Eagle Ford Shale Play http://eaglefordshale.com News, MarketPlace, Jobs Wed, 30 Jul 2014 20:49:57 +0000 en-US hourly 1 http://wordpress.org/?v=3.8.3 SM Energy-Mitsui Eagle Ford Carry Ends http://eaglefordshale.com/news/sm-energy-mitsui-eagle-ford-carry-ends/ http://eaglefordshale.com/news/sm-energy-mitsui-eagle-ford-carry-ends/#respond Wed, 30 Jul 2014 15:00:56 +0000 http://eaglefordshale.com/?p=6305 SM Energy Eagle Ford Map

SM Energy Eagle Ford Map | Click to Enlarge

In SM Energy’s second quarter earnings report released this week, the termination of the drilling and completion carry with its joint venture (JV) partner, Mitsui, was confirmed.

SM Energy is now responsible for funding its proportionate share of drilling and completion costs in the area. An increase in SM Energy’s capital guidance for 2014 was announced in the company’s first quarter earnings report to accommodate for the additional costs.

Mitsui’s $680-million carry commitment in the Eagle Ford provided needed capital funding to accelerate SM’s development in the play. SM Energy and Mitsui entered their Eagle Ford joint venture agreement in 2011.

Read moreSM Energy-Mitsui Eagle Ford Carry Will End in Q2 2014

SM Energy Eagle Ford Non-Operated Acreage Update

Net production in SM Energy’s non-operated portion of its Eagle Ford shale program for the second quarter of 2014 averaged 23,800 boe/d. That’s a 2% sequential increase over the first quarter of 2014 and a 37% increase year-over-year.

The operator made approximately 95 flowing completions during the second quarter.

SM Energy Eagle Ford Update in Operated Acreage

During the second quarter, SM Energy made 23 flowing completions in its operated Eagle Ford Shale program. The company’s operated net production in the Eagle Ford shale averaged 83, 200 boe/d in the second quarter of 2014. That’s a 9% sequential increase from the previous quarter and a 26% increase year-over-year.

SM Energy Sand Loading Tests Yield Positive Results

SM Energy has been shifting its Eagle Ford drilling and completion program toward longer lateral wells and completions with higher sand loading. Company officials say longer lateral testing is ongoing, but sufficient data on SM’s increased sand loading tests is now available from wells in Area 2 of SM’s operated Eagle Ford shale position to conclude that wells completed with higher sand loadings are more productive and have improved initial condensate yields.

Read more at sm-energy.com

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Eagle Ford Boom Bad News for County Roads – KENS-TV – Video http://eaglefordshale.com/news/eagle-ford-boom-bad-news-for-county-roads-kens-tv-video/ http://eaglefordshale.com/news/eagle-ford-boom-bad-news-for-county-roads-kens-tv-video/#respond Tue, 29 Jul 2014 14:46:39 +0000 http://eaglefordshale.com/?p=6296 The Eagle Ford oil boom has been a boon on the Texas economy, injecting billions of dollars in revenue from oil & gas companies into the state’s budget. By contrast, local county governments have not seen parallel increases for their coffers, although money derived from local tax revenues and drilling fees, in some instances, have padded local county budgets.

Read more: Riches from the Eagle Ford Boom – Video

One of the most serious problems for local county governments is a direct result of the increased traffic on their roads. According to a recent KENS-TV story, it takes 1,200 18-wheelers  to set up a rig, and another 350 trucks during the life of the rig for maintenance. Karnes County and DeWitt County, which are both in the heart of the oil window of the play, have consistently had active rig counts between 20 – 30, since the beginning of the year, which has equated to a lot of traffic on roads not designed for such heavy loads.

In the past 3 ½ years, $28,000,000 has gone directly to the state through right of way royalties, but less than 1% has been returned for road maintenance. Karnes and DeWitt County have forked over $16-million during the same time frame, according to the report.

