Statoil – Talisman JV buys Enduring Resources Eagle Ford Acreage

Statoil agrees to 50/50 joint venture with Talisman Energy and moves to buy 97,000 acres from Enduring Resource’s for $1.325 billion (>$13,600 per acre).  Statoil is expanding its US onshore operations outside of the Marcellus Shale and gaining exposure in the coveted Eagle Ford Shale.  Statoil is also paying Talisman $180 million (~10,000 per acre) for a 50% interest in 37,000 acres currently held by Talisman. Talisman’s existing acreage was acquired through the acquisition of Common Resources’ acreage in early 2010 for $359 million (~$10,000 per acre). The partnership now holds 134,000 acres in the Eagle Ford Shale.

The partnership’s Eagle Ford Shale acreage now spreads across DeWitt County, Karnes County, LaSalle County, Live Oak County, and McMullen County.

“Norwegian oil firm Statoil is expanding further its shale gas operations in the United States, saying on Sunday it has created a joint venture with Canada’s Talisman to acquire acreage on the Eagle Ford prospect in Texas for $1.325 billion.””In 2008 Statoil acquired a 32.5 percent stake in the Marcellus Shale project from Chesapeake., a holding covering 1.8 million acres in the Appalachian region of North-East America.”

“Statoil said mastering shale gas technology, such as horizontal drilling or hydro-fracking, is key to the growth of international oil companies in general and Statoil in particular.”

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Kenneth E. DuBose

Kenneth E. DuBose

Kenneth DuBose is the past President of Cheyenne Minerals Inc., an independent oil and gas operator. He began his energy industry career with ARCO Oil & Gas. Mr. DuBose then directed development of natural gas storage projects with Tejas Power Corp. He was a founding member of U.S. Minerals, (acquired by Torch Energy in 1999) a provider of internet based education for America’s mineral owners. Mr. DuBose holds a BS in Petroleum Engineering from Mississippi State University. He has served on various industry steering committees, non-profit boards, and is an active member of the Society of Petroleum Engineers, the National Association of Royalty Owners, the American Association of Professional Landmen, as well as being a Registered Investment Advisor. He writes on topics of oil and gas investing, wealth management and personal finance, having appeared in the Wall Street Journal, Kiplinger’s, Kiplinger’s Personal Finance, Houston Business Journal, Financial Advisor and various radio and TV outlets.