Cabot Oil & Gas had a good day as the company announced earnings . The stock jumped more than $10 per share or 17%. The company is largely focused on its core position in the Marcellus Shale of Northwest Pennsylvania, but Cabot did provide updates related to the Eagle Ford. In 2011, the company will participate in 25-30 net wells. Cabot is planning to operate one rig in the play throughout 2012. The company’s last two wells in the Buckhorn area of Frio County produced almost 800 boe/d and over 900 boe/d. [Read more…]
Pioneer Natural Resources permitted another long lateral in Live Oak County, TX this past week. The well is almost six miles north of Three Rivers, TX and will be drilled to a total depth of 21,000 ft in the Sugarkane field. Other permits across the play included the normal players Chesapeake, EOG, Petrohawk (BHP), and Talisman. [Read more…]
EOG becomes one of the largest acreage holders in the Eagle Ford Shale with the announcement of its acreage position.
HOUSTON – EOG Resources, Inc. (EOG) today announced crude oil discoveries in South Texas, North Dakota and Colorado. Potential reserves were increased on its Bakken/Three Forks and Fort Worth Barnett Shale Combo crude oil and liquids-rich acreage. In addition, natural gas reserve estimates were also raised for its Haynesville/Bossier and British Columbia Horn River Basin acreage.
“These results reflect EOG’s concerted effort over the last four years to capture early mover positions in new crude oil and liquids-rich plays amenable to horizontal drilling,” said Mark G. Papa, Chairman and Chief Executive Officer.
Crude Oil Discoveries
In South Texas, EOG has accumulated acreage across six counties in the Eagle Ford Play where it has drilled 16 delineation wells over a 120 mile trend. Based on initial drilling and production results, as well as technical and core analysis, the estimated reserve potential on EOG’s 505,000 net acre position in the oil window is approximately 900 million barrels of crude oil equivalent (MMboe), net after royalty (NAR). Development of this high rate-of-return crude oil play is underway with the first significant production impact projected for 2011.
Read the full press relase at eogresources.com