By Andrea: http://oilshalegas.com
SandRidge Energy, Inc. (SD) recently announced that it has sold its Bone Spring asset package for $110 million, approximately $2,750 per acre. At closing, SandRidge received cash proceeds of $88 million. An additional $22 million was placed in escrow to be released to SandRidge in the first quarter of 2011, subject to satisfaction of customary post-closing conditions. The Bone Spring package includes approximately 40,000 net acres in the Permian Basin with development potential in the Avalon Shale and Bone Spring reservoirs. There is no production or proved reserves associated with these assets, and SandRidge will retain all rights above and below the Avalon Shale and Bone Spring formations. Proceeds from this transaction will be used to fund a portion of SandRidge’s planned capital expenditures in 2011.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Friday, December 24, 2010
Colorado County, TX: Austin Chalk Update
By Andrea: http://oilshalegas.com
Burleson Energy Limited (BUR) recently announced that they will complete the D.Truchard #1 well for production following electric logging. D.Truchard #1 is an appraisal well part of the Austin Chalk formation located in the Heintschel field in Colorado County, Texas. Evaluation of the well is continuing, however, the early logs indicated that hydrocarbons are present in over 300 feet (~90 metres) of the target Prairie Bell Wilcox sands and that there are several zones of interest above and below the Prairie Bell.
Further evaluation is required to confirm the early results but based on the initial log interpretation there are no gas/water contacts evident throughout the major reservoir sand package. Also, analysis suggests that the sands encountered in D.Truchard #1 are at a higher stratigraphic level than the Heintschel #1 well and also structurally higher than the pre drill prognosis. These are all positive indications for the performance of the well.
The D.Truchard #1 well is located ~3km from the Heintschel # 1 gas condensate discovery made earlier in 2010. D.Truchard #1was drilled to a total depth of 12,000 feet (3658m) and gas shows were recorded while drilling the lower part of the hole.
Evaluation of the well continues, following which it will be cased and cemented and will then await completion, fracture stimulation (fraccing) and flow testing.
Fraccing contractors have been booked for the last week in January to complete the
fraccing of both this well and the upcoming Heintschel #2 well.
After production casing has been set, the drilling rig will move directly from the D.Truchard #1 drilling location to the Heintschel #2 drill site. The Heintschel #2 well is the second well in the program and has been designed as an immediate offset well to Heintschel #1.
Burleson Energy Managing Director, Michael Sandy said “While it is still early days the initial results for D.Truchard #1 are very encouraging”.
”The pre drill plan for the well had dual aims, firstly to appraise the overall Heintschel structure as a step towards confirming mid to high case gas and condensate volumes (see our latest presentation), and secondly to provide another source of additional production and cash flow for BUR and partners. Currently the Brasher #1 and Heintschel #1 wells are on production and the Joann #1 well is to be brought on production in the near future.
“A successful flow test following fraccing in late January will indicate that these aims have been achieved.
“The rig will now be moved to drill Heintschel #2 which also has dual aims – to be in a position to be able book proven and probable reserves for the area of the two Heintschel wells, and to provide yet another source of production and cash flow for Burleson Energy.”
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Burleson Energy Limited (BUR) recently announced that they will complete the D.Truchard #1 well for production following electric logging. D.Truchard #1 is an appraisal well part of the Austin Chalk formation located in the Heintschel field in Colorado County, Texas. Evaluation of the well is continuing, however, the early logs indicated that hydrocarbons are present in over 300 feet (~90 metres) of the target Prairie Bell Wilcox sands and that there are several zones of interest above and below the Prairie Bell.
Further evaluation is required to confirm the early results but based on the initial log interpretation there are no gas/water contacts evident throughout the major reservoir sand package. Also, analysis suggests that the sands encountered in D.Truchard #1 are at a higher stratigraphic level than the Heintschel #1 well and also structurally higher than the pre drill prognosis. These are all positive indications for the performance of the well.
