EOG
EOG
NEW YORK (MarketWatch) -- Plains Exploration & Production Co. (PXP) said Tuesday it will pay $578 million in cash to buy interests in 60,000 acres in the Eagle Ford oil and gas fields in South Texas. About a third of the acreage is located in a joint operating area with Sweet 16 Growth Portfolio member EOG Resources (EOG) . Houston-based Plains Exploration said the transaction will allow it to "aggressively expand our large, high-margin onshore oil business." The deal is expected to close by the end of the year. Separately, Plains said its third-quarter oil production is expected to total 89,000 barrels of oil equivalent a day, up 5% from the second quarter.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: EOG
On October 5, 2010, Cabot Oil & Gas (NYSE: COG) announced a second successful Eagle Ford well, two Marcellus well completions and an update on its credit facility.
The company's second Eagle Ford Oil Shale well, the Arminius Energy Trust #1 well, is located in Frio County, Texas and recorded a 24-hour production rate of 759 barrels of oil per day (BOPD) and 1.0 million cubic feet of gas per day (MMcf/d). The Arminius Energy Trust #1 was drilled to a horizontal length of 5,840 feet and completed with a 20-stage frac. Cabot expected to complete wells three and four on its 53,000 acres in October and November 2010.
Cabot's first Eagle Ford well was a completed with a 3,000 foot lateral with a 14-stage frac. As of April 28, 2010 the well was producing 334 barrels of oil and 142 Mcf per day. These wells are located in what the company calls its Buckhorn area.
In a separate announcement, Cabot announced in its July operations update that the company had entered a 50/50 joint venture agreement with EOG Resources, Inc. (NYSE: EOG) to establish an Area of Mutual Interest (AMI) and develop approximately 18,000 acres in the oil window of the Eagle Ford shale in Atascosa County. Cabot refers to the AMI as its Presidio operating area which is separate from its Buckhorn operations.
At EnerCom's The Oil & Gas Conference® 15 in Denver, Colorado on August 22-26, 2010, Cabot said during its presentation to investors that two rigs will be moving into the AMI acreage with EOG. The company went on to say the majority of its capital allocation for its South region will be going towards the Eagle Ford as it is transitioning from the Haynesville Deep Bossier. EOG will be the operator on the AMI.
As of August 5, 2010, EOG has drilled and completed 31 wells and has 25 wells awaiting completion across its 505,000 net acre position in the Eagle Ford trend's mature crude oil window.
The company's second Eagle Ford Oil Shale well, the Arminius Energy Trust #1 well, is located in Frio County, Texas and recorded a 24-hour production rate of 759 barrels of oil per day (BOPD) and 1.0 million cubic feet of gas per day (MMcf/d). The Arminius Energy Trust #1 was drilled to a horizontal length of 5,840 feet and completed with a 20-stage frac. Cabot expected to complete wells three and four on its 53,000 acres in October and November 2010.
Cabot's first Eagle Ford well was a completed with a 3,000 foot lateral with a 14-stage frac. As of April 28, 2010 the well was producing 334 barrels of oil and 142 Mcf per day. These wells are located in what the company calls its Buckhorn area.
In a separate announcement, Cabot announced in its July operations update that the company had entered a 50/50 joint venture agreement with EOG Resources, Inc. (NYSE: EOG) to establish an Area of Mutual Interest (AMI) and develop approximately 18,000 acres in the oil window of the Eagle Ford shale in Atascosa County. Cabot refers to the AMI as its Presidio operating area which is separate from its Buckhorn operations.
At EnerCom's The Oil & Gas Conference® 15 in Denver, Colorado on August 22-26, 2010, Cabot said during its presentation to investors that two rigs will be moving into the AMI acreage with EOG. The company went on to say the majority of its capital allocation for its South region will be going towards the Eagle Ford as it is transitioning from the Haynesville Deep Bossier. EOG will be the operator on the AMI.
As of August 5, 2010, EOG has drilled and completed 31 wells and has 25 wells awaiting completion across its 505,000 net acre position in the Eagle Ford trend's mature crude oil window.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group