Eagle Ford Shale

Forest Oil Updates Eagle Ford Shale Operations For Second Quarter Of 2011

Forest Oil (FST) issued an update for the second quarter of 2011 on its development operations of the Eagle Ford Shale in Texas. The company increased its leasehold in the play to 113,000 net acres despite the divestiture of 10,000 net acres in Wilson County. 

Forest Oil reported the production results of four Eagle Ford Shale wells with average initial production rates during the first 24 hours of 747 barrels of oil equivalent (BOE).

Forest Oil also increased its capital budget allocated to the Eagle Ford Shale by $120 million for the second half of 2011 as the company seeks to accelerate its oil development activity.

Forest Oil Reports On Eagle Ford Shale Operations For First Quarter Of 2011

Forest Oil (FST) issued an operational update on the company’s development of the Eagle Ford Shale in Texas.  The company has 118,000 gross or 109,000 net acres under lease in Gonzales, Wilson, Lee, DeWitt Counties.

Forest Oil reported the completion of four Eagle Ford Shale wells during the first quarter of 2011 with an average 24 hour initial production rate of 733 barrels of oil per day.  The company has two wells awaiting completion and has two wells being drilled on its acreage.

Forest Oil said that a non operated well in the Eagle Ford Shale produced 830 barrels of oil per day during an initial 24 hour period.  The well is now producing 410 barrels of oil per day after 133 days of production, and has produced a cumulative 50,000 barrels since coming on line. Forest Oil plans to add a third operated rig in the play in July 2011.

Marathon Oil And Lucas Energy Sign Joint Venture Agreement In Eagle Ford Shale

Lucas Energy (LEI) and Marathon Oil (MRO) have entered into an agreement to jointly develop the Eagle Ford Shale and other formations on acreage in Wilson County, Texas.

Marathon Oil will receive 50% of the Eagle Ford Shale leasehold, or approximately 1000 net acres, and operate the wells drilled in the joint venture.