EOG Resources – ZaZa Energy Move into Third and Final Phase of Joint Venture Agreement

ZaZa Energy Receives $15 Million in Cash and Carry Consideration from EOG Resources
ZaZa Energy Eaglebine Map

ZaZa Energy Eaglebine Map | Click to Enlarge

EOG Resources joint venture with ZaZa Energy moves into its third and final phase in the Eaglebine. Plans were accelerated in the latter part of 2013 to move forward with the second phase of the joint venture.

Read more: EOG Accelerates Eaglebine JV with ZaZa by Electing into Phase II

In the third phase, ZaZa will receive $15 million and an additional two-well drilling commitment from EOG. As part of the agreement, EOG must begin drilling the first of two wells by July 1, 2014. In exchange, EOG will gain a 75% working interest in all of Zaza’s remaining acreage.

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EOG Resources Increases Eagle Ford Resource Potential by 1 Billion BOE in 2013

EOG Plans on Drilling 520 Net Eagle Ford Wells in 2014
EOG Resources Eagle Ford Acreage Map

EOG Resources Eagle Ford Acreage Map | Click to Enlarge

EOG Resource’s Eagle Ford resource potential went up 45% to 3.2 billion boe from 2.2 billion boe in 2013.

In 2014, EOG will be focusing a large portion of its $8.1 – $8.3 billion capital budget in the Eagle Ford Shale. This decision comes on the heels of increased well productivity and initial production rates in the play in 2013.

The company has plans to drill 520 net wells across its Eagle Ford acreage. At that rate, the company has a drilling inventory in the Eagle Ford of more than 12 years.

Read more: EOG Resources Western Eagle Ford Acreage Looks Better & Better 

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ZaZa Energy Signs Eagle Ford JV In DeWitt County

Recent JVs and Asset Sales Provide Liquidity and a Platform for Production Growth
ZaZa Energy Sweet Home DeWitt County Eagle Ford Acreage

ZaZa Energy’s Sweet Home – DeWitt County Eagle Ford Acreage | Click to Enlarge

ZaZa Energy has agreed to a joint venture (JV) with a private operator on “non-core” acreage in DeWitt County.

The private company will receive a 75% net revenue interest in 7,600 net acres and has committed to carry ZaZa’s costs for drilling two horizontal wells before April 15, 2014. The property includes 12 “high graded” development units in an area where ZaZa has ~23,000 net acres. [Read more...]

EOG Resources’ Western Eagle Ford Acreage Looks Better & Better

Record Well On EOG's Western Acreage Yields 2,815 b/d of Oil
EOG Eagle Ford Shale Acreage Map

EOG Eagle Ford Shale Acreage Map | Click to Enlarge

EOG Resources completed a well in Atascosa County that produced over 2,800 b/d of oil, 160 b/d of NGLs, and almost 1 mmcfd. The well is a record for EOG’s Western Eagle Ford acreage.

The company also had wells in La Salle and McMullen counties that produced ~2,000 b/d or more during the third quarter.

Recent results prove new completion methods bring the Western Eagle Ford up to par with the company’s prolific acreage to the east. [Read more...]

EOG Accelerates Eaglebine JV With ZaZa by Electing Into Phase II

Phase III Election Timeline Moved From January 2015 to January 2014
ZaZa Energy Eaglebine Map

ZaZa Energy Eaglebine Map | Click to Enlarge

EOG Resources joint venture with ZaZa in the Eaglebine is moving into phase two of three. EOG is expected to complete the first three wells this year and was expected to elect into phase two in early 2014. Instead, the company has accelerated its plans.

The deal includes several forms of consideration, so we’ll break it out by company: [Read more...]

Eagle Ford Well Blowout Near Petersville – EOG & Nabors

EOG Resources, Nabors, and Halliburton Employees Were Onsite When Well Control Was Lost
Eagle Ford Well Blowout Near Petersville

Eagle Ford Well Blowout Near Petersville, TX | Click to Enlarge

A rig owned by Nabors was working on a horizontal Eagle Ford well for EOG Resources when well control was lost and the well blew out around 7 pm Wednesday. DrillingAhead reported comments that Halliburton employees were onsite at the time of the blow out as well.

The well is located just off State HWY 111 and FM 966 near Petersville, TX, south of Shiner and west of Yoakum in Lavaca County.

All workers have been accounted for and no injuries were reported. [Read more...]

EOG’s Burrow Unit 5H Well Better Than First Reported

Eagle Ford Performance Driving Oil Production Growth
EOG Eagle Ford Oil Well Record Production

Recent EOG Eagle Ford oil well produces more than 7,500 barrels of oil in one day! | Click to Enlarge

We published details from the Texas RRC completion report related to EOG’s record Eagle Ford well, but the company’s second quarter operations update proved the well was better than first reported.

EOG reported the well came online at more than 9,200 boe/d. That compares favorably to the 8,600 boe/d that was reported to the commission. Better yet, the well was still producing more than 4,200 barrels of oil per day after 30 days. The well is easily the best in the Eagle Ford to date. [Read more...]

EOG Eagle Ford Well Produces 7,500 Barrels in 24 hours – Regional Record

Assuming a 75% Decline, The Well Will Eclipse 1 Million Barrels In Year 1
EOG Eagle Ford Oil Well Record Production

Recent EOG Eagle Ford oil well produces more than 7,500 barrels of oil in one day! | Click to Enlarge

EOG filed a completion report with the Texas Railroad Commission in May that detailed a well test that produced over 8,600 boe/d from the Eagle Ford.

In a 24-hour test, EOG operated well produced 7,513 barrels of oil and 6.8 mmcf of natural gas.

The well is located 15 miles south of Gonzales just east of 183 on the Gonzales – DeWitt county line. The well was drilled to a measured depth of 17,364 ft. The measured depth includes a horizontal lateral of a little more than 5,300 ft. [Read more...]

The Eagle Ford Is Making Winners Out of Many – Video

Record Production Driving Growth In Midstream Companies

The Eagle Ford is making winners out of several companies. Aimee Duffy, from Motley Fool, notes three companies with even more growth ahead. EOG plans to drill more this year than initially planned and both Enterprise Product Partners and Kinder Morgan will benefit from growing production. [Read more...]

EOG Eagle Ford Well Production Rates Soar – Will Drill More in 2013

Planning 425 Eagle Ford Wells In 2013 Vs 400 Planned Previously
EOG Eagle Ford Shale Acreage Map

EOG Eagle Ford Shale Acreage Map | Click to Enlarge

EOG Resources announced impressive results from the first quarter. The company’s Eagle Ford wells just keep getting bigger.

A total of 18 wells produced more than 2,500 b/d of oil and nine more wells produced more than 3,500 b/d of oil. That’s 27 wells that came online at rates greater than 2,500 b/d! [Read more...]

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