Eagle Ford Shale

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.

Magnum Hunter Resources Reports Two Eagle Ford Shale Well Results

Magnum Hunter Resources (MHR) issued an operational update on the company’s South Texas oil and gas activity.  The company has 51,664 gross acres prospective for the Eagle Ford Shale in Gonzales and Lavaca Counties.

Magnum Hunter Resources has put two Eagle Ford Shale wells onto production in September 2011 and disclosed the following details on the wells:

Oryx Hunter #1H - initial flowing production rate of 2,044 barrels of oil equivalent (BOE) per day, composed of 1,944 barrels of oil and 600,000 cubic feet of natural gas per day.

Sable Hunter #1H - initial twenty four hour production rate of 1,017 BOE per day, composed of 921 barrels of oil and 581,000 cubic feet of natural gas per day.

Magnum Hunter Resources has seven other Eagle Ford Shale wells either drilling or getting prepared for drilling. These wells are the Furrh #2H, Kudu Hunter #1H, Snipe Hunter #1H, Gonzo North #2H, Shiner Hunter #1H, Southern Hunter #2H and the Shiner Hunter #2H.       

Crimson Exploration Updates Eagle Ford Shale Activity

Crimson Exploration (CXPO) issued an update on the company’s activity in the Eagle Ford Shale. 

Crimson Exploration said that the Littlepage McBride #2H well in Karnes County, Texas, produced at a gross rate of 1,030 barrels of oil equivalent (BOE) per day.  The production was composed of 952 barrels of oil and 465,000 cubic feet of natural gas per day. 

Crimson Exploration also reported that the KM Ranch #1H in Zavala County, Texas, produced at 418 BOE per day composed of 331 barrels of oil and 524,000 cubic feet of natural gas per day.

Other Eagle Ford Shale well reports:

Littlepage McBride #1H – Currently producing 415 BOE per day and 78,000 cumulative since being put onto production.

Littlepage McBride #4H – reached total depth of 16,572 feet.

Littlepage McBride #3H – drilling operations underway.

Crimson Exploration plans to drill the Beeler #1H, KM Ranch #2H and KM Ranch #3H wells into the Eagle Ford Shale in 2011.