Forest Oil (FST) issued an operational update on the company’s development of the Eagle Ford Shale in Texas. The company has 118,000 gross or 109,000 net acres under lease in Gonzales, Wilson, Lee, DeWitt Counties.
Forest Oil reported the completion of four Eagle Ford Shale wells during the first quarter of 2011 with an average 24 hour initial production rate of 733 barrels of oil per day. The company has two wells awaiting completion and has two wells being drilled on its acreage.
Forest Oil said that a non operated well in the Eagle Ford Shale produced 830 barrels of oil per day during an initial 24 hour period. The well is now producing 410 barrels of oil per day after 133 days of production, and has produced a cumulative 50,000 barrels since coming on line. Forest Oil plans to add a third operated rig in the play in July 2011.