Haynesville Shale

EXCO Resources Buys Haynesville Assets From Southwestern Energy

Southwestern Energy Company (SWN) announced the sale of 20,063 net acres of properties in the Haynesville Shale area in East Texas to EXCO Resources (XCO).

Southwestern Energy Company said that the sale covered only the rights to production from the Haynesville and Mid Bossier formations, and the company retained its rights to the James Lime and Pettet formations.

EXCO Resources paid $355 million for the properties, which had 10 million cubic feet per day of production and proved reserves of 31 Bcfe. The properties are located in Shelby, San Augustine and Nacogdoches Counties, in Texas.

Southwestern Energy Company still has 10,500 acres after the sale that is prospective for the Haynesville Shale, and plans an active development program on that acreage in 2010.

Devon Energy Updates Haynesville Shale Operations

Devon Energy (DVN) reported earnings for the first quarter of 2010 and held a conference call on May 6, 2010, to discuss the results. The company made some comments on its unconventional resource basins including the Haynesville Shale.

Devon Energy is at an early stage of developing its assets here, and has 110,000 net aces under lease. The company will concentrate on drilling wells to secure its acreage here in 2010.

“Shifting to the Haynesville Shale, in the first quarter, we completed three Haynesville wells located in Shelby and Nacogdoches Counties. These three wells have an average 24-hour IPs of about 6 million cubic feet per day. These rates are consistent with our previous results in the area, and further confirm that we have a repeatable economically attractive play under a normalized price environment on our 110,000 net acres in the greater Carthage area. Our activity for the remainder of 2010 will focus on securing and derisking our primary term acreage in the Southern and greater Carthage areas.”

Source: Seeking Alpha

Devon Energy - First Quarter 2010 Haynesville Shale Update

Devon Energy (DVN) released earnings for the first quarter of 2010, and updated its activities in many of its prospective oil and gas plays, including the Haynesville Shale.

Devon Energy reported the completion of 3 wells in the Haynesville shale in Shelby and Nacogdoches Counties in Texas. The company said that the initial production rates on these wells averaged 6 million cubic feet equivalent per day.

Devon Energy has 157,000 net acres in the Haynesville Shale, mostly in East Texas. The company has 110,000 acres in the Greater Carthage Area, and 57,000 acres in the South Area. Devon Energy plans to drill 25 operated wells here in 2010.