The D.Truchard #1 well is located ~3km from the Heintschel # 1 gas condensate discovery made earlier in 2010. D.Truchard #1was drilled to a total depth of 12,000 feet (3658m) and gas shows were recorded while drilling the lower part of the hole.
Evaluation of the well continues, following which it will be cased and cemented and will then await completion, fracture stimulation (fraccing) and flow testing.
Fraccing contractors have been booked for the last week in January to complete the
fraccing of both this well and the upcoming Heintschel #2 well.
After production casing has been set, the drilling rig will move directly from the D.Truchard #1 drilling location to the Heintschel #2 drill site. The Heintschel #2 well is the second well in the program and has been designed as an immediate offset well to Heintschel #1.
Burleson Energy Managing Director, Michael Sandy said “While it is still early days the initial results for D.Truchard #1 are very encouraging”.
”The pre drill plan for the well had dual aims, firstly to appraise the overall Heintschel structure as a step towards confirming mid to high case gas and condensate volumes (see our latest presentation), and secondly to provide another source of additional production and cash flow for BUR and partners. Currently the Brasher #1 and Heintschel #1 wells are on production and the Joann #1 well is to be brought on production in the near future.
“A successful flow test following fraccing in late January will indicate that these aims have been achieved.
“The rig will now be moved to drill Heintschel #2 which also has dual aims – to be in a position to be able book proven and probable reserves for the area of the two Heintschel wells, and to provide yet another source of production and cash flow for Burleson Energy.”
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Avoyelles Parish, LA: Austin Chalk Formation Update
By Andrea: http://oilshalegas.com
Pryme Oil and Gas Limited released an operational update announcing the delay of acidizing of Deshotels 20-H No. 1 well located in the Austin Chalk Formation of Avoyelles Parish, LA.
As a result of a pre-Christmas increase in the demand for oil field services, the contractor which has been engaged to acidize the perforated intervals in the horizontal leg of the Deshotels 20-H No.1 has been unable to attend to the job as scheduled. It is now expected that the acidizing will be carried out after Christmas. Flow testing of the well will follow the acidizing.
As discussed in previous announcements, it is expected that the Deshotels 20-H No.1 well will primarily produce oil. However, it is also expected that commercial quantities of natural gas will be produced. Trenching and laying of the flow line from the well to the natural gas sales line, a distance of approximately 4 miles, is underway.
Pryme has a 40% working interest (30% net revenue interest (NRI)) in this well.
The Deshotels 20-H No.1 well, in Pryme's Turner Bayou Chalk project in the North Bayou Jack Field, is the first deep well to be drilled within the Turner Bayou 3D seismic survey. The well has been drilled to a depth of 16,400 feet (5,000 metres) vertically with a 3,755 feet (1,144 metre) horizontal leg through the Austin Chalk formation which is predominantly oil bearing in this region. The well location was confirmed using high resolution 3D seismic data from a survey carried out in 2007 and data from surrounding well bores.
Turner Bayou is one of Pryme's high value projects. It is located in Avoyelles Parish, Louisiana. Pryme has a 40% interest in the Turner Bayou Chalk project area, which is contained within the Turner Bayou 3D seismic survey, and a 52% interest in the balance of Turner Bayou. 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 contained within six prospective formations ranging in depth from the Frio formation at 3,000 feet, to the Tuscaloosa formation at 18,000 feet.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Pryme Oil and Gas Limited released an operational update announcing the delay of acidizing of Deshotels 20-H No. 1 well located in the Austin Chalk Formation of Avoyelles Parish, LA.
As a result of a pre-Christmas increase in the demand for oil field services, the contractor which has been engaged to acidize the perforated intervals in the horizontal leg of the Deshotels 20-H No.1 has been unable to attend to the job as scheduled. It is now expected that the acidizing will be carried out after Christmas. Flow testing of the well will follow the acidizing.
