GeoResource sold 1,800 acres in Atascosa County in late 2011 and plans to focus its efforts in southwest Fayette County and northeast Gonzales County. The company has drilled seven wells to date and has two rigs that will continue Eagle Ford drilling. A recent well in Gonzales County reached a total measured depth of 14,700 ft in 24 days. The company's current well costs run $8.5-9 million and batch completions will be used to help drive costs down further.
GeoResources is also completing a seismic survey that will help the company identify drilling locations int the Austin Chalk, Buda, Edwards, Eagle Ford, and Georgetown formations.
Operated Eagle Ford Area Highlights
- 4 gross wells spud in fourth quarter 2011
- 4 gross wells currently waiting on completion
- 2 wells currently drilling (1 spud in late December 2011 and 1 in early January 2012)
- 3 gross wells currently producing
- All 3 completed in second and third quarters of 2011
- 48% average working interest
- Average first 30 day production rate of 409 boe/d
- 20 to 25 gross wells planned to spud in 2012