Austin Exploration Reaches Eagle Ford Deals With Halcon & Petromax

Austin Will Have Its Costs Carried On The Next Four Wells & Retain A 30% Interest In The Prospects
Austin Exploration Eagle Ford Map

Austin Exploration Eagle Ford Map | Click to Enlarge

Austin Exploration recently completed two farm out deals on the company’s ~5,000 acres in the Eagle Ford.

The first deal was signed with Halcon Resources and included over 4,200 acres in the Birch Prospect in Burleson County. Halcon paid $1.9 million upfront for an 18 month drilling option and will gain a 70% interest in the block by funding the next three Eagle Ford wells ($24-27 million cost). [Read more…]