Local county officials are fed up with not receiving what they feel is more adequate funding from the state for road maintenance in their areas. Now, there is talk about a coalition of county governments being formed to demand more money from Austin.

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Eagle Ford Shale Rig Count Decreases by One to 264 http://eaglefordshale.com/drilling-rig-count/eagle-ford-shale-rig-count-decreases-by-one-to-264/ http://eaglefordshale.com/drilling-rig-count/eagle-ford-shale-rig-count-decreases-by-one-to-264/#respond Mon, 28 Jul 2014 15:00:04 +0000 http://eaglefordshale.com/?p=6290 Pipeline Photo

Pipeline Being Laid | Click to Enlarge

The Eagle Ford Shale rig count decreased by one to 264 rigs running across our coverage area by the end of last week.

In recent news, a study commissioned by the Texas Pipeline Association (TPA), claims the state’s oil and gas pipeline industry provided $33-billion in overall economic impact, and supported more than 165,000 jobs in 2013. During the same time frame, the study says industry provided for $18.7-billion in gross state revenue, and injected $1.6-billion in state and local revenue taxes.

Read moreTPA: Pipeline Industry Has Positive Economic Impact on Texas

The U.S. rig count increased by twelve to 1,883 rigs running by the end of last week. A total of 318 rigs were targeting natural gas (three more than the previous week) and 1,562 were targeting oil in the U.S. (eight less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.).  886 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 (211 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 decreased by one to nine 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 $3.78/mmbtu on Friday afternoon.

The oil rig count stayed flat at 255 rigs running by the end of last week. WTI oil prices decreased by ~$1 from the previous week, trading at $101.99/bbl on Friday afternoon. Eagle Ford light crude traded at $98.50/bbl on July 24th.

A total of 238 rigs are drilling horizontal wells, 13 rigs are drilling directional wells, and 13 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 32. See the full list below in the Eagle Ford Shale Drilling by County below

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 Shale Drilling by Count


County Previous Week Current Week County Previous Week Current Week
DE WITT 30 33 GRIMES 3 3
LA SALLE 33 32 LEE 3 3
KARNES 31 30 FRIO 2 2
MCMULLEN 21 25 LEON 2 2
WEBB 23 22 BEE 1 1
DIMMIT 22 20 COLORADO 1 1
ATASCOSA 16 15 DUVAL 1 1
BRAZOS 15 15 ROBERTSON 1 1
GONZALES 15 15 WASHINGTON 0 1
LAVACA 10 10 WILSON 1 1
ZAVALA 9 10 AUSTIN 0 0
MADISON 9 9 GOLIAD 0 0
LIVE OAK 7 5 MAVERICK 1 0
BURLESON 5 4 MILAM 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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Cabot’s Eagle Ford Production Up 76% Year Over Year http://eaglefordshale.com/news/cabots-eagle-ford-production-up-76-year-over-year/ http://eaglefordshale.com/news/cabots-eagle-ford-production-up-76-year-over-year/#respond Fri, 25 Jul 2014 14:00:14 +0000 http://eaglefordshale.com/?p=6280 Cabot Eagle Ford & Pearsall Shale Map

Cabot Eagle Ford & Pearsall Shale Map | Click to Enlarge

Cabot Oil & Gas Corp. net production in the Eagle Ford during the second quarter of 2014 was 10,308 boe/d, an increase of 76% year over year. This included 9,784 bbl of liquids per day, an increase of 83% compared to the same time frame.

Read more: Cabot Oil & Gas to Expand Eagle Ford Drilling Program

During the second quarter of 2014, Cabot placed 10 wells on production that have produced for at least 30 days. These wells had an average 30-day production rate of 840 boe/d per well, with a 92% oil cut from an average lateral length of 6,729 feet. Currently, Cabot has a two-rig program in the Eagle Ford.

