Eagle Ford Shale drilling four rigs to settle at 269 working over the past week. Through the first ten months of the year, more than 270 rigs have worked the 30 county area we track where there is Eagle Ford development potential. That's roughly 25% higher than the rig count average in 2011 a.nd right in line with current activity levels
This past week was highlighted by earnings reports. Cabot announced results from its first Pearsall Shale well in Frio County. The well produced 1,400 boe/d at its peak, with 50% of production attributable to oil. That's a decent oil well for what most have targeted as a gas play historically. Cabot's Pearsall acreage and the area where operators are testing the play is highlighted in the exhibit above.
Eagle Ford Oil & Gas Rigs
The natural gas rig count has grown to 55 rigs since hitting a low of 38 at the beginning of October. Natural gas prices broke through the $3 barrier last month, so it's no surprise operators are taking this opportunity to develop gas prone areas. Henry Hub futures were up to $3.55 to end the week.
The oil rig count fell six rigs to 213 running during the week. Just one service well is currently being drilled and it is a water well in Bastrop County. This well has been drilling for several weeks. If anyone has checked on the permit, please share the details in the comment section below.
WTI was down to just under $85 per barrel on Friday. The price fluctuated quite a bit during the week as a larger than expected storage draw supported prices, but a weaker than expected jobs number hit prices on Friday. Eagle Ford crude priced at $96.2/bbl on the 2nd of November. Light crude and condensate in the area traded at $81.25 and $80.25, respectively.
There are 256 horizontal rigs running in the region. La Salle County leads development with 37 rigs running. Karnes with 35 rigs, McMullen (28), Webb (26), Dimmit (22), Gonzales (22), DeWitt (17), Live Oak (13), Atascosa (11), and Fayette (8) round out the top Eagle Ford counties.
News items this week included:
- Forest Oil Expects its Walking Rig Will Save 8-15% per Well
- Anadarko's Eagle Ford Drilling Time Continues to Fall
- PXP Pushing Eagle Ford Spending and Production Up
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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.