Devon Energy came out with 4th Quarter earnings and gave an update on the Barnett Shale in Texas.
( From Seeking Alpha )
Moving now to our fourth quarter operating highlights, starting with the Barnett Shale field in North Texas, we are continuing running 23 Devon operated rigs compared with a peak of 39 rigs in the fourth quarter. This curtailment in activity is reflected in our average fourth quarter net production of 1.17 Bcf equivalent per day. This was up 4% over the third quarter and up 25% over the fourth quarter of 2007.
Looking forward in 2009, we plan to invest about 750 million of capital in the Barnett and drill over 200 operated wells. We plan to decrease the number of operated rigs to 8 and we'll focus primarily on the continuing success of our 1000 foot and 500 foot offset infill programs.
For my latest updates, visit http://blackberrystocks.blogspot.com/ or Subscribe for Free
Showing posts with label shale gas play. Show all posts
Showing posts with label shale gas play. Show all posts
Thursday, February 5, 2009
Tuesday, February 3, 2009
Marcellus Shale: Anadarko APC Marcellus Shale Update
Anadarko Petroleum ( APC ) came out with earnings 2/2/09 and reported an update on the Marcellus Shale:
In 2008, Anadarko’s U.S. onshore exploration program continued to show positive results in
the Marcellus, Haynesville and Maverick Basin shale plays. The company completed its first Marcellus Shale horizontal well, testing approximately 4.5 million cubic feet of natural gas per day. A second horizontal test is currently being completed with two additional tests in various stages of drilling.
For my latest updates, visit http://blackberrystocks.blogspot.com/ or Subscribe for Free.
In 2008, Anadarko’s U.S. onshore exploration program continued to show positive results in
the Marcellus, Haynesville and Maverick Basin shale plays. The company completed its first Marcellus Shale horizontal well, testing approximately 4.5 million cubic feet of natural gas per day. A second horizontal test is currently being completed with two additional tests in various stages of drilling.
For my latest updates, visit http://blackberrystocks.blogspot.com/ or Subscribe for Free.
Thursday, January 29, 2009
Woodford Shale: PQ Petroquest 2009
Petroquest Energy released earnings this morning and gave investors an operational update on how the Woodford Shale is going. January 29, 2009
As previously announced, the Company completed two operated horizontal wells in the Woodford Shale during October 2008. The Company recently completed three additional operated horizontal wells during the fourth quarter of 2008. The following is a summary of the results:
In addition to the above completions, the Company initiated completion operations on its 7,057 foot extended lateral well. After conducting two stages of the completion, the wellbore encountered mechanical problems. The Company has repaired the wellbore and the first two stages began producing at rates as high as 3,695 Mcf. The Company plans to conduct the remaining 16 stages of the completion during 2009. The Company estimates that its current net production from its Oklahoma properties is approximately 40 MMcfe per day.
For my latest updates, visit http://blackberrystocks.blogspot.com/ or Subscribe for Free
As previously announced, the Company completed two operated horizontal wells in the Woodford Shale during October 2008. The Company recently completed three additional operated horizontal wells during the fourth quarter of 2008. The following is a summary of the results:
In addition to the above completions, the Company initiated completion operations on its 7,057 foot extended lateral well. After conducting two stages of the completion, the wellbore encountered mechanical problems. The Company has repaired the wellbore and the first two stages began producing at rates as high as 3,695 Mcf. The Company plans to conduct the remaining 16 stages of the completion during 2009. The Company estimates that its current net production from its Oklahoma properties is approximately 40 MMcfe per day.
For my latest updates, visit http://blackberrystocks.blogspot.com/ or Subscribe for Free
Wednesday, January 28, 2009
Marcellus Shale: MarkWest Energy MWE 2009
Yesterday, 1/27/09, Mark West Energy ( MWE ) stock exploded higher due to a dividend and the following news related to the Marcellus Shale.
