Eagle Ford Shale

Anadarko Petroleum Sets Records In Eagle Ford Shale In Second Quarter Of 2011

Anadarko Petroleum (APC) issued an update on its operations in Texas during the second quarter of 2011, where the company is working on the Eagle Ford Shale formation.

Anadarko Petroleum closed on the company’s Eagle Ford Shale joint venture deal with the Korea National Oil Corporation, under which the company can earn up to a 33% interest in Anadarko Petroleum’s leasehold here.

Anadarko Petroleum reported that the company had gross production of 45,000 barrels of oil equivalent (BOE) per day from the Eagle Ford Shale as of 6/30/2011.  This was a 25% increase from 3/31/2011.

Anadarko Petroleum was operating ten rigs at the end of the second quarter of 2011 and spud sixty wells.  The company also drilled an 8,340 foot lateral on an Eagle Ford Shale well, and drilled a well in a record time of 8.3 days.

Anadarko Petroleum Enters Eagle Ford Shale Joint Venture With Korea National Oil

Anadarko Petroleum Corporation (APC) reported that the company has entered into a joint venture agreement with the Korea National Oil Corporation in the Eagle Ford Shale.

The Korea National Oil Corporation will pay $1.55 billion for a 33% share of Anadarko Petroleum’s acreage in the Maverick Basin in Texas.  The company will pay no cash up front and is required to pay 100% of Anadarko Petroleum’s 2011 capital costs, and 90% starting in 2012.

The Korea National Oil Corporation will have 80,000 net acres in the Eagle Ford Shale after the payments are made. The company will also receive 16,000 net acres prospective for the Pearsall Shale, a dry gas play that lies under the Eagle Ford Shale.