GeoResources (GEOI) reported the success of the company’s first two operated wells into the Eagle Ford Shale. The company has acreage in Fayette and Gonzalez Counties in Texas.
The Flatonia East Unit #1H well produced at an initial rate of 1,204 barrels of oil and 420,000 cubic feet of natural gas per day. The Flatonia East Unit #2H well produced at an initial rate of 1,242 barrels of oil and 480,000 cubic feet of natural gas per day.
GeoResources said that both wells are now producing on a restricted choke size to maximize reservoir performance. Since that time, the Flatonia East Unit #1H well averaged 487 barrels of oil equivalent (BOE) per day during the first fourteen days of production, and the Flatonia East Unit #2H well averaged 495 BOE per day during the first twelve days of production.
GeoResources said that it has finished drilling the Black Jack Springs #1H well, the company’s third well into the Eagle Ford Shale. The well is currently undergoing hydraulic fracturing operations.
GeoResources has one operated rig in the Eagle Ford Shale and plans to add up to three additional operated rigs under the following schedule:
Fall 2011 – Second rig
Early 2012 – Third rig
Mid 2012 – Fourth rig