Cabot’s Q2 Portfolio Wide Production

Across the company’s portfolio, which includes ~200,000 net acres in the Marcellus Shale, equivalent production in the second quarter of 2014 was 127.6 Bcfe, consisting of 121.8 billion cubic feet (Bcf) of natural gas and 961,000 bbl of liquids.

“Our total liquids volumes increased 40 percent sequentially—with crude oil and condensate volumes increasing 44 percent—due to strong well performance from new Eagle Ford wells that were placed on production during the quarter,” said Cabot CEO Dan Dinges.
 

Cabot’s Eagle Ford Position Remains the Same in Q2

In its first quarter update, Cabot indicated that it was actively pursuing additional acreage to increase its position in the play, but no acquisitions were confirmed in the company’s second quarter update.

During the first quarter, Cabot secured ~4,000 additional net acres, and currently has ~66,000 net acre across the play, with properties principally located in Atascosa, Frio, La Salle and Zavala Counties, Texas. We’ll keep you posted if Cabot confirms any additional Eagle Ford acreage acquisitions in the coming months.

Read more at cabotog.com

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New Campaign to Curb Eagle Ford Traffic Accidents http://eaglefordshale.com/news/txdots-new-campaign-curb-eagle-ford-traffic-accidents/ http://eaglefordshale.com/news/txdots-new-campaign-curb-eagle-ford-traffic-accidents/#comments Thu, 24 Jul 2014 14:00:04 +0000 http://eaglefordshale.com/?p=6270 Tanker Truck on the Highway

Click to Enlarge

The Eagle Ford Shale has brought many good things to South Texas, but an increase in serious and sometimes fatal traffic accidents hasn’t been one of them.

Last year, the Texas Department of Transportation (TxDOT) recorded 3,450 serious traffic crashes in the Eagle Ford Shale region, which was a 7% increase over 2012. 238 deaths resulted from these accidents. According to law enforcement, the leading causes of crashes in the region were failure to control speed and driver inattention.

TxDOT’s Answer to the Problem

In an effort to save lives and minimize the number of crashes, TxDOT will place over-sized traffic safety signs in the Eagle Ford and other energy producing areas throughout the state over the course of the year.

“oil and gas activity has created unprecedented volumes of traffic in many parts of our state,” said TxDOT Executive Director Joe Weber. “It’s more important than ever for drivers to give their full attention to the road. They should also obey traffic laws and slow down when traveling through energy-producing communities.”

TxDOT’s $1.2-million campaign is called “Be Safe. Drive Smart.”  According to TxDOT, 30 large outdoor signs will be placed around the Eagle Ford Shale region for a at least one month in the summer and one month in the winter.  Here’s a look at what some of the signs will say:

  • Give Trucks Space
  • Drive Now
  • Text Later
  • Buckle Up Every Ride
  • Really, Stop Means Stop
  • Drive Friendly
  • Pass with Care
  • Not So Fast
  • Drink, Drive, Go to Jail
  • Give Us a Brake

In late July, TxDOT will install 9 giant oversized road signs in Karnes County, with similar messages. Signs will also be present at gas stations in the Eagle Ford region.

What Else is Being Done?

In addition to signs, TxDOT says it conducts training and safety activities throughout the industry. TxDOT and the Department of Transportation and Public Safety are also working with oil & gas companies to provide motorists and employees with driving tips and other important safety information, a TxDOT spokesman notes.

Read more at txdot.gov

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ZaZa Energy Gathers Funds for Eaglebine Development http://eaglefordshale.com/news/zaza-energy/ http://eaglefordshale.com/news/zaza-energy/#respond Wed, 23 Jul 2014 16:18:17 +0000 http://eaglefordshale.com/?p=6265 Eagle Ford & Eaglebine Map

Eagle Ford & Eaglebine Map | Click to Enlarge

Eagle Ford-focused ZaZa Energy Corp. entered into a $7.5 stock deal with Los Angeles-based Crede Capital Group LLC, the company said in late July of 2014.

