Eagle Ford Rig Count Down by 10 to 201

February 9, 2015 Elizabeth Alford

Matador Pulling Two Rigs in the Eagle Ford in 2015 — Eagle ford rig counts

The Eagle Ford Shale rig count decreased by 10 to 201 rigs running across our coverage area by the end of last week.

In recent Eagle Ford news, troubled Lucas Energy sets its eyes on a merger. Just days after revealing it had defaulted on a massive $7.7 million dollar debt, the company executed a letter of intent for a proposed business combination with Victory Energy Corporation. This is the preliminary step to an official merger agreement that allows the companies to negotiate exclusively. Part of the agreement will be to provide for the capital necessary for Lucas to satisfy its obligations for its Eagle Ford wells, accounts payable and necessary working capital.

The U.S. rig count fell another 87 to 1456 rigs running by the end of last week. A total of 314 rigs were targeting natural gas (down 2 from the previous week) and 1,317 1140 were targeting oil in the U.S. (177 less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.).654 of the rigs active in the U.S. were running in Texas.

Baker Hughes reports its own Eagle Ford Rig Count that covers the 14 core counties (181 rigs). The rig count published on EagleFordShale.com includes a 30 county area impacted by Eagle Ford development. A full list of the counties included can be found in the table near the bottom of this article.

Eagle Ford Oil & Gas Rigs

Natural gas increased by one to 19 rigs running by the end of last week. Natural gas prices decreased by $.11 from the previous week at $2.58/mmbtu on Friday afternoon.

The oil rig count decreased by 10 to 21 rigs running by the end of last week. WTI oil prices increased by $3.45 from the previous week, trading at $51.69/bbl on Friday afternoon. A total of 189 rigs are drilling horizontal wells, three rigs are drilling directional wells, and nine rigs are drilling vertical wells. Karnes (31), Dimmit (26), and DeWitt (23) have the highest rig counts this week. See the full list below in the Eagle Ford Shale Drilling by County below

Eagle Ford Shale Drilling by County

What is the Rig Count?

The Eagle Ford Shale Rig Count is an index of the total number of oil & gas drilling rigs running across a 30 county area in South Texas. The South Texas rigs referred to in this article are for ALL drilling reported by Baker Hughes and not solely wells targeting the Eagle Ford formation. All land rigs and onshore rig data shown here are based upon industry estimates provided by the Baker Hughes Rig Count.

Eagle Ford Rig Count Down by 21

February 2, 2015 Elizabeth Alford

The Eagle Ford Shale rig count decreased by 21 to 211 rigs running across our coverage area by the end of last week.

In recent Eagle Ford news, the U.S. Energy Information Administration (EIA) has released new maps that include updated information for Eagle Ford derived from producing wells from January 2000- June 2014. These maps are categorized based on Gas-to-oil ratio, elevation contours, footprint and thickness contours.

Eagle Ford Oil & Gas Rigs

The natural gas rigs increased by four to 18 rigs running by the end of last week. Natural gas prices decreased by $.20 from the previous week at $2.69/mmbtu on Friday afternoon.

The oil rig count decreased by 21 to 211 rigs running by the end of last week. WTI oil prices increased by $3.10 from the previous week, trading at $48.24/bbl on Friday afternoon. A total of 200 rigs are drilling horizontal wells, three rigs are drilling directional wells, and eight rigs are drilling vertical wells. Karnes (33), Dimmit (28), and DeWitt (25) have the highest rig counts this week. See the full list below in the Eagle Ford Shale Drilling by County below

Eagle Ford Shale Drilling by County

What is the Rig Count?

Read full report at bakerhughes.com

Eagle Ford Rig Count Decreases by Three to 232

January 26, 2015 Elizabeth Alford

The Eagle Ford Shale rig count decreased by three to 232 rigs running across our coverage area by the end of last week.

In recent Eagle Ford news, the U.S Geological Society registered close to a dozen quakes in the region ranging in intensity from a 2.6-3.7 on the richter scale within a 36 hour period. Earthquakes in Texas have been on the rise in recent years, causing many to make a connection between increased seismic activity and the fracking throughout the state.

South Texas Oil & Gas News:

Be sure to visit our South Texas Oilfield Job Listings to search openings and come back weekly for updates.

Eagle Ford Rig Count Decreases to 235

January 22, 2015 Elizabeth Alford

The Eagle Ford rig count decreased by 13 this week ending at 235, adding to the sharp decline seen in the region as we lost 26 active rigs in the last four weeks.

WTI crude prices have decreased by ~$9.59 since December 19th, trading at $55.99/bbl on Monday morning. As oil prices continue to drop, reports of deeper budget cuts and layoffs are now daily news.

Related: Energy Giants Announce Layoffs

Eagle Ford and Bakken are both experiencing a decrease in rig count, but other regions are also seeing a decline. The U.S. rig count decreased to 1,676 rigs running by the end of last week with a total of 310 rigs targeting natural gas (down 28 from December) and 1,366 targeting oil in the U.S. (down 170 since December).

What is the Rig Count?

The Bakken Shale Rig Count is an index of the total number of oil & gas drilling rigs running across Montana and North Dakota. The rigs referred to in this article are for ALL drilling reported by Baker Hughes and not solely wells targeting the Bakken formation. All land rigs and onshore rig data shown here are based upon industry estimates provided by the Baker Hughes Rig Count.

Eagle Ford Shale Rig Count Increases by One to 261

December 22, 2014 Kirk Eggleston

alt="Eagle Ford at One Billion Barrels" — Eagle Ford Reaches One Billion Barrels

The Eagle Ford Shale rig count increased by one to 261 rigs running across our coverage area by the end of last week.

In recent Eagle Ford news, oil prices have plummeted 40% in the last six months, and that’s putting the kibosh on some new drilling across North American shale plays.

According to DrillingInfo.com, applications for new drilling permits in South Texas’ Eagle Ford Shale and North Dakota’s and Montana’s Bakken Shale fell approximately 30% in November of 2014 compared to the previous month. However, the Texas Railroad Commission reports a whopping 4,891 new drilling and re-enter permits in the Eagle Ford from Jan. – Oct. of this year, already surpassing the total for new drilling and re-enter permits in 2013 of 4,416.

The U.S. rig count decreased by 18 to 1,875 rigs running by the end of last week. A total of 338 rigs were targeting natural gas (down 8 from the previous week) and 1,536 were targeting oil in the U.S. (ten less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.).868 or ~48% of rigs active in the U.S. were running in Texas.

Baker Hughes rig count is quoted here. Baker Hughes also releases its own Eagle Ford Rig Count that covers the 14 core counties (206 rigs). The rig count published on EagleFordShale.com includes a 30 county area impacted by Eagle Ford development. A full list of the counties included can be found in the table near the bottom of this article.

Eagle Ford Oil & Gas Rigs

The natural increased by two to 16 rigs running by the end of last week. Natural gas prices decreased by $.60 from the previous week at $3.14/mmbtu on Friday afternoon.

The oil rig count increased by three to 245 rigs running by the end of last week. WTI oil prices decreased by ~$200 from the previous week, trading at $55.98/bbl on Friday afternoon. Eagle Ford light crude traded at $53.00/bbl on December 19th.

A total of 247 rigs are drilling horizontal wells, six rigs are drilling directional wells, and eight rigs are drilling vertical wells. Karnes, Dimmit, and DeWitt each have at minimum 27 rigs running. Dimmit County has the highest rig count this week at 36. See the full list below in the Eagle Ford Shale Drilling by County below

South Texas Oil & Gas News:

Be sure to visit our South Texas Oilfield Job Listings to search openings and come back weekly for updates.