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


Newfield Q3 2011 Operations Update - Well Results and Costs

Newfield Exploration announced its third quarter earnings along with an update on its Eagle Ford operations. The company has a 335,000 acre position in the Maverick Basin across Dimmit, Maverick, and Zavala counties. Drilling is currently focused in the southern portion of the company's acreage where infrastructure is accessible. The company also has a pilot program active in the West Asherton area in Dimmit County. The company has completed 16 wells that have produced 650 barrels of oil equivalent in the first 24 hours. The wells have expected EUR's of 300,000 barrels. Wells have been drilled in as little as 7 days at average costs of $6.6 million for drilling and completion.

The Eagle Ford is the primary drilling target for the company, but Newfield has completed 6 wells targeting the Georgetown formation and 2 wells targeting the Pearsall Shale. The company currently produces more than 7,000 barrels of oil equivalent per day from the area.

Read more at our Newfield Exploration Eagle Ford Profile