Austin Exploration Burleson County Cotton Valley - Eagle Ford Well

Austin Exploration drilled a well through both the Cotton Valley Taylor Sands and the Eagle Ford Shale in Burleson County, TX. The company was encouraged by gas shows in the Cotton Valley and oil & gas shows in the Eagle Ford. The company plans to complete the well as soon as possible and might commingle production from both zones. Very few Eagle Ford wells are producing in Burleson County, so this could be the first of many. Austin Exploration has 5,000 acres in the area and will continue drilling if production rates prove commercial.

The county is better known for production from the Austin Chalk. With successful Eagle Ford wells in Louisiana and possibly one in Burleson County, it sure seems as if the Eagle Ford is only going to get bigger.

The well encountered gas shows in the Taylor sand formation between 6594 and 6615 feet.

The well has since been drilled to a total depth of 9325 feet and further hydrocarbon shows were encountered in the final stages of drilling, including in the primary Eagle Ford formation target between 8829 and 9102 feet.


Austin Exploration Spuds Eagle Ford Well in Burleson County, TX

Austin Exploration will spud an Eagle Ford Shale well in Burleson County, TX during the week of October 25, 2011. The company has assembled a 5,000 acre position in the county at a cost of $400 per acre. The company plans three vertical wells and then a thorough evaluation of reservoir properties. Austin Exploration expects to intersect a 300 ft section of the shale in this area. The Eagle Ford is the primary target at 8,700 ft and the Austin Chalk is the secondary target at 8,300 ft. The Taylor Sands, Buda Lime, and Georgetown Lime are also potential hydrocarbon bearing zones.

Austin's Eagle Ford Shale project is located in the oil/wet gas window of the play, which has proven to be the most productive area of the play, with an interpreted thickness of ~300 feet. Austin acquired its Eagle Ford Shale interests for an average of only ~$400 per acre, well below industry peers, following a detailed due diligence including an independent technical report and analysis of 12 nearby wells, all with production. The independent technical report prepared for Austin as part of its due diligence suggested potential initial production rates of >800 bopd and NPV per well of up to $7 million, with potential for 31 wells.

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