As discussed in previous announcements, it is expected that the Deshotels 20-H No.1 well will primarily produce oil. However, it is also expected that commercial quantities of natural gas will be produced. Trenching and laying of the flow line from the well to the natural gas sales line, a distance of approximately 4 miles, is underway.
Pryme has a 40% working interest (30% net revenue interest (NRI)) in this well.
The Deshotels 20-H No.1 well, in Pryme's Turner Bayou Chalk project in the North Bayou Jack Field, is the first deep well to be drilled within the Turner Bayou 3D seismic survey. The well has been drilled to a depth of 16,400 feet (5,000 metres) vertically with a 3,755 feet (1,144 metre) horizontal leg through the Austin Chalk formation which is predominantly oil bearing in this region. The well location was confirmed using high resolution 3D seismic data from a survey carried out in 2007 and data from surrounding well bores.
Turner Bayou is one of Pryme's high value projects. It is located in Avoyelles Parish, Louisiana. Pryme has a 40% interest in the Turner Bayou Chalk project area, which is contained within the Turner Bayou 3D seismic survey, and a 52% interest in the balance of Turner Bayou. 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 contained within six prospective formations ranging in depth from the Frio formation at 3,000 feet, to the Tuscaloosa formation at 18,000 feet.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Linn Energy (LINE): Antrim Shale Update
By Andrea: http://oilshalegas.com
During the fourth quarter of 2010, Linn Energy LLC (LINE) announced that they closed a bolt-on acquisition of Antrim Shale properties in Michigan and expects to close a bolt-on acquisition of Permian Basin properties by the end of the year. The combined contract price of both acquisitions totals approximately $90 million.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
During the fourth quarter of 2010, Linn Energy LLC (LINE) announced that they closed a bolt-on acquisition of Antrim Shale properties in Michigan and expects to close a bolt-on acquisition of Permian Basin properties by the end of the year. The combined contract price of both acquisitions totals approximately $90 million.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Thursday, December 23, 2010
Tyler County, WV: Marcellus Shale Update
By Andrea: http://oilshalegas.com
Magnum Hunter Resources Corp. (MHR) recently announced the completion of its first well drilled in the Marcellus Shale, located in Tyler County, West Virginia. The well is the Weese Hunter #1001.
Alpha Hunter Drilling, a wholly owned subsidiary of Magnum Hunter, spud the Weese Hunter #1001 in late July 2010 and reached vertical total depth of approximately 6,510 feet in mid August 2010. A third party drilling rig commenced the horizontal leg in mid September 2010 and reached a horizontal length of approximately 4,028 feet. Total measured depth for the Weese Hunter #1001 is approximately 10,388 feet. A twelve stage frac job was successfully completed in December. The Weese Hunter #1001 well recently tested at an initial production rate ("IP") of 7.0 MMcfe per day with flowing tubing pressures of 2350 psi on a 22/64 inch choke. The British Thermal Unit ("BTU") content of the well was measured at approximately 1,225. The Weese Hunter #1001 began producing yesterday into the recently completed Eureka Hunter pipeline system. The currently estimated economic ultimate recovery ("EUR") for the Weese Hunter #1001 is estimated by the Company's in-house reservoir engineers to be approximately 4 Bcfe. Magnum Hunter's wholly-owned subsidiary, Triad Hunter, LLC, is the operator of this well and owns a 100% working interest with a 84.3% net revenue interest.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Magnum Hunter Resources Corp. (MHR) recently announced the completion of its first well drilled in the Marcellus Shale, located in Tyler County, West Virginia. The well is the Weese Hunter #1001.
