Halcón Resources Will Spend 40% of its 2014 Budget in the Eagle Ford – ~$380 Million

Halcón Resources Increases Fourth-Quarter Production By 43%
Halcon Resource's Eagle Ford Acreage Map

Halcon Resource’s Eagle Ford Acreage Map | Click to Enlarge

Halcón plans on spending ~$380 million in its East Texas Eagle Ford acreage (El Halcón) in 2014. That’s approximately 40% of the company’s budget.

At the end of February, 2014, there were 45 Eagle Ford wells producing, 10 wells completing or waiting on completion, and 4 wells being drilled.

Read moreHalcon Holds Production Guidance & Lowers its 2014 Capital Budget

Halcón currently has working interests in approximately 100,000 net acres tied to prospective drilling in the Eagle Ford formation in East Texas. The Company plans to operate an average of 3 rigs and spud 40 to 50 gross operated wells in 2014.

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Penn Virginia Grows Eagle Ford Position to 80,000 Net Acres in 2013

Penn-Virginia's Eagle Ford Shale Proved Reserves Increased 189% in 2013 to 75.6 mmboe
Penn Virginia Eagle Ford Acreage Map

Penn Virginia Eagle Ford Acreage Map | Click to Enlarge

Penn-Virginia’s Eagle Ford Shale proved reserves increased by 189% in 2013 to 75.6 mmboe (89% oil and NGLs). That’s ~55% of the company’s estimated total proved reserves.

The year-over-year increase in proved reserves was partially tied to a $401 million dollar deal in April 2013, when the company acquired ~40,600 gross (19,000 net) acres from Magnum Hunter Resources.

Read more: Penn Virginia & Magnum Hunter Deal Worth $401 Million

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Forest Oil Eagle Ford Drilling Shifting Gears in 2014 Due to Faulting

Forest Oil 30 Day Drilling Averages Down ~25% in Fourth-Quarter of 2013
Forest Oil Eagle Ford Acreage Map Year-end 2013

Forest Oil Eagle Ford Acreage Map Year-End 2013 | Click to Enlarge

Forest Oil is shifting gears in the Eagle Ford, after three gross (1.5 net) wells hit a fault line in the company’s southern acreage during the fourth-quarter.

In 2013, Forest reported results on 44 gross (22 net) wells, with a 30-day average gross production rate of 408 boe/d. By contrast, 17 gross (8.5 net) wells drilled during the fourth-quarter had a 30-day average gross production of 304 boe/d. That’s about ~25% less for the fourth-quarter, compared to the full year. Both gross production rates included the results from three gross (1.5 net) wells impacted by faulting.

The company had plans for 2014 to more than double its oil production in the Eagle Ford; however, due to faulting’s negative impact on production in the fourth-quarter, the company is pulling back the reins.

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