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
Showing posts with label new wells. Show all posts
Showing posts with label new wells. Show all posts
Thursday, July 7, 2011
Wednesday, July 6, 2011
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
For more stock updates, visit: http://daytradingstockblog.blogspot.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
Tuesday, July 5, 2011
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
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
Thursday, June 23, 2011
Pryme Energy Limited: Austin Chalk Formation Update
By Andrea: http://oilshalegas.com
Pryme Energy Limited (PYM.AX, POGLY.PK) recently provided an update on its operations in Louisiana, on the Turner Bayou project in the Austin Chalk Formation:
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 the Austin Chalk formation at 15,300 feet and the Eagle Ford formation at 16,000 feet.
Deshotels 13H No.1 (40% Working Interest / 30% NRI)
Drilling of the second well in the Turner Bayou Chalk project, the Deshotels 13H No.1 well in North Bayou Jack Field, has resumed and is currently at a depth of 7,640 feet (2,328 metres). The well will be drilled to a vertical depth of approximately 15,000 feet (4,570 metres) with a 4,000 foot (1,220 metre) lateral through the Austin Chalk formation. The total measured depth of the well will be 19,000 feet (5,790 metres). It is expected that it will take approximately 2 months to reach target depth (early August). Following completion the well will be connected to the Deshotels 20H No.1 production facilities.
This is the second well to be drilled in the Turner Bayou Chalk project. The first well, the Deshotels 20H No.1, encountered significant major phase oil fractures interpreted from the 3D seismic survey resulting in oil being produced to the surface and natural gas flared while drilling. Mechanical problems during the completion of the Deshotels 20H No.1 hindered the effective completion of the well and it is currently producing below expectations at 150 barrels per day of oil and approximately 130 mcf per day of natural gas. Pryme and its partners plan to rectify the Deshotels 20H No.1 following the drilling and bringing into production the current well.
The drilling procedure for the Deshotels 13H No.1 well involved a small rig to drill the surface hole and running casing to a depth of 4,500 feet (1,370 metres.) The surface hole was drilled on a fixed fee contract basis and was completed on 17 May. A larger rig has been mobilized to site to drill the remainder of the vertical section of the well and the lateral.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Pryme Energy Limited (PYM.AX, POGLY.PK) recently provided an update on its operations in Louisiana, on the Turner Bayou project in the Austin Chalk Formation:
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 the Austin Chalk formation at 15,300 feet and the Eagle Ford formation at 16,000 feet.
Deshotels 13H No.1 (40% Working Interest / 30% NRI)
Drilling of the second well in the Turner Bayou Chalk project, the Deshotels 13H No.1 well in North Bayou Jack Field, has resumed and is currently at a depth of 7,640 feet (2,328 metres). The well will be drilled to a vertical depth of approximately 15,000 feet (4,570 metres) with a 4,000 foot (1,220 metre) lateral through the Austin Chalk formation. The total measured depth of the well will be 19,000 feet (5,790 metres). It is expected that it will take approximately 2 months to reach target depth (early August). Following completion the well will be connected to the Deshotels 20H No.1 production facilities.
This is the second well to be drilled in the Turner Bayou Chalk project. The first well, the Deshotels 20H No.1, encountered significant major phase oil fractures interpreted from the 3D seismic survey resulting in oil being produced to the surface and natural gas flared while drilling. Mechanical problems during the completion of the Deshotels 20H No.1 hindered the effective completion of the well and it is currently producing below expectations at 150 barrels per day of oil and approximately 130 mcf per day of natural gas. Pryme and its partners plan to rectify the Deshotels 20H No.1 following the drilling and bringing into production the current well.
The drilling procedure for the Deshotels 13H No.1 well involved a small rig to drill the surface hole and running casing to a depth of 4,500 feet (1,370 metres.) The surface hole was drilled on a fixed fee contract basis and was completed on 17 May. A larger rig has been mobilized to site to drill the remainder of the vertical section of the well and the lateral.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Tuesday, April 12, 2011
Sharewell Energy Services: Green River Formation
By Andrea: http://oilshalegas.com
Sharewell Energy Services recently announced the completion of a 13,000 ft well located in the Green River Formation.
