Eagle Ford Shale Play http://eaglefordshale.com News, MarketPlace, Jobs Fri, 31 Oct 2014 14:00:26 +0000 en-US hourly 1 http://wordpress.org/?v=4.0 RRC Approves New Disposal Well Rule Amendments http://eaglefordshale.com/news/rrc-approves-new-disposal-well-rule-amendments/ http://eaglefordshale.com/news/rrc-approves-new-disposal-well-rule-amendments/#respond Fri, 31 Oct 2014 14:00:26 +0000 http://eaglefordshale.com/?p=6920 Eagle Ford Disposal Well Map

Eagle Ford Disposal Well Map | Click to Enlarge

Beginning on November 17, 2014, new rules will go into effect for disposal wells in Texas. In late October of this year, the three Texas Railroad Commissioners (RRC) unanimously adopted disposal well rule amendments designed to address disposal well operations in areas of historical or future seismic activity.

Disposal wells are permitted by the RRC to dispose of produced water and flowback fluids, resulting from the hydraulic fracturing of a well. After a rash of low-magnitude earthquakes in Texas, purportedly linked to oil and gas development and disposal wells, the RRC hired seismologist Dr. David Pearson in March of 2014, for the purpose of researching the cause of the Texas tremors. In August of this year, Pearson proposed four new rules to a House subcommittee concerning disposal wells, and the new rule amendments are for all intents and purposes the formalized adaptation of his proposals.

Read more: Could New Wastewater Disposal Rules Be Coming in Texas?

RRC Commissioner David Porter said, “I would like to commend our staff for drafting and amending these rules so quickly. These comprehensive rule amendments will allow us to further examine seismic activity in Texas and gain an understanding of how human activity may impact seismic activity, while continuing to allow for the important development of our energy resources in Texas.”

Main Components of Newly Adopted Rule Amendments for Disposal Wells in Texas

  • Requires applicants for new disposal wells to conduct a search of the U.S. Geological Survey seismic database for historical earthquakes within a circular area of 100 square miles around a proposed, new disposal well;
  • Clarifies the RRC’s staff authority to modify or suspend or terminate a disposal well permit, including modifying disposal volumes and pressures or shutting in a well if scientific data indicates a disposal well is likely to be or determined to be contributing to seismic activity;
  • Allows RRC staff to require operators to disclose the current annually reported volumes and pressures on a more frequent basis if staff determines a need for this information; and
  • Allows RRC staff to require an applicant for a disposal well permit to provide additional information, including pressure front boundary calculations, to demonstrate that disposal fluids will remain confined if the well is to be located in an area where conditions exist that may increase the risk that the fluids may not be confined.
]]>
http://eaglefordshale.com/news/rrc-approves-new-disposal-well-rule-amendments/feed/ 0
Carrizo Acquires Eagle Ford Working Interest – $250-Million http://eaglefordshale.com/news/carrizo-acquires-eagle-ford-working-interest/ http://eaglefordshale.com/news/carrizo-acquires-eagle-ford-working-interest/#respond Wed, 29 Oct 2014 14:20:50 +0000 http://eaglefordshale.com/?p=6922 Carrizo Eagle Ford Acreage Map

Carrizo Eagle Ford Acreage Map|Click to Enlarge

Houston-based Carrizo Oil & Gas, Inc., has closed its $250-million Eagle Ford acquisition of 6,820 net Eagle Ford acres from Eagle Ford Minerals, LLC, for $250-million. The deal represents a ~25% working interest* in the acquired properties, where Carrizo was already the operator. At closing, Carrizo assumed 100% of the working interest in the assets.

The acreage includes leaseholds and producing interests, and is located primarily in the oil window of the play, in LaSalle, Atascosa, and McMullen Counties. Net production from the acquired assets in the third-quarter was approximately 2,670 boe/d, with an 85% oil cut.

S.P. “Chip” Johnson, IV, Carrizo’s President and CEO, said, “while Carrizo has not historically been active in the acquisition of producing properties, we felt this was a perfect deal for the company. The acquisition adds an incremental 25% working interest in three of our four highest-return areas within the Eagle Ford Shale, and adds a significant amount of undrilled potential in addition to the existing production.”

