Eagle Ford Shale

Marubeni Corp. and Hunt Oil Co. Enter Joint Venture In Eagle Ford Shale

Marubeni Corp. and Hunt Oil Co. have signed an agreement to jointly develop properties exposed to the Eagle Ford Shale in Texas.  

Marubeni Corp. will purchase 35% of Hunt Oil Co.’s position in this popular shale play in exchange for $1.3 billion.  The funds will be paid up front and as part of a future drilling carry.

Marubeni Corp. and Hunt Oil Co. plan to drill several hundred wells into the Eagle Ford Shale over the next ten years.

Abraxas Petroleum Updates Eagle Ford Shale Activity

Abraxas Petroleum (AXAS) released an update on the company’s operations in Texas where it is developing the Eagle Ford Shale. 

Abraxas Petroleum is developing the Eagle Ford Shale through Blue Eagle, a joint venture between the company and Rock Oil Company, LLC.

Abraxas Petroleum recently drilled and completed the Grass Farms 1H well in Atascosa County, Texas.  The well was drilled to a total measured depth of 13,150 feet, with a 5,400 foot lateral, and completed with an eighteen stage hydraulic fracturing operation.

Abraxas Petroleum plans to drill one horizontal well into the Eagle Ford Shale during the fourth quarter of 2011.  The well is located in McMullen County, Texas, on a 2,487 net acre position that the company recently acquired.

Carrizo Oil and Gas Enters Joint Venture In Eagle Ford Shale

Carrizo Oil and Gas (CRZO) reported that the company has entered into a joint venture in the Eagle Ford Shale in Texas.

Carrizo Oil and Gas sold 20% of a 20,200 net acre position in the Eagle Ford Shale to GAIL (INDIA) LIMITED for $95 million.  The company will receive $63.65 million in cash and an additional $31.35 million in the form of a drilling carry.

Carrizo Oil and Gas also purchased additional leasehold in the Eagle Ford Shale that is not included in the deal with GAIL (INDIA) LIMITED.  The company will have a 41,000 net acre position taking into effect these purchases and the joint venture.