Eagle Ford Shale

Conoco Phillips May Expand Eagle Ford Shale Drilling

Conoco Phillips (COP) discussed its acreage in the Eagle Ford Shale during its third quarter earnings conference call. The company indicated that much of its acreage is not held by production, but is term leasehold. This implies that the company must ramp up drilling to keep its acreage, or extend leases.

“The majority of that acreage is term leasehold, and we have the option of maintaining it through drilling, lease extension or renewals.”

“Also, in the lower 48, we have been encouraged by recent drilling results in the Eagle Ford Shale, where we hold a sizable low cost acreage position….We have a very substantial position there, close to 300,000 acres when you consider our interest in the Eagle Ford and the adjoining Austin Chalk play”

Source: Seeking Alpha

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Pioneer Natural Resources Company Completes Eagle Ford Shale Well

Pioneer Natural Resources Company (PXD) announced the completion of a well in the Eagle Ford Shale in Live Oak County, Texas.

The Sinor #5 well had an initial production rate of 11.3 million cubic feet of natural gas equivalent per day, composed of 8.3 million cubic feet of natural gas and 500 barrels of liquids.

The well had a true vertical depth (TVD) of 13,000 feet and was completed with a 2,600-foot lateral and a nine stage hydraulic fracturing operation.

Pioneer Natural Resources Company has 310,000 gross acres in the Eagle Ford Shale. The company has spud a second well in the Eagle ford Shale, and is in the midst of a five well program that will continue into 2010.

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Petrohawk Energy Discusses Eagle Ford Shale

Petrohawk Energy (HK) made the following comments on its properties in the Eagle Ford Shale during its second quarter of 2009 conference call held on August 5, 2009.

Production

“In the Eagle Ford, we operated two horizontal rigs, drilled six operated wells, and one non-operated well, and put three of the operated wells on production, resulting in 140% increase in production from 5 million a day to 12 million a day.”

“Our excellent results in the Hawkville Field continue to support the belief that this discrete geological area appears to be a highly commercial field. The company drove drilled six wells in the quarter and completed three of them at an average IP rate of 9.3 million per day.”

Adding Rigs

“We are pretty comfortable with the three rigs that we have right now, as Floyd alluded to, we are under no pressure from a lease stand point to accelerate that. I think the only acceleration maybe in the future is commodity pricing may allow us to spend more money down there.”

EUR’s

“While there is not sufficient production history to utilize the time zero EUR forecasting method that we presented earlier on the Haynesville wells, we are very encouraged with performance of the wells to date and confirm the belief that the EUR range should be in the 4 to 7 Bcf range.”

Economics

“The economics of the fields have been greatly enhanced by the dramatic decrease in well cost. At the end of the second quarter, we had drilled six wells without intermediate casing, without drilling a pilot hole. Those wells have averaged reaching total measured depth of approximately 16,000 feet in 18 days from spud, which is a result in an average cost to rig release of $2.4 million.”

Source
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