2009—MarkWest Energy Partners, L.P. (NYSE: MWE) and NGP Midstream & Resources, L.P. (M&R) today announced an agreement to form a joint venture dedicated to the construction and operation of natural gas midstream services to support producer customers in the Marcellus Shale.
Under the terms of the joint venture, which will be owned 60 percent by MarkWest and 40
percent by M&R, MarkWest will operate the facilities and will contribute approximately $100 million of existing Marcellus Shale assets to the joint venture. M&R will invest the next $200 million of capital, which approximates the capital required to fund the Marcellus project in 2009. Capital funding for 2010 and 2011 will be driven by producer drilling programs. In order to achieve the 60 / 40 capital structure MarkWest will invest approximately $200 million in incremental capital by the end of 2011 in accordance with the joint venture agreement.
The Marcellus Shale continues to develop into one of the most prolific and economic natural gas shale plays in the United States. MarkWest has established a leading position in providing midstream services in the Marcellus Shale, including the recent development of gathering and processing infrastructure for Range Resources in southwest Pennsylvania. By the end of 2009, MarkWest and M&R expect the joint venture to be capable of processing up to 240 million cubic feet per day of gas for Range and other producers.
“M&R will be an excellent partner in our Marcellus project,” said Frank Semple, Chairman, President and Chief Executive Officer of MarkWest Energy Partners. “M&R has a strong appreciation for the long-term strategic value of the Marcellus play and shares our vision of delivering best-of-class midstream services to producer customers, including our significant relationship with Range Resources. The structure of the joint venture will allow MarkWest to achieve its long-term objectives in the Marcellus while significantly reducing capital requirements over the next several years, which is a critical component of our balance sheet and liquidity objectives. The experience and expertise of MarkWest and M&R are very complementary and we look forward to a long-term business relationship.”
http://www.markwest.com/files/MWE/MWE%20M&R%20JV%20FINAL.pdf
http://blackberrystocks.blogspot.com/
2009—MarkWest Energy Partners, L.P. (NYSE: MWE) and NGP Midstream & Resources, L.P. (M&R) today announced an agreement to form a joint venture dedicated to the construction and operation of natural gas midstream services to support producer customers in the Marcellus Shale.
Under the terms of the joint venture, which will be owned 60 percent by MarkWest and 40
percent by M&R, MarkWest will operate the facilities and will contribute approximately $100 million of existing Marcellus Shale assets to the joint venture. M&R will invest the next $200 million of capital, which approximates the capital required to fund the Marcellus project in 2009. Capital funding for 2010 and 2011 will be driven by producer drilling programs. In order to achieve the 60 / 40 capital structure MarkWest will invest approximately $200 million in incremental capital by the end of 2011 in accordance with the joint venture agreement.
The Marcellus Shale continues to develop into one of the most prolific and economic natural gas shale plays in the United States. MarkWest has established a leading position in providing midstream services in the Marcellus Shale, including the recent development of gathering and processing infrastructure for Range Resources in southwest Pennsylvania. By the end of 2009, MarkWest and M&R expect the joint venture to be capable of processing up to 240 million cubic feet per day of gas for Range and other producers.
“M&R will be an excellent partner in our Marcellus project,” said Frank Semple, Chairman, President and Chief Executive Officer of MarkWest Energy Partners. “M&R has a strong appreciation for the long-term strategic value of the Marcellus play and shares our vision of delivering best-of-class midstream services to producer customers, including our significant relationship with Range Resources. The structure of the joint venture will allow MarkWest to achieve its long-term objectives in the Marcellus while significantly reducing capital requirements over the next several years, which is a critical component of our balance sheet and liquidity objectives. The experience and expertise of MarkWest and M&R are very complementary and we look forward to a long-term business relationship.”
http://www.markwest.com/files/MWE/MWE%20M&R%20JV%20FINAL.pdf
http://blackberrystocks.blogspot.com/
Wednesday, November 19, 2008
Bossier Shale: Gastar East Texas Drilling Results
Gastar Exploration is out today, 11/19/08, updating investors on drilling results from their deep sand Bossier Shale wells. The Bossier Shale sits below the Haynesville Shale FYI.
