Eagle Ford Regional Rig Count at 240 April 5, 2013

PVA Acquires Magnum Hunter Acreage For $401 Million
Penn Virginia Eagle Ford Map

PVA – MHR Eagle Ford Map April 2013 | Click to Enlarge

The Eagle Ford Shale drilling rig count increased two units to 240 running this past week. The rig count hasn’t moved much over the past month, but I’d venture to say you might see a few rigs enter the play that weren’t planned if natural gas prices stay near or above $4/mmbtu.

The week was highlighted by Penn Virginia’s $401 million acquisition of properties from Magnum Hunter Resources in Gonzales and Lavaca counties. Read more in the article Penn Virginia – Magnum Hunter Deal Worth $401 Million.

The deal included 19,000 net acres, with 22.1 net wells producing 3,000 boe/d. Seven wells are waiting to be completed and four wells are currently drilling.

Eagle Ford Oil & Gas Rigs

The natural gas rig count held at a low of 20 running this past week. Natural gas prices traded down, then back up to more than $4/mmbtu on Friday. Don’t forget, natural gas was trading closer to $2 than four this time last year. The extra revenue will be welcomed by operators and we shouldn’t be surprised to see small upticks in natural gas activity later in the summer.

A total of 219 oil rigs are running in the region or two more than last week. WTI crude futures lost the ground it gained last week to trade at $92.50/bbl Friday afternoon. Eagle Ford light traded at $89.75/bbl on April 4th.

There are 211 horizontal rigs running in the region. An injection well is being drilled in Webb County.

La Salle and Karnes counties lead development with 32 rigs running. See the full list of drilling by county at the bottom of the page.

South Texas Oil & Gas News:

Be sure to visit our South Texas Oilfield Job Listings to search openings and come back weekly for updates or sign up for alerts – Daily or Weekly Email Alerts

Eagle Ford Rig Count by Operator

Operator Name Prior Week Current Week
BHP (Petrohawk) 31 30
EOG Resources 22 23
Marathon Oil 18 18
Chesapeake 16 16
ConocoPhillips 10 10
Pioneer Natural 9 10
Anadarko 8 9
Lewis Petroleum 7 7
Murphy Oil 6 7
Plains Exploration 7 7
Talisman Energy (Statoil) 7 7
Halcon Resources 6 6
Hunt Oil 6 6
Swift Energy 6 6
EP Energy 5 5
SM Energy 6 5
Rosetta Resources 5 5
Cabot Oil & Gas 4 4
Shell 4 4
Carrizo Oil & Gas 3 3
All Others 52 52
Total 238 240

What is the Rig Count?

The Eagle Ford Shale Rig Count is an index of the total number of oil & gas drilling rigs running across a 30 county area in South Texas. The South Texas rigs referred to in this article are for ALL drilling reported by SmithBits and not solely wells targeting the Eagle Ford formation. All land rigs and onshore rig data shown here are based upon industry estimates provided by the Baker Hughes Rig Count and/or Smith Service Co’s (Schlumberger) Smith Rig Count.

Eagle Ford Shale Drilling by County

Texas County Prior Week Current Week Texas County Prior Week Current Week
KARNES 28 32 LAVACA 3 3
LA SALLE 31 32 FAYETTE 2 2
MCMULLEN 26 25 GRIMES 2 2
DEWITT 27 24 ROBERTSON 2 2
DIMMIT 22 24 BURLESON 1 1
GONZALES 21 21 LEE 0 1
WEBB 23 20 AUSTIN 0 0
LIVE OAK 13 13 BASTROP 0 0
ATASCOSA 9 8 BEE 0 0
LEON 7 7 COLORADO 0 0
BRAZOS 4 5 DUVAL 0 0
MADISON 5 5 GOLIAD 0 0
WILSON 5 5 MAVERICK 0 0
FRIO 4 4 MILAM 0 0
ZAVALA 3 4 Washington 0 0
The following two tabs change content below.
R.T. Dukes

R.T. Dukes

Managing Editor at EagleFordShale.com
R.T. is the managing editor of EagleFordShale.com. In prior roles, he advised major oil companies on strategy, the macro business environment, and opportunity screening. 2503 Robinhood, Houston, TX, 77005, U.S.A. | Telephone: 832.429.4790

Comments

  1. glenn kimbro says:

    I own minerals on property on tm 2922 east of 87 about 2 miles. Does anyone know what lease acre bonus is in that area?

Add a Comment

MENU