Sharewell Energy Services, a division of Sharewell L.P. announced that it just completed the drilling of a well in the Rocky Mountain area with its proprietary Electro-Magnetic Measurement While Drilling System (EM MWD) (Electro-Trac(TM)) to a depth in excess of thirteen thousand feet (13,000 feet). This is a record depth for Sharewell's state-of-the-art EM MWD technology.
Electro-Trac(TM) successfully steered and surveyed the above well to a measured depth of 13,065 feet (12,902 feet TVD) accumulating 700+ circulating hours without failure. This was accomplished without the use of repeaters or hard wiring. The Electro-Trac EM MWD was developed with initial funding from a Department of Energy (DOE) grant as part of the Deep Trek Initiative. Part of the Deep Trek Initiative's focus was to develop lower cost methods of developing deep gas via development of a unique Electro Magnetic transmission system.
Conventional EM MWD systems have depth limitations due to their inability to generate the required amplitude necessary to penetrate the increasing overburden of the surrounding geology, and/or detect and adequately filter the ambient noise. EM MWD technology is preferred over traditional, "mud pulse" MWD systems which require generation and subsequent acquisition of fluid pressure changes to transmit the required data. EM MWD saves operators substantial survey time which translates into cost savings for oil and gas operators.
Sharewell L.P. is successfully operating the Electro-Trac(TM) MWD system in multiple reservoirs/basins including Eagleford Shale, Barnett Shale, Marcellus Shale, New Albany Shale, Fayetteville Shale, Antrim Basin, San Juan Basin, Piceance Basin, and Uinta Basin.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Sharewell Energy Services recently announced the completion of a 13,000 ft well located in the Green River Formation.
Sharewell Energy Services, a division of Sharewell L.P. announced that it just completed the drilling of a well in the Rocky Mountain area with its proprietary Electro-Magnetic Measurement While Drilling System (EM MWD) (Electro-Trac(TM)) to a depth in excess of thirteen thousand feet (13,000 feet). This is a record depth for Sharewell's state-of-the-art EM MWD technology.
Electro-Trac(TM) successfully steered and surveyed the above well to a measured depth of 13,065 feet (12,902 feet TVD) accumulating 700+ circulating hours without failure. This was accomplished without the use of repeaters or hard wiring. The Electro-Trac EM MWD was developed with initial funding from a Department of Energy (DOE) grant as part of the Deep Trek Initiative. Part of the Deep Trek Initiative's focus was to develop lower cost methods of developing deep gas via development of a unique Electro Magnetic transmission system.
Conventional EM MWD systems have depth limitations due to their inability to generate the required amplitude necessary to penetrate the increasing overburden of the surrounding geology, and/or detect and adequately filter the ambient noise. EM MWD technology is preferred over traditional, "mud pulse" MWD systems which require generation and subsequent acquisition of fluid pressure changes to transmit the required data. EM MWD saves operators substantial survey time which translates into cost savings for oil and gas operators.