Gastar Exploration Ltd. (NYSE GST) today announced that it has successfully drilled the Belin #1 well, a deep Bossier test, to a total depth of 18,800 feet and has logged approximately 150 net feet of pay in the middle and lower Bossier formations.
The Belin #1 well contains three pay zones within the lower Bossier formation that, based on log analysis, have the highest measured porosity -- up to 25% -- of any wells drilled by Gastar in the deep Bossier play. The well also encountered two middle Bossier sands, including the Lanier Sand, in a downdip location in a new fault block with indicated pay based on log analysis.
The well is expected to be completed and producing within 30 days. Gastar owns a 52% working interest before payout (40% net revenue interest before payout) in the Belin #1.
"The Belin #1 well has the potential to be Gastar's best well to date in terms of estimated recoverable reserves and potential flowrate in the Hilltop area," said J. Russell Porter, Gastar's President and CEO.
"We plan to complete the well in the two deepest zones first, and we expect that to be a high-rate completion. We are also very encouraged by the fact that the Lanier Sand was present and has been shown to be productive in a downthrown fault block from the Wildman Trust #3 well, where the Lanier Sand was recently recompleted at an initial rate of 21 MMcf per day."
In addition, Gastar is currently drilling a sidetrack to the LOR #7 and expects to reach total depth close to year end. Gastar has a 50% working interest before payout (37.5% net revenue interest before payout) in the LOR #7.
http://oilshalegas.com
Gastar Exploration Ltd. (NYSE GST) today announced that it has successfully drilled the Belin #1 well, a deep Bossier test, to a total depth of 18,800 feet and has logged approximately 150 net feet of pay in the middle and lower Bossier formations.
The Belin #1 well contains three pay zones within the lower Bossier formation that, based on log analysis, have the highest measured porosity -- up to 25% -- of any wells drilled by Gastar in the deep Bossier play. The well also encountered two middle Bossier sands, including the Lanier Sand, in a downdip location in a new fault block with indicated pay based on log analysis.
The well is expected to be completed and producing within 30 days. Gastar owns a 52% working interest before payout (40% net revenue interest before payout) in the Belin #1.
"The Belin #1 well has the potential to be Gastar's best well to date in terms of estimated recoverable reserves and potential flowrate in the Hilltop area," said J. Russell Porter, Gastar's President and CEO.
"We plan to complete the well in the two deepest zones first, and we expect that to be a high-rate completion. We are also very encouraged by the fact that the Lanier Sand was present and has been shown to be productive in a downthrown fault block from the Wildman Trust #3 well, where the Lanier Sand was recently recompleted at an initial rate of 21 MMcf per day."
In addition, Gastar is currently drilling a sidetrack to the LOR #7 and expects to reach total depth close to year end. Gastar has a 50% working interest before payout (37.5% net revenue interest before payout) in the LOR #7.
http://oilshalegas.com
Monday, November 17, 2008
Montney Shale: Progress and ProEx announce Business Combination
Progress ann ProEx, two companies that trade on the Toronto Stock Exchange, announce they will combine businesses to focus their assets, including the Montney Shale in British Columbia.
Key attributes of the merger for ProEx shareholders: - Consolidates working interests in the Foothills of northeast British Columbia with the majority of land controlled 100 percent; - Provides ProEx with exposure to a high quality asset with a large low risk exploration and development drilling inventory in the northwest Alberta Deep Basin; - Ensures that an expanded capital program can be funded internally; - Ensures continuity of senior management and technical personnel expertise; and, - Introduces another element of financial discipline through the payment of a quarterly dividend. Key attributes of the merger for Progress Trust security holders: - Establishes a clear go-forward strategy in response to the taxation of trusts in 2011; - Continues to pay cash back to security holders in the form of a tax-effective dividend; - Provides a strong low-risk growth profile through an expanded capital budget; and, - Provides expanded participation in emerging resource-play opportunities.
