EXCO Resources (XCO) held a conference call on February 24, 2010 in conjunction with its fourth quarter of 2009 earnings report, and discussed its operational activities in the Haynesville Shale. The company will be operating 14 rigs in the Haynesville Shale beginning in the spring of 2010, and is not under time pressure because almost all its acreage is held by production.
“The Haynesville shale has been our focus for the last year. We currently have 13 rigs running in the play. We have a 14th coming April 1st, Mike told me, so, and that will probably be it, although there are some opportunities if we make certain acquisitions we will probably be adding to that.”
“We’re very comfortable with our assets over there and the 14 rigs should be enough. I would say on the acreage that we had when we did our joint venture we’re almost 100% HBP right now, so we’re very comfortable, we’re very flexible, and we’re looking for additional opportunities out there.”
“In the fourth quarter we were down to 44 days from spud to rig release. We’re actually now seeing some recent three wells; we had 37 days rig release, so that number is down 45% to 50%.”
Source: Seeking Alpha