Sharewell L.P. is successfully operating the Electro-Trac(TM) MWD system in multiple reservoirs/basins including Eagleford Shale, Barnett Shale, Marcellus Shale, New Albany Shale, Fayetteville Shale, Antrim Basin, San Juan Basin, Piceance Basin, and Uinta Basin.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Wednesday, March 23, 2011
Kodiak Oil and Gas Corp: Bakken Shale Update
By Andrea: http://oilshalegas.com
Kodiac Oil and Gas Corp. (KOG) recently released an update on their Bakken shale activity located in Dunn County, ND:
Kodiak will be mobilizing its third drilling rig in the Williston Basin within 30 days. Kodiak is also participating in one non-operated drilling rig with its joint venture partner in the Dunn County area of mutual interest. The joint venture partner recently reached total depth on its first two long-lateral middle Bakken wells and they are awaiting completion. Kodiak owns a 50% WI and 41% NRI in both wells and retains a comparable interest in all of the AMI lands. The Company has recently been notified that its joint venture partner intends to mobilize a second rig to the AMI in mid-year 2011.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Kodiac Oil and Gas Corp. (KOG) recently released an update on their Bakken shale activity located in Dunn County, ND:
Kodiak will be mobilizing its third drilling rig in the Williston Basin within 30 days. Kodiak is also participating in one non-operated drilling rig with its joint venture partner in the Dunn County area of mutual interest. The joint venture partner recently reached total depth on its first two long-lateral middle Bakken wells and they are awaiting completion. Kodiak owns a 50% WI and 41% NRI in both wells and retains a comparable interest in all of the AMI lands. The Company has recently been notified that its joint venture partner intends to mobilize a second rig to the AMI in mid-year 2011.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Sunday, March 20, 2011
McKenzie County, ND: Bakken Shale Update
By Andrea: http://oilshalegas.com
Kodiak Oil and Gas Corp. (KOG) recently released an update on their activity in the Bakken Shale located in McKenzie County, ND:
In 2010, Kodiak spud or participated in seven gross (4.1 net) wells and completed two gross (1.0 net) wells on its McKenzie County leasehold. During 2011, Kodiak plans to drill or participate in nine gross (6.7 net) wells and complete 10 gross (7.7 net) wells in this area. Kodiak expects to operate all nine gross wells to be drilled, with an estimated 74% average working interest. As of February 28, 2011, three gross (2.4 net) wells, one of which is a Three Forks test, were drilled and awaiting completion in McKenzie County. Completion work is scheduled for March 2011 on the first of two drilling pads in this area.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Kodiak Oil and Gas Corp. (KOG) recently released an update on their activity in the Bakken Shale located in McKenzie County, ND:
In 2010, Kodiak spud or participated in seven gross (4.1 net) wells and completed two gross (1.0 net) wells on its McKenzie County leasehold. During 2011, Kodiak plans to drill or participate in nine gross (6.7 net) wells and complete 10 gross (7.7 net) wells in this area. Kodiak expects to operate all nine gross wells to be drilled, with an estimated 74% average working interest. As of February 28, 2011, three gross (2.4 net) wells, one of which is a Three Forks test, were drilled and awaiting completion in McKenzie County. Completion work is scheduled for March 2011 on the first of two drilling pads in this area.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Dunn County, ND: Bakken Shale Update
By Andrea: http://oilshalegas.com
Kodiac Oil and Gas Corp. (KOG) recently released an update on their Bakken shale activity located in Dunn County, ND:
Kodiak will be mobilizing its third drilling rig in the Williston Basin within 30 days. Kodiak is also participating in one non-operated drilling rig with its joint venture partner in the Dunn County area of mutual interest. The joint venture partner recently reached total depth on its first two long-lateral middle Bakken wells and they are awaiting completion. Kodiak owns a 50% WI and 41% NRI in both wells and retains a comparable interest in all of the AMI lands. The Company has recently been notified that its joint venture partner intends to mobilize a second rig to the AMI in mid-year 2011.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Kodiac Oil and Gas Corp. (KOG) recently released an update on their Bakken shale activity located in Dunn County, ND:
