Eagle Ford Shale

Petrohawk Energy - Eagle Ford Shale - Q1 2011 Update

Petrohawk Energy (HK) reported an update on its oil and gas development activity in the Eagle Ford Shale during the first quarter of 2011. 

Petrohawk Energy is currently operating 14 rigs in the Eagle Ford Shale and expects to maintain that level for the balance of the year with five rigs in Hawkville Field and 9 rigs in the Black Hawk area. The Company drilled 25 operated and 3 non-operated wells total in the Eagle Ford during the first quarter.

Petrohawk Energy reported net production during the first quarter of 2011 of 156 million cubic feet of natural gas equivalents per day.  This Eagle Ford Shale production was composed of 7,500 barrels of oil, 5,900 barrels of natural gas liquids and 76 million cubic feet per day of natural gas.

Petrohawk Energy Updates Eagle Ford Shale Operations At Black Hawk

Petrohawk Energy (HK) issued an operational update on its activities in Texas, where the company is working to develop the Eagle Ford Shale.  The company is active in three project areas, including the Black Hawk project, where it has 73,600 net acres under lease.

Petrohawk Energy is operating five rigs in the play and plans to increase its operated rig count to seven rigs by the end of the first quarter of 2011, and eleven rigs by the third quarter of 2011.  The company drilled 29 wells in 2010 at the Black Hawk project and plans to drill 85 wells here in 2011 into the Eagle Ford Shale. 

Petrohawk Energy is continuing to build its position here and recently added 10,500 net acres in Karnes County, Texas.  The company expects wells in this part of the Eagle Ford Shale to have condensate yields of approximately 700 barrels per million cubic feet of natural gas.

Petrohawk Energy has seen improved well performance at Black Hawk since entering the area.  This is due to a number of factors:

• Increased lateral length.
• Less restrictive choke sizes.
• Tighter perforation cluster spacing.
• Increased proppant.

Petrohawk Energy is increasing its estimated ultimate recovery (EUR) on wells in the Black Hawk part of the Eagle Ford Shale due to the improved well performance. 

Previous EUR – 2.2 billion cubic feet of natural gas, 375,000 barrels of condensate

New EUR – 1.8 billion cubic feet of natural gas, 550,000 barrels of condensate and 220,000 barrels of natural gas liquids.

Petrohawk Energy Issues Third Quarter Of 2010 Eagle Ford Shale Update

Petrohawk Energy (HK) issued an operations update on its oil and gas activities during the third quarter of 2010, and reported on its Eagle Ford Shale acreage. The company reported average daily production of 67 million cubic feet of natural gas equivalents from its properties in the Eagle Ford Shale.

In the Hawkville field, Petrohawk Energy operated three rigs and drilled 13 wells (11 operated, 2 non operated) during the third quarter of 2010.  An average well in this part of the Eagle Ford Shale cost $7.1 million in 2010, and is forecast to cost $7.5 million in 2011.

In the Blackhawk field, Petrohawk Energy operated five rigs and drilled 8 operated wells during the third quarter of 2010.  An average well in this part of the Eagle Ford Shale cost $7.7 million in 2010, and is forecast to cost the same amount in 2011.

Petrohawk Energy also established a $1.9 billion budget for drilling and completion activities in 2011.  The company has allocated $900 million of this total for development of the Eagle Ford Shale.