mutual Interest, located in Southwest Fayette County, Texas, which covers approximately 140,000 acres. Pursuant to the Participation and Joint Operating Agreements, Ramshorn has purchased a 50% interest in the acreage and will drill six horizontal obligation wells for the joint account. In addition, the parties have agreed to acquire additional acreage within the AMI. They intend to begin drilling as soon as reasonably possible, perhaps by the end of 2010.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
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