Texon Petroleum is taking a mid-year hike of 50% in its Eagle Ford Shale reserves bookings. The increase is attributable to the company's two producing wells and two wells awaiting completion. The company stated that 88% of its Eagle Ford reserves are oil and gas liquids. The company now has almost 900,000 barrels of proved reserves and estimates total proved, probable, and possible reserves total 8,423,000 barrels.
The two wells the company has producing came online at 785 barrels of oil equivalent per day and 600 barrels of oil equivalent per day over the first 15 days of production, respectively. That's above average for McMullen County wells close to Texon's property. The wells were completed with 15 frack stages, with the less of the two wells only have 12 effective fracks.
Australia-listed Texon Petroleum has booked nearly a 50% increase in reserves following an independent review of its Eagle Ford properties in the US during the first half of the year.
The company’s overall proved, probable and possible reserves, attributable to its net revenue interest, climbed to about 10 million barrels of oil equivalent, up from 6.7 million boe at the end of last year.
The increase came following an independent review by Netherland, Sewell & Associates Incorporated (NASI) which increased the estimated proved, probable and possible reserves of Texon’s Eagle Ford assets from about 5 million boe to 8.4 million boe as of 30 June.