The acquisition increases Carrizo’s Eagle Ford position to more than 81,000 net acres, and its drilling inventory in the play by 93 net wells to more than 915 net locations. At the end of September, Carrizo estimated net proved reserves associated with the acquisition to be 16.7 MMBoe (82% oil).

The transaction was completed on October 24, 2014, with an effective date of October 1, 2014. At closing, Carrizo paid approximately $93 million, with the remaining $150 million to be paid by February 2015.

Working Interest* – whosoever owns the working interest is liable for a portion of the ongoing costs associated with exploration, drilling and production. Working interest owner(s) also fully participate in the profits of any successful wells.

Read more at carrizo.com

]]>
http://eaglefordshale.com/news/carrizo-acquires-eagle-ford-working-interest/feed/ 0
Eagle Ford Shale Rig Count Increases by Six to 275 http://eaglefordshale.com/drilling-rig-count/eagle-ford-shale-rig-count-increases-by-six-to-275/ http://eaglefordshale.com/drilling-rig-count/eagle-ford-shale-rig-count-increases-by-six-to-275/#respond Mon, 27 Oct 2014 13:17:41 +0000 http://eaglefordshale.com/?p=6915 Sanchez Upper Eagle Ford Wells Production Rates

Sanchez Upper Eagle Ford Wells Production Rates|Click to Enlarge

The Eagle Ford Shale rig count increased by six to 275 rigs running across our coverage area by the end of last week.

In recent Eagle Ford news, amid a drop in oil prices, Eagle Ford-focused Sanchez Energy, has seen a sharp dip in its stock price, falling nearly 35% in the past month to ~$18.50. According to the investment research firm, Zacks, the Houston-based company’s earning picture suggests the slump may continue.

Despite its 30-day earnings consensus moving lower over the last 30-days, Sanchez returned excellent third quarter production results.

Read more: Sanchez Energy Stock Dips, Despite Good Q3 Production

The U.S. rig count increased by 9 to 1,927 rigs running by the end of last week. A total of 332 rigs were targeting natural gas (four more than the previous week) and 1,595 were targeting oil in the U.S. (5 more than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.).  906 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 (216 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 three to 16 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 decreased by $.16 from the previous week to $3.61/mmbtu on Friday afternoon.

The oil rig count increased by nine to 259 rigs running by the end of last week. WTI oil prices decreased by ~$2.00 from the previous week, trading at $81.08/bbl on Friday afternoon. Eagle Ford light crude traded at $78.75/bbl on Oct. 24th.

A total of 248 rigs are drilling horizontal wells, 15 rigs are drilling directional wells, and 12 rigs are drilling vertical wells. Karnes, La Salle, Dimmit, and McMullen each have at minimum 25 rigs running. Karnes County has the highest rig count this week at 37. 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 – Every other Weekday or Weekly Email Alerts

Eagle Ford Shale Drilling by Count

County Previous Week Current Week County Previous Week Current Week
KARNES 36 37 LEE 4 4
DIMMIT 33 36 LEON 3 3
LA SALLE 25 26 ZAVALA 3 3
MCMULLEN 24 25 MAVERICK 2 2
DE WITT 21 21 BEE 1 1
GONZALES 15 17 COLORADO 1 1
WEBB 18 17 GRIMES 1 1
ATASCOSA 13 14 WASHINGTON 0 1
BRAZOS 13 13 WILSON 1 1
MADISON 14 13 AUSTIN 0 0
LAVACA 11 10 DUVAL 0 0
BURLESON 10 9 GOLIAD 0 0
FRIO 9 9 MILAM 0 0
LIVE OAK 8 7 ROBERTSON 0 0
FAYETTE 3 4 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.

]]>
http://eaglefordshale.com/drilling-rig-count/eagle-ford-shale-rig-count-increases-by-six-to-275/feed/ 0
Sanchez Energy Stock Dips, Despite Good Q3 Production http://eaglefordshale.com/news/sanchez-energy-stock-dips-despite-good-q3-production/ http://eaglefordshale.com/news/sanchez-energy-stock-dips-despite-good-q3-production/#respond Fri, 24 Oct 2014 14:00:38 +0000 http://eaglefordshale.com/?p=6910 Sanchez Upper Eagle Ford Wells Production Rates

Sanchez Upper Eagle Ford Wells Production Rates|Click to Enlarge

Amid a drop in oil prices, Eagle Ford-focused Sanchez Energy, has seen a sharp dip in its stock price, falling nearly 35% in the past month to ~$18.50. According to the investment research firm, Zacks, the Houston-based company’s earning picture suggests the slump may continue.

