Eagle Ford Shale

Penn Virginia Adds To Eagle Ford Shale Position

Penn Virginia (PVA) has purchased an additional 4,100 net acres prospective for the Eagle Ford Shale in Texas.  The company will pay $10 million for 3,200 net acres in Gonzales County and 895 net acres in Lavaca County. 

Penn Virginia said that the joint venture partners involved with the company will receive their share of the acquired acreage, leaving 3,000 net acres for the company and increasing its total Eagle Ford Shale position to 30,000 net acres.

Marubeni Corp. and Hunt Oil Co. Enter Joint Venture In Eagle Ford Shale

Marubeni Corp. and Hunt Oil Co. have signed an agreement to jointly develop properties exposed to the Eagle Ford Shale in Texas.  

Marubeni Corp. will purchase 35% of Hunt Oil Co.’s position in this popular shale play in exchange for $1.3 billion.  The funds will be paid up front and as part of a future drilling carry.

Marubeni Corp. and Hunt Oil Co. plan to drill several hundred wells into the Eagle Ford Shale over the next ten years.

Abraxas Petroleum Updates Eagle Ford Shale Activity

Abraxas Petroleum (AXAS) released an update on the company’s operations in Texas where it is developing the Eagle Ford Shale. 

Abraxas Petroleum is developing the Eagle Ford Shale through Blue Eagle, a joint venture between the company and Rock Oil Company, LLC.

Abraxas Petroleum recently drilled and completed the Grass Farms 1H well in Atascosa County, Texas.  The well was drilled to a total measured depth of 13,150 feet, with a 5,400 foot lateral, and completed with an eighteen stage hydraulic fracturing operation.

Abraxas Petroleum plans to drill one horizontal well into the Eagle Ford Shale during the fourth quarter of 2011.  The well is located in McMullen County, Texas, on a 2,487 net acre position that the company recently acquired.