Kodiak will be mobilizing its third drilling rig in the Williston Basin within 30 days. Kodiak is also participating in one non-operated drilling rig with its joint venture partner in the Dunn County area of mutual interest. The joint venture partner recently reached total depth on its first two long-lateral middle Bakken wells and they are awaiting completion. Kodiak owns a 50% WI and 41% NRI in both wells and retains a comparable interest in all of the AMI lands. The Company has recently been notified that its joint venture partner intends to mobilize a second rig to the AMI in mid-year 2011.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Thursday, January 6, 2011
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
For more stock updates, visit: http://daytradingstockblog.blogspot.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
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Comstock Resources (CRK): Bossier Shale Update
By Andrea: http://oilshalegas.com
In the East Texas/North Louisiana region, Comstock Resources (CRK) has drilled 55 wells (33.6 net) in 2010. Fifty-four of the wells are Haynesville or Bossier shale wells. As of November 1, 2010, twenty-four of the 54 Haynesville or Bossier shale wells drilled in 2010 have been completed and were put on production at an average per well initial production rate of 10.8 MMcfe per day. Comstock expects to complete fourteen operated Haynesville or Bossier shale wells in the fourth quarter. In addition to its Haynesville shale horizontal drilling program, Comstock has drilled two vertical wells during 2010. Comstock successfully completed a Cotton Valley well in its Blocker field in East Texas.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
In the East Texas/North Louisiana region, Comstock Resources (CRK) has drilled 55 wells (33.6 net) in 2010. Fifty-four of the wells are Haynesville or Bossier shale wells. As of November 1, 2010, twenty-four of the 54 Haynesville or Bossier shale wells drilled in 2010 have been completed and were put on production at an average per well initial production rate of 10.8 MMcfe per day. Comstock expects to complete fourteen operated Haynesville or Bossier shale wells in the fourth quarter. In addition to its Haynesville shale horizontal drilling program, Comstock has drilled two vertical wells during 2010. Comstock successfully completed a Cotton Valley well in its Blocker field in East Texas.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Wednesday, January 5, 2011
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
For more stock updates, visit: http://daytradingstockblog.blogspot.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
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Tuesday, January 4, 2011
Atascosa County: 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
For more stock updates, visit: http://daytradingstockblog.blogspot.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
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Comstock Resources (CRK): Haynesville Shale Update
By Andrea: http://oilshalegas.com
In the East Texas/North Louisiana region, Comstock Resources (CRK) has drilled 55 wells (33.6 net) in 2010. Fifty-four of the wells are Haynesville or Bossier shale wells. As of November 1, 2010, twenty-four of the 54 Haynesville or Bossier shale wells drilled in 2010 have been completed and were put on production at an average per well initial production rate of 10.8 MMcfe per day. Comstock expects to complete fourteen operated Haynesville or Bossier shale wells in the fourth quarter. In addition to its Haynesville shale horizontal drilling program, Comstock has drilled two vertical wells during 2010. Comstock successfully completed a Cotton Valley well in its Blocker field in East Texas.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
In the East Texas/North Louisiana region, Comstock Resources (CRK) has drilled 55 wells (33.6 net) in 2010. Fifty-four of the wells are Haynesville or Bossier shale wells. As of November 1, 2010, twenty-four of the 54 Haynesville or Bossier shale wells drilled in 2010 have been completed and were put on production at an average per well initial production rate of 10.8 MMcfe per day. Comstock expects to complete fourteen operated Haynesville or Bossier shale wells in the fourth quarter. In addition to its Haynesville shale horizontal drilling program, Comstock has drilled two vertical wells during 2010. Comstock successfully completed a Cotton Valley well in its Blocker field in East Texas.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Forest Oil Corp. (FSP)- Granite Wash Update
By Andrea: http://oilshalegas.com
Forest Oil Corp. (FSP) drilled and completed seven Granite Wash wells in the third quarter of 2010 that had an average 24-hour initial production rate of 27 MMcfe/d.
The results from the seven wells in the third quarter bring Forest's average 24-hour initial production rate from its horizontal Granite Wash program to 28 MMcfe/d. The program continues to expand the play both geographically, further north into Hemphill County, Texas, and geologically, with completions in two Granite Wash zones and one Atoka zone during the quarter.
