Gastar’s Robertson and Leon county properties have been watched closely to see if the Eagle Ford – Woodbine would become a commercial play named the “Eaglebine”. As of the end of the second quarter, well results were not promising, so we’ll have to take a wait and see approach. The company encountered mechanical problems drilling the well and wasn’t able to get an effective completion in the Eaglebine. Gastar hopes that monitoring existing wells will provide the data needed to make go forward decisions.
The company seems confident more effective completions can be deployed and stated they will be watching activity around their property before drilling again. [Read more…]