The company has drilled seven wells to date and has two rigs that will continue Eagle Ford drilling. A recent well in Gonzales County reached a total measured depth of 14,700 ft in 24 days. The company’s current well costs run $8.5-9 million and batch completions will be used to help drive costs down further.
GeoResources is also completing a seismic survey that will help the company identify drilling locations int the Austin Chalk, Buda, Edwards, Eagle Ford, and Georgetown formations.
Operated Eagle Ford Area Highlights
- 4 gross wells spud in fourth quarter 2011
- 4 gross wells currently waiting on completion
- 2 wells currently drilling (1 spud in late December 2011 and 1 in early January 2012)
- 3 gross wells currently producing
- All 3 completed in second and third quarters of 2011
- 48% average working interest
- Average first 30 day production rate of 409 boe/d
- 20 to 25 gross wells planned to spud in 2012
Read more at georesourcesinc.com