GeoResources Sells Atascosa Acres - Focusing in Fayette and Gonzales

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

 

Petrohawk Eagle Ford Shale Gas Discovery

Petrohawk announces Eagle Ford Shale gas discovery in South Texas.  The company is leveraging its shale gas experience into the growing shale business in South Texas. Initial results indicate the Eagle Ford will produce more liquids than the Haynesville and Fayetteville. The company's discovery well is part of a 100,000 acres holding in La Salle County, TX. 

"This new field in La Salle County, Texas, was discovered after extensive regional subsurface and seismic mapping, geochemical analysis and petrophysical study. The Company has leased over 100,000 net acres in what it believes to be the most prospective areas for commercial production from the Eagle Ford Shale. The field is located immediately south of the Stuart City Field, which is on the Edwards Reef Trend that extends across South Texas."

 

" 'This discovery folds perfectly into our portfolio of unconventional resource assets,' said Dick Stoneburner, Chief Operating Officer. 'Petrohawk's staff has extensive experience in the acquisition and development of horizontal plays as exhibited by our results in the Haynesville Shale and Fayetteville Shale plays. Leveraging that expertise to uncover new opportunities like the Eagle Ford Shale adds significantly to our playbook.' "