Progress will focus its capital investment and growth opportunities in four key plays: the Halfway tight gas formation in the Foothills; the multi-zone Gold Creek project area in the Deep Basin; Montney shale gas fairway through northwest Alberta and northeast British Columbia; and Progress' conventional, high impact opportunities across its land base.
For More Shale Updates, visit, http://blackberrystocks.blogspot.com/
Key attributes of the merger for ProEx shareholders: - Consolidates working interests in the Foothills of northeast British Columbia with the majority of land controlled 100 percent; - Provides ProEx with exposure to a high quality asset with a large low risk exploration and development drilling inventory in the northwest Alberta Deep Basin; - Ensures that an expanded capital program can be funded internally; - Ensures continuity of senior management and technical personnel expertise; and, - Introduces another element of financial discipline through the payment of a quarterly dividend. Key attributes of the merger for Progress Trust security holders: - Establishes a clear go-forward strategy in response to the taxation of trusts in 2011; - Continues to pay cash back to security holders in the form of a tax-effective dividend; - Provides a strong low-risk growth profile through an expanded capital budget; and, - Provides expanded participation in emerging resource-play opportunities.
Progress will focus its capital investment and growth opportunities in four key plays: the Halfway tight gas formation in the Foothills; the multi-zone Gold Creek project area in the Deep Basin; Montney shale gas fairway through northwest Alberta and northeast British Columbia; and Progress' conventional, high impact opportunities across its land base.
For More Shale Updates, visit, http://blackberrystocks.blogspot.com/
Tuesday, November 11, 2008
Marcellus Shale: Chesapeake CHK Sells to StatoilHydro
Chesapeake Energy Corporation ( CHK ) Announces Marcellus Shale Joint Venture and International Unconventional Natural Gas Exploration Alliance with StatoilHydro, Today, 11/11/08.
Chesapeake Energy Corporation (CHK) today announced the execution of an agreement for a joint venture with StatoilHydro (STO) whereby StatoilHydro will acquire a 32.5% interest in Chesapeake's Marcellus Shale assets in Appalachia for $3.375 billion, leaving Chesapeake with a 67.5% working interest. The assets include approximately 1.8 million net acres of leasehold, of which StatoilHydro will own approximately 0.6 million net acres and Chesapeake will own approximately 1.2 million net acres.
StatoilHydro will pay $1.25 billion in cash at closing and will pay a further $2.125 billion from 2009 to 2012 by funding 75% of Chesapeake's 67.5% share of drilling and completion expenditures until the $2.125 billion obligation has been funded. Chesapeake plans to continue acquiring leasehold in the Marcellus Shale play and StatoilHydro will have the right to a 32.5% participation in any such additional leasehold.
Additionally, Chesapeake and StatoilHydro have agreed to enter into an international strategic alliance to jointly explore unconventional natural gas opportunities worldwide. Closing of the transaction and strategic alliance is anticipated to occur by year-end 2008.
For more shale updates, visit, http://blackberrystocks.blogspot.com/
Chesapeake Energy Corporation (CHK) today announced the execution of an agreement for a joint venture with StatoilHydro (STO) whereby StatoilHydro will acquire a 32.5% interest in Chesapeake's Marcellus Shale assets in Appalachia for $3.375 billion, leaving Chesapeake with a 67.5% working interest. The assets include approximately 1.8 million net acres of leasehold, of which StatoilHydro will own approximately 0.6 million net acres and Chesapeake will own approximately 1.2 million net acres.
StatoilHydro will pay $1.25 billion in cash at closing and will pay a further $2.125 billion from 2009 to 2012 by funding 75% of Chesapeake's 67.5% share of drilling and completion expenditures until the $2.125 billion obligation has been funded. Chesapeake plans to continue acquiring leasehold in the Marcellus Shale play and StatoilHydro will have the right to a 32.5% participation in any such additional leasehold.
Additionally, Chesapeake and StatoilHydro have agreed to enter into an international strategic alliance to jointly explore unconventional natural gas opportunities worldwide. Closing of the transaction and strategic alliance is anticipated to occur by year-end 2008.
