Eagle Ford Shale

PetroQuest Energy Reports Two Eagle Ford Shale Completions

PetroQuest Energy (PQ) issued an operations update for the third quarter of 2011and disclosed additional information on the company’s activity in the Eagle Ford Shale.  The company reported the production results of two operated wells recently completed to this formation.

The two wells had twenty four maximum gross daily production rates of 363 and 543 barrels of oil equivalent (BOE) per day.  These Eagle Ford Shale wells are located in LaSalle County, Texas, and were the company’s second and third operated wells into the Eagle Ford Shale.

PetroQuest Energy also participated in two non-operated wells during the third quarter of 2011 and said that these wells were currently flowing back.

SM Energy Sells Part Of Non Operated Eagle Ford Shale Position

SM Energy (SM) reported that it has signed an agreement to sell a 12.5% working interest in the company’s non operated position in the Eagle Ford Shale to Mitsui & Co., Ltd. for $680 million.

SM Energy said that the $680 million will be paid to the company through a drilling carry where Mitsui & Co., Ltd. will pay 90% of its future drilling and completion costs in the Eagle Ford Shale.  The company will also be reimbursed between $20 million and $40 million for the purchaser’s share of capital expenditures from 3/1/2011 and the closing date.

After the deal closes, SM Energy will have 46,000 net non operated acres in the Eagle Ford Shale.  The company reported average daily production of 43.5 million cubic feet of natural gas equivalents from its non operated leasehold as of 3/31/2011.  This production was 42% oil, 36% natural gas and 22% natural gas liquids.  Proved reserves totaled 52 billion cubic feet of natural gas liquids.

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.