Forest successfully tested an operated well with a 24-hour initial production rate of 16 MMcfe/d in its Canadian Southeast acreage in Hemphill County. Over 1,000 Bbls/d of this equivalent rate was attributable to condensate and NGLs. In addition, Forest participated with a non-operated working interest in a well in Canadian Southeast that had a 24-hour initial production rate of 15 MMcfe/d, including a sizable liquids component. Each of these wells confirmed the existence of highly productive, liquids-rich pay intervals in Forest's Canadian Southeast acreage. Drilling and completion costs associated with wells in this acreage position are expected to be less than wells in Wheeler County due to shallower depths. These wells are expected to open Forest's Canadian Southeast acreage to expanded exploitation efforts using horizontal drilling.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Forest Oil Corp. (FSP) drilled and completed seven Granite Wash wells in the third quarter of 2010 that had an average 24-hour initial production rate of 27 MMcfe/d.
The results from the seven wells in the third quarter bring Forest's average 24-hour initial production rate from its horizontal Granite Wash program to 28 MMcfe/d. The program continues to expand the play both geographically, further north into Hemphill County, Texas, and geologically, with completions in two Granite Wash zones and one Atoka zone during the quarter.
Forest successfully tested an operated well with a 24-hour initial production rate of 16 MMcfe/d in its Canadian Southeast acreage in Hemphill County. Over 1,000 Bbls/d of this equivalent rate was attributable to condensate and NGLs. In addition, Forest participated with a non-operated working interest in a well in Canadian Southeast that had a 24-hour initial production rate of 15 MMcfe/d, including a sizable liquids component. Each of these wells confirmed the existence of highly productive, liquids-rich pay intervals in Forest's Canadian Southeast acreage. Drilling and completion costs associated with wells in this acreage position are expected to be less than wells in Wheeler County due to shallower depths. These wells are expected to open Forest's Canadian Southeast acreage to expanded exploitation efforts using horizontal drilling.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Thursday, December 30, 2010
PetroQuest Energy (PQ): Woodford Shale Update
By Andrea: http://oilshalegas.com
PetroQuest Energy (PQ) recently announced that they have reached total depth on its forty-third Woodford operated horizontal well (4,592 foot lateral). The Company expects to complete its forty-second (5,068 foot lateral) and forty-third Woodford operated wells before year-end. In addition, the Company has taken delivery of its second Woodford rig and recently spud its forty-fourth Woodford operated well. To date, the Company has drilled 43 gross operated horizontal wells and participated in 38 non-operated horizontal wells in the Woodford. The Company's total horizontal well count represents approximately 9% of all horizontal wells drilled in the trend.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
PetroQuest Energy (PQ) recently announced that they have reached total depth on its forty-third Woodford operated horizontal well (4,592 foot lateral). The Company expects to complete its forty-second (5,068 foot lateral) and forty-third Woodford operated wells before year-end. In addition, the Company has taken delivery of its second Woodford rig and recently spud its forty-fourth Woodford operated well. To date, the Company has drilled 43 gross operated horizontal wells and participated in 38 non-operated horizontal wells in the Woodford. The Company's total horizontal well count represents approximately 9% of all horizontal wells drilled in the trend.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
PetroQuest Energy (PQ): Niobrara Shale Update
By Andrea: http://oilshalegas.com
PetroQuest Energy, Inc. (PQ) recently announced that it has completed operations on its first two test wells in the Niobrara formation. The wells were designed to test differing geologic concepts relative to natural fracturing. The initial test well (Peterson #1- WI-25%) was selected to evaluate a location with less expected natural fracturing. The 4,962 foot lateral well was completed in November, but did not produce oil in commercial quantities.
The second well (Nevis #2, NRI-20%) was drilled approximately 15 miles from the Peterson #1 and tested a location where more natural fracturing was expected. The well was drilled with a 5,298 foot lateral section (20 frac stages) and was completed at an initial 24 hour gross daily rate of 831 barrels of oil and 205 Mcf of gas after cleaning up. Through the first two weeks of production, the well has averaged approximately 570 barrels of oil per day and is currently flowing at 407 barrels of oil per day. The Company estimates that the average gross cost per well for the initial two test wells was approximately $4.5 million.
