Eagle Ford Development is a Win for the U.S.

Lewis Energy & BP plan to drill more than 2,000 wells on their acreage alone

Eagle Ford development is a big win for the U.S. Most foreign countries are sitting on opportunity without acting. Al Holcomb of Lewis Energy Group shared his thoughts on the Eagle Ford and U.S. shale development yesterday at the Plaza Club in San Antonio.

In speaking about the Eagle Ford and shale gas in general, Holcomb said:

“This play is huge, South Texas is emerging as one of the hottest oil and gas regions in this country.”

“The rest of the world is still sitting,it’s given us an unbeatable edge. The big winner will be our country. [Read more…]

BP’s Eagle Ford Shale Position Reaches 450,000 Net Acres – 6 Tcfe

BP Eagle Ford Shale Map

BP Eagle Ford Map - Click For Larger Version

BP’s Eagle Ford acreage position has swelled to 450,000 net acres, with potential reserves of 6 trillion cubic feet of gas equivalent or 1 billion barrels of oil equivalent. That’s a big jump from the rumored 100,000+ acres the company was thought to have just a little over a year ago.

The company acquired its position over the past two years through multiple deals that also involved its operating partner Lewis Energy. Lewis has 10 rigs active across the area and with higher natural gas prices the companies would probably be doing much more. Approximately half of the company’s acreage is situated in the dry-gas window of the play.  [Read more…]

Goodrich Eagle Ford Shale Acquisition

Goodrich Petroleum diversifies outside of the ArkLaTex Basin. The company is very much gas weighted and this deal adds a liquids/oil component to the company’s drilling inventory.  Goodrich paid $59 million (~$1,700 per acre) for 35,000 acres in the Eagle Fors Shale in La Salle County and Frio County. [Read more…]

BP – Lewis Joint Venture in Eagle Ford Dry Gas

BP and Lewis Energy reach JV deal across 80,000 acres in Webb County, TX.  Industry representatives report that BP paid Lewis Energy (Lewis Petroleum Properties) $160 million ($4,000 per acre) for a 50% interest in 80,000 acres in the dry gas window of the Eagle Ford Shale.

“BP has made a joint- venture deal with privately held Lewis Energy Group that will expand the British oil giant’s position in the U.S. natural gas business and find it entering a fast-emerging field in South Texas, according to a person familiar with the situation.”
“The deal would be the latest in a string of similar moves by major oil companies to enter or expand in unconventional rock formations in the U.S., where huge amounts of natural gas have been discovered in recent years.”

“In December, Exxon Mobil Corp. said it would acquire Fort Worth’s XTO Energy in a deal valued at $41 billion. A month later, France’s Total agreed to pay $2.3 billion for 25 percent of Chesapeake Energy Corp.’s acreage in the Barnett Shale play in North Texas, and the companies said they may jointly develop acreage in the Eagle Ford Shale and in several Canadian natural gas plays.”

Read the full article at Chron.com