The proceeds will fund additional development and lease acquisitions in ZaZa’s East Texas area, the company said in a prepared release.

Crede purchased a total of $5-million of ZaZa common stock, priced at $0.83 each. The investment will be made in two phases, according to the company. The first phase closed on July 21st. The transaction includes 0.6 warrants for every share of ZaZa common stock with a price of $1.1205 per share.

The second phase, which is expected to close in late October, also includes 0.6 warrants for every share of ZaZa common stock. The price for additional shares will be determined by the closing price on the day of closing.

ZaZa – EOG Resources East Texas Eagle Ford JV

In March of 2013, ZaZa Energy and EOG Resources finalized terms on a joint venture (JV) targeting the Eaglebine in Grimes, Madison, Montgomery, Trinity, and Walker counties.

Read more: EOG – ZaZa Joint Venture in the Eaglebine

The company has re-focused its attention to the Eaglebine, after divesting 10,300 net Eagle Ford acres in July of 2013 to a subsidiary of Sanchez Energy for $28.8 million. Approximately 82% of ZaZa’s first quarter 2014 production came from the Eaglebine.

Read more: ZaZa Continues Laying Groundwork for Eagle Ford Growth

Read more at zazaenergy.com

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TPA: Pipeline Industry Has Positive Economic Impact on Texas http://eaglefordshale.com/pipeline-midstream-news/texas-pipeline-industry-has-positive-economic-impact-on-state/ http://eaglefordshale.com/pipeline-midstream-news/texas-pipeline-industry-has-positive-economic-impact-on-state/#respond Tue, 22 Jul 2014 14:38:11 +0000 http://eaglefordshale.com/?p=6262 Pipeline Photo

Pipeline Being Laid | Click to Enlarge

As development continues to grow in the Eagle Ford Shale and in West Texas’ Permian Basin, the need for additional midstream infrastructure has also grown. Not surprisingly, the pipeline industry has benefited in conjunction with the boom, and according to a new study, Texas and its’ people have as well.

In a recently released Texas Tech University study, commissioned by the Texas Pipeline Association (TPA), the state’s oil and gas pipeline industry purportedly provided $33-billion in overall economic impact, and supported more than 165,000 jobs in 2013. During the same time frame, the study claims industry provided for $18.7-billion in gross state revenue, and injected $1.6-billion in state and local revenue taxes.

“Due to a dramatic increase in the state’s oil and gas production, the demand for additional pipelines is expected to continually increase in the coming years. The communities that are home to pipeline projects are perfectly poised to see economic benefit from the industry in terms of more jobs and increased tax revenues,” said TPA President Thure Cannon.

According to the study’s conservative estimates, pipeline operations and construction will contribute $374-billion in total economic output, and sustain 171,000 jobs annually for the next decade. During the same time frame, the study estimates $212-billion in additional gross state product and $19.5-billion in state and local government revenues.

Eagle Ford Midstream Activity

During 2014, several midstream/pipeline projects have been announced for the Eagle Ford. See below for links to recent stories:

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Spoolable Composite Pipes – Are all Created Equally? http://eaglefordshale.com/blog/spoolable-composite-pipes/ http://eaglefordshale.com/blog/spoolable-composite-pipes/#respond Mon, 21 Jul 2014 20:42:09 +0000 http://eaglefordshale.com/?p=6254 Spoolable Composite Pipe on Truck

Spoolable Composite Pipe on Truck | Click to Enlarge

As recently as seven to ten years ago, usage of high pressure reinforced spoolable composite pipe was still in the early adoption stage in North American oil and gas service. Since then, the technology has gained significant acceptance and has displaced a growing portion of steel pipe usage in high pressure applications. These applications include flowlines, gathering lines, produced water lines, water and CO2 injection lines, saltwater disposal lines, and frack water management lines – all of which can be highly corrosive. There are at least five manufacturers of spoolable composite pipe who are active in North America. The purpose of this paper is to identify the value brought by spoolable composite pipe, the various types of technology in the market today, and issues that should be considered by an end-user specifying engineer. When properly applied and installed, reinforced spoolable composite pipe can provide many years of safe, reliable, and maintenance-free operation.

