Carrizo Oil & Gas plans to reach 7,000 bopd by the end of 2012 and is already surpassing current production goals. The Eagle Ford and Niobrara shales have added almost all of the liquids production to Carrizo’s production mix that was previously dominated by natural gas. Company wide liquids production stands at over 6,000 bopd, so it doesn’t look like they’ll have any trouble hitting 7,000 bopd with 20+ Eagle Ford wells planned in 2012. [Read more…]
GeoResources expects it will spend approximately $120 million in 2011 and between $188 and $223 million in 2012. Between $74 and $86 million will be spent in Fayette and Gonzales Counties in 2012. Approximately 95% of the company’s capital budget is dedicated to the Bakken and Eagle Ford shale development areas.
Other highlights include:
- Drilling a 15,100 ft well including a 5,000 ft lateral in 27 days for $3 million in Fayette County, TX. That’s just drilling costs. Completion costs will likely double that number.
- Commenced drilling of the first of two wells on the Arnim lease in Fayette County
- Will add two rigs to average a total of 3-4 rigs in 2012 in the Eagle Ford
- First three wells averaged 408 barrels of oil equivalent per day over the first 30 days from the Flatonia E Unit 1H, Flatonia E Unit 2H, and the Black Jack Springs #1H
- A total of 25,000 net acres in the Eagle Ford
- Austin Chalk potential in Fayette and Gonzales Counties. 1st well produced 402 boe/d in the first full month and the most recent well had a 30 ft gas flare and considerable oil shows. The well will be brought to production soon and another Chalk well is planned before year-end.
Magnum Hunter Resources (MHR) gave an operational update today on two recently completed wells. The companies acreage spans over 51,000 gross acres in Gonzales and Lavaca counties. The Oryx Hunter #1H and Sable Hunter #1H were brought to production at 2,044 and 1,017 boepd, respectively. Oil made up more than 90% of the production stream in both wells. Magnum Hunter has a total of 198 possible drilling locations identified. [Read more…]