Eagle Ford Shale Rig Count Decreases by Six to 265

Penn Virginia Corp. Acquires Eagle Ford Acreage for $45-Million
Penn Virginia Eagle Ford Acreage Map

Penn Virginia Eagle Ford Acreage Map | Click to Enlarge

The Eagle Ford Shale rig count decreased by six to 265 rigs running across our coverage area by the end of last week.

In recent news, Penn Virginia Corp. announced in July of 2014 that it will acquire ~13,125 (11,660 net) Eagle Ford acres in Lavaca County, TX for $45-million. The transaction will bring the company’s total Eagle Ford position to 142,500 (101,800 net) acres. The newly acquired assets are located next to the company’s Shiner area. Officials estimate ~150 gross potential drilling locations from the acquired acreage, most of which will be prospective for the Upper Eagle Ford Shale.

Read more: Penn Virginia Acquires Eagle Ford Acreage – $45 Million

The U.S. rig count decreased by four to 1,871 rigs running by the end of last week. A total of 315 rigs were targeting natural gas (four more than the previous week) and 1,554 were targeting oil in the U.S. (nine less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.).  888 or ~48% of rigs active in the U.S. were running in Texas.

Baker Hughes rig count is quoted here. Baker Hughes also releases its own Eagle Ford Rig Count that covers the 14 core counties (212 rigs). The rig count published on EagleFordShale.com includes a 30 county area impacted by Eagle Ford development. A full list of the counties included can be found in the table near the bottom of this article.

Eagle Ford Oil & Gas Rigs

The natural gas rig count increased by one to 10 rigs running by the end of last week. Average rig counts for natural gas production in 2012 were around 80 and then dropped to around 40 in 2013. Natural gas prices fell from the previous week to $3.95/mmbtu on Friday afternoon.

The oil rig count decreased by seven to 255 rigs running by the end of last week. WTI oil prices increased by ~$2 from the previous week, trading at $102.97/bbl on Friday afternoon. Eagle Ford light crude traded at $99.75/bbl on July 18th.

A total of 240 rigs are drilling horizontal wells, 11 rigs are drilling directional wells, and 14 rigs are drilling vertical wells. Karnes, La Salle, and De Witt each have at minimum 30 rigs running. La Salle County has the highest rig count this week at 33. See the full list below in the Eagle Ford Shale Drilling by County below

South Texas Oil & Gas News:

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Eagle Ford Shale Drilling by Count


County Previous Week Current Week County Previous Week Current Week
LA SALLE 31 33 GRIMES 3 3
KARNES 30 31 LEE 3 3
DE WITT 29 30 FRIO 2 2
WEBB 23 23 LEON 1 2
DIMMIT 24 22 BEE 4 1
MCMULLEN 24 21 COLORADO 1 1
ATASCOSA 15 16 DUVAL 1 1
BRAZOS 15 15 MAVERICK 1 1
GONZALES 16 15 ROBERTSON 1 1
LAVACA 10 10 WILSON 1 1
MADISON 10 9 AUSTIN 0 0
ZAVALA 9 9 GOLIAD 0 0
LIVE OAK 9 7 MILAM 1 0
BURLESON 4 5 WASHINGTON 0 0
FAYETTE 3 3 BASTROP 0 0

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 Baker Hughes 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.

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Kirk Eggleston

Kirk Eggleston

Contributor at EagleFordShale.com
Kirk Eggleston writes on significant news developments in the Eagle Ford and Bakken Shale plays. He is a former broadcast journalist, and has experience covering news and politics in the Texas and Louisiana markets.

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