The Value Proposition

Usually reinforced spoolable pipe is first tried by the user to solve a corrosion problem. Because the pipe is non-metallic, solving corrosion issues is a key benefit. However, once users see how fast and easy the pipe is installed, they often then select the pipe for economic reasons. The benefits of using spoolable composite pipe also include:

  • Low installed costs and fast completion of projects.
  • Very safe because of small installation crews and less equipment on the Right-of-Way.
  • Low environmental footprint, again due to less equipment and activity on the ROW.
  • Low ownership costs, Elimination of expensive corrosion inhibitor chemical programs.
  • No welding, no x-rays, no cathodic protection.
  • Increased cash flow because production comes on quicker.
  • Able to handle high pressure and temperatures.
  • Light weight, low freight costs, easy to handle in the field.
  • Compliant with industry standards
  • Proven materials

The Technology

There are usually three materials used in the manufacture of spoolable composite pipe. The inner liner is usually made of High Density Polyethylene (HDPE), a material that is corrosion resistant and has many decades of successful experience in low pressure oil and gas service. But HDPE by itself is pressure and temperature limited. Because of its low friction characteristics, HDPE has a higher flow rate than steel pipe of comparable diameters. For example, often an operator can deploy six inch composite pipe instead of eight inch steel pipe and accomplish flows that can satisfy the project requirements.  The second material employed is used as a reinforcement material that allows the pipe to now handle higher pressures. The liner travels through a series of winders where the reinforcement wrap is applied at very specific angles. Depending on the pipe manufacturer, the reinforcement material could be braided Polyester, or fiberglass strands, or various types of steel bands and cords. Other reinforcement materials could include carbon fibers and Kevlar® aramid fibers, again, depending on the manufacturer. Some manufacturers wind these various fibers in a dry (or unbonded) process and others use an epoxy to bond the fibers. Either approach has its own merits and should be understood prior to making a purchase decision. The third and final pipe material that is utilized is an extruded HDPE (or other plastic) layer that is used as a protective outer jacket to protect the pipe during installation. Pictured here is one manufacturer’s design, SoluForce®RLP, that depicts a pipe cutaway showing the HDPE liner on the right, the Polyester braided reinforcement wrap in the middle, and the extruded HDPE jacket on the left. All of these materials are fully compatible with the chemistry seen in oil and gas production.

Electrofusion Non-Metallic Coupling and Stainless Steel Coupling Comparison

Electrofusion Non-Metallic Coupling and Stainless Steel Coupling Comparison

Connecting multiple reels of pipe is accomplished by using couplings made of coated carbon steel, stainless steel, and now a totally non-metallic electrofusion coupling has been developed. Pipe terminations are done by installing weldneck or flange fittings, again made of a variety of corrosion-resistant materials. Steel risers can be welded directly to the weldneck fitting if the user wishes to bring steel pipe to the surface. All these fittings are typically installed in the field and most manufacturers provide field service training for the users chosen contractor. The fittings design varies from manufacturer to manufacturer but some utilize a fitting installation process that is pressed in to and then crimped on to the pipe – very similar to a hydraulic hose type of connection.