For more shale updates, visit, http://blackberrystocks.blogspot.com/
Tuesday, September 30, 2008
Fayetteville Shale : Arkansas Public Expo Saturday 10/04
The Fayetteville Shale Expo will be 8 a.m. to 4 p.m. Saturday at the Conway Sports Center in the Don Owen Recreation Complex on Lower Ridge Road. The event is free and open to the public.
Full Article - http://www.thecabin.net/stories/093008/loc_0930080002.shtml
More info on the Fayetteville Shale - http://www.oilshalegas.com/fayettevilleshale.html
Full Article - http://www.thecabin.net/stories/093008/loc_0930080002.shtml
More info on the Fayetteville Shale - http://www.oilshalegas.com/fayettevilleshale.html
Thursday, September 11, 2008
Utica Shale Update - Gastem St Jean Well
This is the most recent news I have heard in regarding or drilling activity in the Utica Shale which is located in Quebec.
Gastem (TSX VENTURE:GMR) is pleased to announce that drilling is underway on Questerre et al #1 Saint-Jean-sur-Richelieu test well in the St. Lawrence Lowlands. Gastem holds a 20% working interest on this permit and Questerre is Operator with an 80% working interest.The St-Jean North permit, 54,000 gross acres, was obtained by Questerre in 2007 from a third party and Gastem, as a result of a previous agreement with Questerre, has a 20% participating interest.
The St-Jean North permit is adjacent to Gastem's 50% owned St-Jean Block, comprising 198,000 gross acres.
http://oilshalegas.com
Gastem (TSX VENTURE:GMR) is pleased to announce that drilling is underway on Questerre et al #1 Saint-Jean-sur-Richelieu test well in the St. Lawrence Lowlands. Gastem holds a 20% working interest on this permit and Questerre is Operator with an 80% working interest.The St-Jean North permit, 54,000 gross acres, was obtained by Questerre in 2007 from a third party and Gastem, as a result of a previous agreement with Questerre, has a 20% participating interest.
The St-Jean North permit is adjacent to Gastem's 50% owned St-Jean Block, comprising 198,000 gross acres.
http://oilshalegas.com
Tuesday, August 5, 2008
Haynesville Shale - PetroHawk ( HK ) signs deal
This morning we have news out of PetroHawk Energy ( HK ) and Mainland Resources ( MNLU ) regarding the Haynesville Shale. These two companies will be apart of a joint venture in the Louisiana Shale deposit known as the Haynesville Shale.
Mainland Resources, Inc. holds interest in approximately 2,695 net acres which form part of the East Holly Field in De Soto Parish, northwest Louisiana.
Under the terms of the Definitive Agreement, Petrohawk agrees to pay 100% of the costs of development associated with the first well drilled below the Cotton Valley Formation, including drilling, completing and fracture stimulating, as well as costs up to and including pipeline connection. Petrohawk also agrees to pay 80% of all costs of the second well drilled on the Leases below the base of the Cotton Valley and Mainland agrees to pay 20% of the costs. For the third, and all subsequent wells drilled on the Leases below the base of the Cotton Valley Formation, Petrohawk will pay 60% and Mainland will pay 40%.
Mainland will immediately transfer 60% of its De Soto Parish leases to Petrohawk, but only as the Leases relate to all depths below the base of the Cotton Valley Formation, and specifically the Haynesville Shale. Mainland retains rights to all Cotton Valley and Hosston formation production on these Leases. Petrohawk agrees to gather and market Mainland's production from above the base of the Cotton Valley Formation, pursuant to a mutually acceptable agreement.
Full Article - http://biz.yahoo.com/prnews/080805/latu059.html?.v=101
Mainland Resources, Inc. holds interest in approximately 2,695 net acres which form part of the East Holly Field in De Soto Parish, northwest Louisiana.
