Chesapeake’s Eagle Ford Shale Production Tops 20,000 boe/d

Chesapeake’s Eagle Ford Shale asset is garnering much of the company’s attention in 2012. To the tune of almost 25% of the company’s capital, with 33 of the company’s 161 rigs focused in the Eagle Ford.

Total net production averaged a little less than 18,000 boe/d net in the fourth quarter of 2011 and current production stands at 22,600 boe/d net. Production was up 60% quarter over quarter and 370% year over year. (You can get pretty amazing growth rates running 33 rigs) Gross operated production is close to passing 50,000 boe/d and stands at a little over 45,000 boe/d. CNOOC owns a 33% interest in Chesapeake’s acreage, so net will always be a close to 50% when you account for royalties and other WI owners. [Read more…]

Anadarko Petroleum Q3 Operations Update

Anadarko Petroleum announced third quarter earnings today (Nov. 1) along with an operations update. In the Eagle Ford, the company grew production to more than 66,000 boe/d, which is almost 50% quarter over quarter growth and up from a just over 25,000 boe/d in the 2010 third quarter.

The company operated 11 rigs, with one being a spudder rig. Those 11 rigs commenced drilling 56 wells, while Anadarko brought 37 wells to production.

The Korea National Oil Company (KNOC) owns a 33% in Anadarko’s Maverick Basin Eagle Ford assets. ¬† [Read more…]

Newfield Q3 2011 Operations Update – Well Results and Costs

Newfield Exploration announced its third quarter earnings along with an update on its Eagle Ford operations. The company has a 335,000 acre position in the Maverick Basin across Dimmit, Maverick, and Zavala counties.

Drilling is currently focused in the southern portion of the company’s acreage where infrastructure is accessible. The company also has a pilot program active in the West Asherton area in Dimmit County. The company has completed 16 wells that have produced 650 barrels of oil equivalent in the first 24 hours. The wells have expected EUR’s of 300,000 barrels. Wells have been drilled in as little as 7 days at average costs of $6.6 million for drilling and completion. [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…]

Anadarko Petroleum Eagle Ford Shale Operations & Drilling Update

Anadarko Petroleum (APC) released its second quarter earnings results and provided an operations update in the Eagle Ford Shale. The company met and exceeding earnings expectations, while closing the $1.6 billion joint venture with KNOC. The company sold approximately one-third of its Eagle Ford assets in the Maverick Basin earlier in the year.

The company is producing over 45,000 barrels of oil equivalent, which included gas sales of 25 mmcfd, 3,000 barrels a day of NGLs, and 6,000 barrels a day of oil production as an average for the quarter. That’s approximately 25% growth quarter over quarter. Not too bad!! The ramp up in drilling rigs is paying off. [Read more…]

Newfield – Anadarko Acquire TXCO Resources Eagle Ford Assets

Newfield Exploration and Anadarko Petroleum have emerged as the buyers now bankrupt TXCO Resources’ acreage in the Maverick Basin of South Texas. Anadarko will absorb approximately 80,000 net acres in the southern portion of the basin for approximately $93 million. Newfield gets the lion’s share of assets by acquiring over 350,000 gross acres (300,000 acres net) for $217 million.

The Eagle Ford is really beginning to heat up. South Texas will now become a core area for Newfield and major asset for Anadarko Petroleum. [Read more…]