The pipe is fully tested at the plant prior to shipment. Typically a section of pipe is pressured to a burst point that is several times higher than its rated design. The ratings are developed by following stringent industry standards that require extensive long-term testing at high pressure and high temperatures. Other tests include cyclic performance where continuous and constant pressure amplitudes are exerted on the pipe. Axial and circumferential strengths are developed through design and testing of various reinforcement materials and various winding angles of the reinforcement material. Long lengths of pipe are shipped on reels that are then deployed in a variety of installation methods including open trench, surface lines, and plowing. Line crossings are easily accomplished by dragging the pipe under the line that crosses the installation trench. Road and creek crossings are easily done by pulling the pipe through the crossing bore. Diameters available range from two inch through eight inch and pressure ratings can be more than 2000psi. A variety of other fittings and accessories are available including T’s and Y’s, threaded terminations, tracer wire, etc. Because of its flexibility, elbows are usually unnecessary. Because of the durability of the outer jacket, padding the trench is usually not necessary. Spoolable pipe can be pigged and hot-oiled if warranted. However, this is usually unnecessary due to the smooth HDPE inner wall.

Project Discussion

It is important that the project engineer and the spoolable pipe manufacturer collaborate during the project design phase. Field personnel should also be included so that all aspects of the project are understood before the project kicks off. The overall project goals should be discussed as well as:

  • Design and operating pressures and temperatures – now and in the future
  • Project location, construction methods, and terrain
  • A map showing the pipe routing including lateral connection points
  • Chemistry of the fluid or gas in the pipe
  • Operating conditions including pump types
  • Project timing
  • All aspects of User expectations

There are many sub-categories and topics to the above points and they are not intended to be discussed here. The project team should choose a spoolable pipe manufacturer who can be more than just a vendor and one that can knowledgeably discuss these technical sub-categories. They can be a real resource to the project team and, through the course of the overall project discussion, can often recommend ideas to assure the project is completed safely, on time, and on budget.

High pressure reinforced spoolable composite pipe should be considered when pressures and temperatures exceed the limits of other low pressure pipe materials. If the project utilizes diameters in the two through eight inch range then it should be considered as a good alternative to steel pipe. Once the project hydrotest is successfully completed, the operator can be assured of safe and reliable operation throughout the project’s design lifetime. 

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Eagle Ford Shale Rig Count Decreases by Six to 265 http://eaglefordshale.com/drilling-rig-count/eagle-ford-shale-rig-count-decreases-six-265/ http://eaglefordshale.com/drilling-rig-count/eagle-ford-shale-rig-count-decreases-six-265/#respond Mon, 21 Jul 2014 14:00:12 +0000 http://eaglefordshale.com/?p=6235 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:

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 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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Swift Energy – PT Saka Energi Close Eagle Ford JV Deal http://eaglefordshale.com/news/swift-energy-pt-saka-energi-close-eagle-ford-jv-deal/ http://eaglefordshale.com/news/swift-energy-pt-saka-energi-close-eagle-ford-jv-deal/#respond Fri, 18 Jul 2014 14:26:21 +0000 http://eaglefordshale.com/?p=6202 Swift Eagle Ford Acreage Map

Swift Energy Eagle Ford Acreage Map | Click to Enlarge

Houston-based Swift Energy and PT Saka Energi Indonesia (Saka) have closed on their Eagle Ford joint venture to develop ~8,300 acres of the Fasken field in Webb County, TX.

The $175-million agreement was previously announced in May of 2014. At closing, Swift received approximately $147-million, which included an agreed upon $125-million in cash consideration. Approximately $38-million of Saka’s original $50 million drilling carry obligation remains; however, Swift officials indicate that commitment should be fulfilled during the 2016 calendar year.

Under the agreement, Saka gains a 36% interest in Swift’s Fasken acreage. Swift will remain the operator for the area.

Read more: Swift Energy – PT Saka Energi Eagle Ford Joint Venture

Swift Energy CEO Terry Swift, said, “both parties have worked diligently towards the conclusion of this transaction, and we look forward to working alongside Saka to optimize this asset’s value through an advanced technology development program,”

In related news, Swift Energy also announced in May of 2014, that it expanded a long term agreement for natural gas gathering services in Webb County with Howard Energy Partners and its affiliates. Under the terms of the agreement, Swift Energy will have up to 160-million cubic feet of gas per day of firm capacity for its Fasken field natural gas production.

Read more at swiftenergy.com

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