Based on the results of the Nevis #2, the Company plans to proceed with a development plan in 2011 on its Niobrara acreage. The Company has a 25% non-operated working interest in approximately 20,000 gross acres (5,000 net acres) located in Southern Wyoming. Based on initial plans, the Company expects to participate in 12-15 gross wells during 2011. The Company expects to spud its third well (Hester #3, WI-25%) in January 2011.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
PetroQuest Energy, Inc. (PQ) recently announced that it has completed operations on its first two test wells in the Niobrara formation. The wells were designed to test differing geologic concepts relative to natural fracturing. The initial test well (Peterson #1- WI-25%) was selected to evaluate a location with less expected natural fracturing. The 4,962 foot lateral well was completed in November, but did not produce oil in commercial quantities.
The second well (Nevis #2, NRI-20%) was drilled approximately 15 miles from the Peterson #1 and tested a location where more natural fracturing was expected. The well was drilled with a 5,298 foot lateral section (20 frac stages) and was completed at an initial 24 hour gross daily rate of 831 barrels of oil and 205 Mcf of gas after cleaning up. Through the first two weeks of production, the well has averaged approximately 570 barrels of oil per day and is currently flowing at 407 barrels of oil per day. The Company estimates that the average gross cost per well for the initial two test wells was approximately $4.5 million.
Based on the results of the Nevis #2, the Company plans to proceed with a development plan in 2011 on its Niobrara acreage. The Company has a 25% non-operated working interest in approximately 20,000 gross acres (5,000 net acres) located in Southern Wyoming. Based on initial plans, the Company expects to participate in 12-15 gross wells during 2011. The Company expects to spud its third well (Hester #3, WI-25%) in January 2011.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
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
For more stock updates, visit: http://daytradingstockblog.blogspot.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
Tuesday, December 28, 2010
Haskell County, OK: Woodford Shale Update
By Andrea: http://oilshalegas.com
Evolution Petroleum Corp. (EPM) recently released an update on the Woodford shale located in Haskell County, Oklahoma:
"In Haskell County, which is where we have actually more potential, we initiated field operations on the first of two tests that we have planned for this fiscal year and this is a mid-depth Woodford in the 4 to 5000 foot depth range. We should have the initial results from the first well sometimes in this calendar year or in January."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Evolution Petroleum Corp. (EPM) recently released an update on the Woodford shale located in Haskell County, Oklahoma:
"In Haskell County, which is where we have actually more potential, we initiated field operations on the first of two tests that we have planned for this fiscal year and this is a mid-depth Woodford in the 4 to 5000 foot depth range. We should have the initial results from the first well sometimes in this calendar year or in January."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
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
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
Monday, December 27, 2010
Southwestern Energy Co. (SWN): Marcellus Shale Update
By Andrea: http://oilshalegas.com
Southwestern Energy Co. (SWN) recently released an operational update on their Marcellus Shale assets located in Pennsylvania:
In the Marcellus Shale play in Pennsylvania, the company plans to begin the year drilling with one operated rig and end the year with two operated rigs. Southwestern plans to participate in a total of 40 to 45 gross wells, all of which will be operated.
"We are currently operating one rig in the Marcellus Shale and will increase to two rigs by year-end 2011. As a result, our 2011 production is expected to be in a range of 465 to 475 Bcfe, which is an increase of approximately 18% compared to our expected 2010 levels."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Southwestern Energy Co. (SWN) recently released an operational update on their Marcellus Shale assets located in Pennsylvania:
In the Marcellus Shale play in Pennsylvania, the company plans to begin the year drilling with one operated rig and end the year with two operated rigs. Southwestern plans to participate in a total of 40 to 45 gross wells, all of which will be operated.
"We are currently operating one rig in the Marcellus Shale and will increase to two rigs by year-end 2011. As a result, our 2011 production is expected to be in a range of 465 to 475 Bcfe, which is an increase of approximately 18% compared to our expected 2010 levels."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Subscribe to:
Posts (Atom)
