Memorial Production Partners Buys Eagle Ford Assets in $173 Million Deal

Acquired Assets Located in Karnes County
Alta Mesa Eagle Ford Acreage Map

Alta Mesa Eagle Ford Acreage Map | Click to Enlarge

Memorial Production Partners announced in March 2014 that it purchased Eagle Ford assets from Alta Mesa Holdings for $173 million. The deal includes 15,200 (800 net) acres in Karnes County, with 99-percent of the assets already held by production.

According to company officials, Memorial will gain an interest in 117 non-operated wells, with average net production of 1,650 boe/d. Approximately 80-percent of current production is oil.

Additionally, Memorial is acquiring a 30-percent interest in Alta Mesa’s Eagle Ford leasehold, which includes an interest in over 180 gross and 9 net proved developed non-producing and proven undeveloped locations. Murphy Oil Corporation is the primary operator of the acquired properties.

[Read more…]

Murphy Oil’s Eagle Ford Production Grows to 39,000 boe/d in 2013

Company-wide, Oil Production Increased to ~135,000 boe/d
Murphy Eagle Ford Production

Murphy Oil’s Eagle Ford Production Growth | Click to Enlarge

In 2013, Murphy Oil originally planned Eagle Ford production of ~30,000 boe/d, but the company blew through that goal and produced an average of 39,000 boe/d for the year. [Read more…]

Murphy Oil’s Liquids Production Grows 30% – Thanks To The Eagle Ford

Drilling & Completion Costs Per Foot In The Eagle Ford Are Down 42% and 35%, Respectively
Murphy Oil Eagle Ford Production Chart

Murphy Oil Eagle Ford Production Chart | Click to Enlarge

Murphy Oil produced over 204,000 boe/d in the second quarter and 135,000 b/d of production was attributable to oil & gas liquids. The liquids volume reported represents growth of more than 30% from the same period in 2012. It should be no surprise the company attributes much of its growth to the Eagle Ford.

Murphy estimates the Eagle Ford will account for a little less than 40,000 boe/d in 2013 and production could ultimately rise to as much as 100,000 boe/d over the next five years. [Read more…]

Murphy Oil’s Eagle Ford Production Hits Milestone

Production Volumes Set to Double From 2012 To 2013
Murphy Oil Eagle Ford Production

Murphy Oil Eagle Ford Production | Click to Enlarge

Murphy Oil surpassed 25,000 boe/d at the end of 2012 and annualized production averaged 15,000 boe/d. With an exit rate above 25,000 boe/d, the company is in a nice position to meet or exceed its production target of 30,000 boe/d in 2013.

Murphy is working 10 rigs and three frack crews around the clock. The company has drilled 216 wells to date and has brought 163 to production. Total time spent to drill and case wells is averaging 11-13 days across the play. [Read more…]

Murphy Oil’s Eagle Ford Capital Budget $1-1.2 Billion per Year

Murphy Oil Eagle Ford Map

Click to Enlarge

Murphy Oil has current plans to spend $1-1.2 billion per year to develop the company’s Eagle Ford Shale properties. You can read additional comments from the quarterly call at Murphy’s Eagle Ford Shale page.

Murphy Oil Announces Results From First Eagle Ford Shale Well And Update Of Drilling Activities

Murphy Oil announces impressive Eagle Ford Shale discovery well results and plans to test additional acreage through a second well:

“A discovery was made at the George Miles #1H well in the Eagle Ford Shale in South Texas. The well was drilled vertically to a depth of 13,320 feet then completed in a 3,190 ft. horizontal section with a 13 stage fracture stimulation. The well flowed at an initial rate of approximately 7.5 million cubic feet of natural gas per day. President and Chief Executive Officer, David M. Wood, commented ‘We are very pleased by the results of our first well in this promising Eagle Ford Shale play and by the quality of the acreage we have accumulated. We are currently drilling our second well in Karnes County to evaluate another tranche of our leasehold, and expect to stay very active in this play throughout the year.’ “

Read the full press release at murphyoilcorp.com

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