Rosetta Resources completed 18 Eagle Ford wells in the second quarter and extended its streak of growing production from the play to 14 quarters (3.5 years). The growth didn't come without obstacles. Rosetta's Eagle Ford production was impacted by facilities constraints at Gates Ranch that are expected to last through August and wells that were shut-in for adjacent completions.
Rosetta added to its inventory of development with successful wells in both Live Oak and La Salle Counties. The first well in the 505 acre Lopez Unit in Live Oak County had a seven-day IP of almost 2,000 boe/d (46% oil). The first Eagle Ford well on the 3,500-acre Tom Hanks lease in La Salle County yielded more than 650 boe/d over the first seven days (91% oil). The two areas add 7 and 44 net locations to the company's drilling inventory, respectively. Rosetta also tested a Pearsall Shale well on the Tom Hanks lease that produced 5 mmcfd.
“Rosetta has core asset positions in two of the premier unconventional resource basins in the U.S. which will allow us to further expand our project inventory and efficiently execute our development plans to generate favorable growth and returns in 2013 and beyond.”
Increased Gates Ranch Working Interest
During the second quarter, Rosetta acquired an additional 10% working interest in Gates Ranch for $126 million. The deal increases the company's drilling inventory in the area by 17 net locations and added associated production of 1,800 boe/d. Rosetta now has over 29,000 net acres and a 100% interest in Gates Ranch.
The company also closed the previously announced acquisition of properties in the Permian Basin.