Despite its 30-day earnings consensus moving lower over the last 30-days, Sanchez returned excellent third quarter production results. During the reporting period, Sanchez’s estimated portfolio wide production was 38,613 boe/d, an increase of 91% over the second quarter 2014 and an increase of 228% compared to the same period a year ago. The company reported total production volumes for the quarter of 47% oil, 27% NGLs, and 26% natural gas.

In Sanchez’s third-quarter report, CEO Tony Sanchez III, addressed concerns about the downward movement in oil prices: “the company has planned for and is poised to rapidly adapt to a changing commodity price environment. As of September 30, 2014, SN’s liquidity was approximately $900 million, consisting of $600 million in cash and an undrawn revolver with a $300 million elected commitment from a$362.5 million borrowing base. Current liquidity combined with future operating cash flow is expected to fully fund the Company’s anticipated 2015 capital program. SN’s substantial amount of HBP acreage and long-term leases allow it to treat the majority of capital spending as discretionary. The Company’s only significant capital commitment is Catarina’s continuous drilling provision of 50 wells per year, which SN believes can be met with 2 to 2.5 rigs per year. Since inception, SN has intentionally avoided long-term contracts and commitments for goods and services in order to maximize its flexibility.”

Sanchez Focused on Assuming Operations in Catarina in Q3 2014

At the end of the second quarter, Sanchez Energy closed its massive $639-million Eagle Ford acreage deal with Royal Dutch Shell for 106,000 net Eagle Ford acres.

Read more: Eagle Ford Deal Closings

In the third quarter, Sanchez focused on assuming operations in its new ‘Catarina’ acquisition. According to officials, two rigs have been deployed on the western part of the asset drilling development wells targeting the Lower Eagle Ford, while a third rig has begun appraisal drilling on the eastern section of the asset, also targeting the Lower Eagle Ford. The company has also completed the first group of wells that were drilled by the previous operator in the Upper Eagle Ford, and they are now online and flowing to sales. The 9 Upper Eagle Ford wells had initial 24-hour average production rates ranging from 973 boe/d to 2,117 boe/d, with average production rates of 1,402 boe/d, with a 64% liquids cut.

Read more at sanchezenergycorp.com

]]>
http://eaglefordshale.com/news/sanchez-energy-stock-dips-despite-good-q3-production/feed/ 0
Clayton Williams May Reduce Eagle Ford Drilling Program – 2015 http://eaglefordshale.com/news/clayton-williams-may-reduce-eagle-ford-drilling-program-2015/ http://eaglefordshale.com/news/clayton-williams-may-reduce-eagle-ford-drilling-program-2015/#respond Wed, 22 Oct 2014 14:17:35 +0000 http://eaglefordshale.com/?p=6905 Clayton Williams Eagle Ford Operations Map

Clayton Williams Eagle Ford Operations Map | Click to Enlarge

With the recent dip in oil prices, Clayton Williams indicated it may be scaling back drilling plans in the Eagle Ford in 2015.

Currently, the company is running a six rig program across its core areas, with three in the Eagle Ford and three in the Delaware Basin, and plans to continue drilling at this pace for the remainder of 2014. Based on this level of activity, the company expects combined oil and gas production for the fourth quarter of 2014 to average between 16,600 and 17,000 boe/d portfolio-wide.

By comparison, Clayton Williams estimates the same number of rigs in the Eagle Ford and Delaware Basin, would yield an average between 18,800 and 19,400 boe/d portfolio-wide in 2015. However, officials indicated in the company’s third quarter of 2014 report that a two rig drilling program may be considered in each area, which would reduce production by 1,300 boe/d.

In the third quarter of 2014, the Eagle Ford alone averaged approximately 2,900 boe/d, with a 94% oil cut.

