Eagle Ford Drilling Rig Count at 253 - Jan 4, 2013

Forest Oil Eagle Ford Acreage Map
Forest Oil Eagle Ford Acreage Map

Eagle Ford Shale regional drilling held flat at 253 rigs running through New Year 2013. Dimmit and DeWitt counties were the biggest movers. The two counties lost 4 and 3 rigs, respectively.

Be sure you catch the Most Read Eagle Ford Stories of 2012 article that was published earlier in the week. Company announcements grabbed headlines on the largest scale, but jobs and more general topics like "How Long Will the Eagle Ford Last?" also made the list.

In regular news, Forest Oil will sell its South Texas holdings to Hilcorp for $325 million. The deal is for natural gas properties outside of the Eagle Ford. Expect Forest to use the proceeds to pay down debt and focus in on development in the Texas Panhandle and Eagle Ford.

Eagle Ford Oil & Gas Rigs

The natural gas rig count was 47 this week as gas prices fell further. Natural gas prices had traded down almost twenty cents to $3.29 on January 4th.

The oil rig count grew two rigs to reach 204 running in the area. WTI crude futures were trading near $93 per barrel to end the week. Eagle Ford crude priced at $105.78/bbl on the 3rd of January. Eagle Ford light crude and condensate in the area traded at $89.25 and $88.25, respectively.

There are 241 horizontal rigs running in the region. One storage well is being drilled in Zavala County and one disposal well is being drilled in Frio County.

La Salle County leads development with 32 rigs running. Karnes with 29 rigs, McMullen (29), Webb (24), Dimmit (22), Gonzales (21), DeWitt (18), Live Oak (14), Atascosa (10), Fayette (8), Lavaca (8), Frio (6), and Leon (6) round out the top counties in the region. [ic-c] South Texas Oil & Gas News:

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Eagle Ford Rig Count by Operator

What is the Rig Count?

The Eagle Ford Shale Rig Count is an index of the total number of oil & gas drilling rigs running across a 30 county area in South Texas. The South Texas rigs referred to in this article are for ALL drilling reported by SmithBits and not solely wells targeting the Eagle Ford formation. All land rigs and onshore rig data shown here are based upon industry estimates provided by the Baker Hughes Rig Count and/or Smith Service Co's (Schlumberger) Smith Rig Count.

Eagle Ford Shale Drilling by County