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…]

Loreto Resources – Eagleford Energy Reach Joint Venture Agreement

Loreto Resources and Eagleford Energy have come to an agreement on a potential joint venture. Loreto will have the opportunity to earn a 50% working interest on two leases in Zavala County, TX.

In Petrohawk’s Q2 conference call, the company announced it was suspending drilling operations at Red Hawk in favor of other producing areas. Read more in our post titled: Petrohawk Abandons the Red Hawk Field. Watch to see if Loreto Resources and Eagleford Energy are able to make a commercial play in Zavala County. Secondary formations such as the Austin Chalk and Buda may become the primary drilling targets. [Read more…]

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