Clayton Williams’ Eagle Ford Operations Update – Q3 2014

Currently, Clayton Williams has 22 horizontal Eagle Ford wells on its legacy Austin Chalk acreage block in Burleson, Robertson and Lee Counties, that have been on production for 30 days or more. The peak 30-day production rate for these wells has averaged 518 boe/d, with a 96% oil cut. Six additional wells have been on production for less than 30 days or are currently in various stages of completion, and three wells are currently being drilled. Typical drilling and completion costs in this area range from $5-million to $6-million per well, according to company officials.

Clayton Williams Testing Sequential Fracturing Operations and Well Densities

Clayton Williams is currently testing sequential fracturing operations and increased well densities, primarily in Burleson County, to help determine optimal spacing and fracturing design for future Eagle Ford development. Company officials say two adjacent wells were sequentially fractured with good early results, and there are plans for the fourth quarter to sequentially fracture a group of three adjacent wells.

Read more at ClaytonWilliams.com

]]>
http://eaglefordshale.com/news/clayton-williams-may-reduce-eagle-ford-drilling-program-2015/feed/ 0
Eagle Ford Shale Rig Count Stays Flat at 269 http://eaglefordshale.com/drilling-rig-count/eagle-ford-shale-rig-count-stays-flat-at-269-2/ http://eaglefordshale.com/drilling-rig-count/eagle-ford-shale-rig-count-stays-flat-at-269-2/#respond Mon, 20 Oct 2014 13:55:43 +0000 http://eaglefordshale.com/?p=6863 Pioneer Natural Resources' Production Chart

Pioneer Natural Resources’ Eagle Ford Production Chart | Click to Enlarge

The Eagle Ford Shale rig count stayed flat at 269 rigs running across our coverage area by the end of last week.

In recent Eagle Ford news, India’s Reliance Industries is looking for a buyer for its interest in a three-way joint Eagle Ford joint venture, according to Bloomberg, which cited “people familiar with the matter.” The other players in the JV are Irving, Texas-based Pioneer Natural Resources Co. and a division of Mexico’s Alfa SAB de CV – Newpek, LLC.

Read more: Reliance Industries Seeks Buyer for Eagle Ford JV Interest

The U.S. rig count decreased by 12 to 1,918 rigs running by the end of last week. A total of 328 rigs were targeting natural gas (eight more than the previous week) and 1,590 were targeting oil in the U.S. (19 less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.).  898 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 (209 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 three to 19 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 decreased by ~$.10 from the previous week to $3.77/mmbtu on Friday afternoon.

The oil rig count decreased by three to 250 rigs running by the end of last week. WTI oil prices decreased by less than $1.00 from the previous week, trading at $83.15/bbl on Friday afternoon. Eagle Ford light crude traded at $79.25/bbl on Oct. 16th.

A total of 242 rigs are drilling horizontal wells, 12 rigs are drilling directional wells, and 15 rigs are drilling vertical wells. Karnes, La Salle, Dimmit, and McMullen each have at minimum 26 rigs running. Karnes County has the highest rig count this week at 36. 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 – Every other Weekday or Weekly Email Alerts

Eagle Ford Shale Drilling by Count

County Previous Week Current Week County Previous Week Current Week
KARNES 38 36 FAYETTE 4 3
DIMMIT 33 33 LEON 4 3
LA SALLE 26 25 ZAVALA 4 3
MCMULLEN 26 24 MAVERICK 1 2
DE WITT 21 21 BEE 1 1
WEBB 19 18 COLORADO 1 1
GONZALES 15 15 GRIMES 1 1
MADISON 14 14 WILSON 1 1
ATASCOSA 12 13 AUSTIN 0 0
BRAZOS 13 13 DUVAL 0 0
LAVACA 12 11 GOLIAD 0 0
BURLESON 6 10 MILAM 0 0
FRIO 7 9 ROBERTSON 1 0
LIVE OAK 7 8 WASHINGTON 0 0
LEE 2 4 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.

