Eagle Ford Shale

Forest Oil Reports On Eagle Ford Shale Operations For First Quarter Of 2011

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.

Magnum Hunter Resources Reports Eagle Ford Shale Update

Magnum Hunter Resources (MHR) reported its earnings for the fourth quarter of 2010 and updated its activities in several onshore United States oil and gas basins, including the Eagle Ford Shale in Texas.

Magnum Hunter Resources has established a 2011 capital budget of approximately $150 million, of which $65 million has been allocated to drill seven net wells into the Eagle Ford Shale.

Magnum Hunter Resources has 48,159 gross, or 23,704 net acres exposed to the Eagle Ford Shale.  The acreage is distributed as follows:

Gonzales County - 34,876 gross, 16,740 net acres

Fayette and Lee Counties - 7,890 gross, 3,764 net acres

Atascosa County - 5,393 gross, 3,200 net acres

Magnum Hunter Resources is currently drilling two wells in Gonzales County, and has two wells waiting to be completed.

Forest Oil Updates Investors On Eagle Ford Shale Development

Forest Oil (FST) updated investors on its emerging position in the Eagle Ford Shale, where the company now has 102,000 net acres under lease.

Forest Oil reported that the acreage is spread across Gonzales, Lee, Wilson, Atascosa and DeWitt Counties, and that 77% of the company’s properties are in the oil window of the Eagle Ford Shale.

Forest Oil said that the company is acquiring seismic results on its acreage and would start its development program in the Eagle Ford Shale in the fourth quarter of 2010 utilizing one drilling rig.