finance — Eagle Ford Shale News — Eagle Ford Shale Play

Energy & Exploration is preparing for a potential $275 million public offering of shares. The company has more than 43,000 acres in Texas and Colorado and has agreed to acquire ~57,000 acres in the Eagle Ford and Woodbine from Chesapeake for $125 million. It was not disclosed if there was production associated with the acquisition. If not, the company is paying a little more than $2,000 per acre.

Energy & Exploration's founder has a history in land work and the company decided to step into operating at the beginning of 2012.

Hunt Pettit, 42, an entrepreneur and land man who was an early mover in the Eagle Ford Shale, now works at the helm of Fort Worth, Texas-based Energy & Exploration Partners Inc.

The company will trade on the NYSE under the symbol ENXP. Read more about the company's SEC filing at marketwatch.com

SM Energy's Eagle Ford production grew to 230 mmcfe/d in July. That's up more than 10% from the second quarter when the company produced 207 mmcfe/d. The company is also adding tank batteries this month that will allow for continued growth from the play. SM has been plagued by downstream pipeline curtailments and delays in receiving equipment. Due to the delays, much of the company's production growth will be weighted toward the end of the year. As of mid-year, the company had completed 26 wells and plans to complete 41 in the second half of 2012.

“The operated Eagle Ford program is central to the Company’s plans to grow corporate production by 25% in 2012. I am pleased with the program’s progress and believe that it will help us meet our production goals for the year. I am also happy to see the increase in our borrowing base despite a challenging commodity price environment for natural gas and NGLs, as it is a reflection of the quality of SM Energy’s reserve base.”