]]>
http://eaglefordshale.com/drilling-rig-count/eagle-ford-shale-rig-count-stays-flat-at-269-2/feed/ 0
EIA: Eagle Ford Shale Expected to Hit 1.614-Million b/d in Nov. 2014 http://eaglefordshale.com/news/eagle-ford-shale-expected-to-hit-1-614-million-bd-in-nov-2014/ http://eaglefordshale.com/news/eagle-ford-shale-expected-to-hit-1-614-million-bd-in-nov-2014/#respond Fri, 17 Oct 2014 17:39:13 +0000 http://eaglefordshale.com/?p=6855 EIA Eagle Ford Production Chart - Nov. 2014

EIA Eagle Ford Production Chart – Nov. 2014

The Eagle Ford Shale is expected to produce 1.614-million b/d of oil in November, which is a 29% increase from the same time last year, according to the Energy Information Administration’s (EIA) Drilling Productivity Report. October’s total production from the play is expected to be 1.579-million b/d.

Despite lower crude prices, EIA data shows gains in production across all major U.S. shale fields. According to the International Energy Agency (IEA), only 4% of U.S. shale production needs prices above $80 for drillers to break even. On October 17th, WTI was trading at ~$82.

Eagle Ford operators continue the trend to be more efficient. EIA data shows new-well oil production per rig increasing from 532 b/d in October to 540 b/d in November.

Gains in the Bakken and Permian Basin

The Bakken Shale in North Dakota and Montana is expected to produce 1.193-million b/d of oil in November, up 22% from the same time last year, according to the EIA. October’s total production from the play is expected to be 1.164-million b/d.

Production in West Texas’ Permian Basin in October is expected to be 7.765-million b/d, and increase ~2% to 1,807-million b/d in November.

Texas and North Dakota, which encompasses the most active area of the Bakken, currently make up almost half of the nation’s crude oil supply.

]]>
http://eaglefordshale.com/news/eagle-ford-shale-expected-to-hit-1-614-million-bd-in-nov-2014/feed/ 0
Reliance Industries Seeks Buyer for Eagle Ford JV Interest http://eaglefordshale.com/news/reliance-industries-seeks-buyer-for-eagle-ford-jv-interest/ http://eaglefordshale.com/news/reliance-industries-seeks-buyer-for-eagle-ford-jv-interest/#respond Wed, 15 Oct 2014 14:29:37 +0000 http://eaglefordshale.com/?p=6842 Pioneer Natural Resources' Production Chart

Pioneer Natural Resources’ Eagle Ford Production Chart | Click to Enlarge

India’s Reliance Industries is looking for a buyer for its interest in a three-way joint Eagle Ford joint venture, according to Bloomberg, which cited “people familiar with the matter.” The other players in the JV are Irving, Texas-based Pioneer Natural Resources Co. and a division of Mexico’s Alfa SAB de CV – Newpek, LLC.

Mumbai-based Reliance entered the Eagle Ford in 2010 for $1.15-billion. The deal included a 45% interest in Pioneer’s Eagle Ford acreage. Currently, Pioneer has ~230,000 gross acres across the play, and a 46% interest in the JV. Newpek, LLC has a 9% interest.

Read more: Reliance – Pioneer – Newpek Joint Venture

The assets included in the JV are in the heart of the Eagle Ford’s condensate window. In June, Pioneer garnered headlines when it received permission from the U.S. Commerce Department (U.S. DoC) to export minimally processed condensate to foreign buyers. With the green light from the U.S. DoC, the assets have become even more attractive and more valuable. Total assets are valued at ~$4 billion, according to Bloomberg’s sources.

Read more: Pioneer CEO Confirms Condensate Exports to Europe 

Earlier this year, Pioneer tabled a deal to sell its interest in the Eagle Ford JV, but will likely consider another offer if the price is right. Newpek, LLC is also reportedly looking for a buyer, according to Bloomberg.

In the second quarter, Pioneer posted record net production in the Eagle Ford of 47 mboe/d. Pioneer, which is the operator for the assets, expects to place 125 wells online in 2014.