Alpha Hunter Drilling, a wholly owned subsidiary of Magnum Hunter, spud the Weese Hunter #1001 in late July 2010 and reached vertical total depth of approximately 6,510 feet in mid August 2010. A third party drilling rig commenced the horizontal leg in mid September 2010 and reached a horizontal length of approximately 4,028 feet. Total measured depth for the Weese Hunter #1001 is approximately 10,388 feet. A twelve stage frac job was successfully completed in December. The Weese Hunter #1001 well recently tested at an initial production rate ("IP") of 7.0 MMcfe per day with flowing tubing pressures of 2350 psi on a 22/64 inch choke. The British Thermal Unit ("BTU") content of the well was measured at approximately 1,225. The Weese Hunter #1001 began producing yesterday into the recently completed Eureka Hunter pipeline system. The currently estimated economic ultimate recovery ("EUR") for the Weese Hunter #1001 is estimated by the Company's in-house reservoir engineers to be approximately 4 Bcfe. Magnum Hunter's wholly-owned subsidiary, Triad Hunter, LLC, is the operator of this well and owns a 100% working interest with a 84.3% net revenue interest.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Susquehanna County, PA: Marcellus Shale Update
By Andrea: http://oilshalegas.com
Williams Partners L.P. (WPZ) announced that it has completed the acquisition of Cabot Oil & Gas Corporation's (COG) midstream assets in the Marcellus Shale located Susquehanna County, Pa., for $150 million.
The assets include approximately 75 miles of gathering pipelines and two compressor stations that are currently gathering approximately 230-240 million cubic feet per day (MMcf/d) of Cabot's natural gas production.
The partnership has also agreed to a new long-term dedicated gathering agreement with Cabot for its production in the northeast Pennsylvania area of the Marcellus Shale. The 25-year agreement covers an area of mutual interest that currently includes approximately 138,000 net acres.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Williams Partners L.P. (WPZ) announced that it has completed the acquisition of Cabot Oil & Gas Corporation's (COG) midstream assets in the Marcellus Shale located Susquehanna County, Pa., for $150 million.
The assets include approximately 75 miles of gathering pipelines and two compressor stations that are currently gathering approximately 230-240 million cubic feet per day (MMcf/d) of Cabot's natural gas production.
The partnership has also agreed to a new long-term dedicated gathering agreement with Cabot for its production in the northeast Pennsylvania area of the Marcellus Shale. The 25-year agreement covers an area of mutual interest that currently includes approximately 138,000 net acres.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Petrohawk Energy Corp. (HK): Fayettevill Shale Update
By Andrea: http://oilshalegas.com
Petrohawk Energy Corp. (HK) recently released an operational update on the Fayetteville Shale located in Cleburne and Van Buren County, Arkansas. Petrohawk has completed the sale of it's Fayetteville natural gas assets to XTO Energy Inc., for $575 million. The sale has an effective date of October 1, 2010.
In addition, the Company has entered into a definitive agreement with XTO Energy to sell its midstream assets in the Fayetteville Shale for $75 million. The portion of the transaction involving the midstream assets is expected to close in early 2011 and is subject to regulatory approval and customary closing conditions.
As of December 31, 2009, Petrohawk had estimated proved reserves in the Fayetteville Shale of approximately 299 billion cubic feet of natural gas (Bcf). Current production is approximately 98 million cubic feet of natural gas equivalent per day (Mmcfe/d).
Bank of America Merrill Lynch acted as marketing and financial advisor to Petrohawk in connection with both transactions.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Petrohawk Energy Corp. (HK) recently released an operational update on the Fayetteville Shale located in Cleburne and Van Buren County, Arkansas. Petrohawk has completed the sale of it's Fayetteville natural gas assets to XTO Energy Inc., for $575 million. The sale has an effective date of October 1, 2010.
In addition, the Company has entered into a definitive agreement with XTO Energy to sell its midstream assets in the Fayetteville Shale for $75 million. The portion of the transaction involving the midstream assets is expected to close in early 2011 and is subject to regulatory approval and customary closing conditions.
As of December 31, 2009, Petrohawk had estimated proved reserves in the Fayetteville Shale of approximately 299 billion cubic feet of natural gas (Bcf). Current production is approximately 98 million cubic feet of natural gas equivalent per day (Mmcfe/d).
Bank of America Merrill Lynch acted as marketing and financial advisor to Petrohawk in connection with both transactions.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
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