Under the terms of the Definitive Agreement, Petrohawk agrees to pay 100% of the costs of development associated with the first well drilled below the Cotton Valley Formation, including drilling, completing and fracture stimulating, as well as costs up to and including pipeline connection. Petrohawk also agrees to pay 80% of all costs of the second well drilled on the Leases below the base of the Cotton Valley and Mainland agrees to pay 20% of the costs. For the third, and all subsequent wells drilled on the Leases below the base of the Cotton Valley Formation, Petrohawk will pay 60% and Mainland will pay 40%.
Mainland will immediately transfer 60% of its De Soto Parish leases to Petrohawk, but only as the Leases relate to all depths below the base of the Cotton Valley Formation, and specifically the Haynesville Shale. Mainland retains rights to all Cotton Valley and Hosston formation production on these Leases. Petrohawk agrees to gather and market Mainland's production from above the base of the Cotton Valley Formation, pursuant to a mutually acceptable agreement.
Full Article - http://biz.yahoo.com/prnews/080805/latu059.html?.v=101
Wednesday, July 30, 2008
Haynesville Shale Update - 7/30 - CLR, - Bakken Shale
I wanted to give a Haynesville Shale update this morning on a new company drilling the Haynesville.
Continental Resources ( CLR )
Continental CLR is now drilling at the Haynesville Shale....as you can recall from my other blog posts, they are the largest operator in the Bakken Shale Oil Field in North Dakota. Continental Resources has 17,000 acres in Louisiana but aren't saying in what parishes. They will be spudding their first well in the 4th quarter.
Leasing News
Broadmoor Neighborhood Association
Approximately 475 to 500 local residents attended this Haynesville Shale meeting at 6:30 p.m. July 22 the Captain Shreve High School auditorium.
BNA had strongly recommended homeowners hold off on signing oil/gas leases until attending the meeting to listen and discuss various matters related to mineral leases, bonus payments, drilling and other related topics. Nonbinding letters of intent for membership in Shreve Centre Coalition LLC, legal since July 18, were distributed to attendees. BNA President Ken Krefft served as moderator at the panel discussion, which included a question-and-answer session.
To view all of the stock of companies drilling in the Shale plays in Canada and the USA....visit http://oilshalegas.com
Continental Resources ( CLR )
Continental CLR is now drilling at the Haynesville Shale....as you can recall from my other blog posts, they are the largest operator in the Bakken Shale Oil Field in North Dakota. Continental Resources has 17,000 acres in Louisiana but aren't saying in what parishes. They will be spudding their first well in the 4th quarter.
Leasing News
Broadmoor Neighborhood Association
Approximately 475 to 500 local residents attended this Haynesville Shale meeting at 6:30 p.m. July 22 the Captain Shreve High School auditorium.
BNA had strongly recommended homeowners hold off on signing oil/gas leases until attending the meeting to listen and discuss various matters related to mineral leases, bonus payments, drilling and other related topics. Nonbinding letters of intent for membership in Shreve Centre Coalition LLC, legal since July 18, were distributed to attendees. BNA President Ken Krefft served as moderator at the panel discussion, which included a question-and-answer session.
To view all of the stock of companies drilling in the Shale plays in Canada and the USA....visit http://oilshalegas.com
Thursday, July 17, 2008
Woodford Shale -Chesapeake Energy CHK Sells
Chesapeake has announced today that they will be selling 90,000 acres of their Woodford Shale portfolio to BP for 1.75 Billion.
CHK will use the money for other shale plays including The Marcellus Shale, Haynesville Shale.
The Woodford Shale is located in Oklahoma and is considered a medium range Shale Gas Play. I would probably compare it to the Utica Shale although the Utica is still very young.
For more on the Haynesville Shale and companies drilling there, visit http://haynesvilleshales.com
CHK will use the money for other shale plays including The Marcellus Shale, Haynesville Shale.
The Woodford Shale is located in Oklahoma and is considered a medium range Shale Gas Play. I would probably compare it to the Utica Shale although the Utica is still very young.
For more on the Haynesville Shale and companies drilling there, visit http://haynesvilleshales.com
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