]]>
http://eaglefordshale.com/news/reliance-industries-seeks-buyer-for-eagle-ford-jv-interest/feed/ 0
Eagle Ford Shale Rig Count Increases by Two to 269 http://eaglefordshale.com/drilling-rig-count/eagle-ford-shale-rig-count-increases-two-269/ http://eaglefordshale.com/drilling-rig-count/eagle-ford-shale-rig-count-increases-two-269/#respond Mon, 13 Oct 2014 14:09:56 +0000 http://eaglefordshale.com/?p=6837 Spot Tailed Earless Lizard

Spot Tailed Earless Lizard

The Eagle Ford Shale rig count increased by two to 269 rigs running across our coverage area by the end of last week.

In recent Eagle Ford news, a rare lizard, once spread across portions of the Eagle Ford region, has largely vanished, according to the San Antonio Express News. And now the species has the potential to disrupt oil & gas development in the region, if it is designated as threatened or endangered by the U.S. Fish & Wildlife Service (USFW), under the endangered species act (ESA).

Read more: Could a Lizard Disrupt Eagle Ford Development

The U.S. rig count increased by eight to 1,930 rigs running by the end of last week. A total of 320 rigs were targeting natural gas (ten less than the previous week) and 1,609 were targeting oil in the U.S. (18 more than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.).  896 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 (210 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 stayed flat at 16 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 decreased by ~$.15 from the previous week to $3.86/mmbtu on Friday afternoon.

The oil rig count increased by two to 253 rigs running by the end of last week. WTI oil prices decreased by more than $5.00 from the previous week, trading at $84.72/bbl on Friday afternoon. Eagle Ford light crude traded at $82.25/bbl on Oct. 9th.

A total of 243 rigs are drilling horizontal wells, ten rigs are drilling directional wells, and 16 rigs are drilling vertical wells. Karnes, La Salle, Dimmit, and McMullen each have at minimum 25 rigs running. Karnes County has the highest rig count this week at 38. 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
KARNES 37 37 LEON 4 4
DIMMIT 28 29 ZAVALA 5 4
LA SALLE 26 28 LEE 4 2
MCMULLEN 23 24 WILSON 3 2
DE WITT 21 22 BEE 1 1
WEBB 22 22 COLORADO 1 1
GONZALES 15 15 GRIMES 3 1
MADISON 13 15 MAVERICK 0 1
BRAZOS 11 13 ROBERTSON 1 1
ATASCOSA 13 11 AUSTIN 0 0
LAVACA 12 11 DUVAL 0 0
FRIO 6 7 GOLIAD 1 0
LIVE OAK 7 7 MILAM 0 0
BURLESON 6 5 WASHINGTON 1 0
FAYETTE 4 4 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.

]]>
http://eaglefordshale.com/drilling-rig-count/eagle-ford-shale-rig-count-increases-two-269/feed/ 0
PetroQuest Sells Eagle Ford Assets – $9.7 Million http://eaglefordshale.com/news/petroquest-sells-eagle-ford-assets-9-7-million/ http://eaglefordshale.com/news/petroquest-sells-eagle-ford-assets-9-7-million/#respond Fri, 10 Oct 2014 14:00:29 +0000 http://eaglefordshale.com/?p=6779 PetroQuest, Inc. Operations Map

PetroQuest, Inc. Operations Map | Click to Enlarge

PetroQuest Energy, Inc. (NYSE: PQ) announced the completion of its Eagle Ford assets sale at the end of September, 2014. The Houston, TX-based company netted $9.7 million from the deal.

PetroQuest estimates the operating cash flow generated from its Eagle Ford assets during the first six months of 2014 totaled ~$2-million on average with daily production of ~195 boe/d. At the end of June, the company estimated proven natural gas reserves associated with the assets totaled approximately 2.1 Bcfe, with an estimated discounted net cash flow (PV-10*) of $6.6-million.

Overall, this sale a good deal for PetroQuest, considering the purchase price was nearly 50% higher than PV-10. The company did not disclose the buyer for the assets.

PetroQuest will likely re-invest the proceeds from this sale in another Texas play. The company’s core focus areas are in the Woodford, Cotton Valley and the Gulf Coast.

PV-10: present value of estimated future oil and gas revenues, net of estimated direct expenses, discounted at an annual discount rate of 10%.

Read more at petroquest.com

]]>
http://eaglefordshale.com/news/petroquest-sells-eagle-ford-assets-9-7-million/feed/ 0