Pioneer Natural Resources Drills Successful Eagle Ford Shale Well

Pioneer Natural Resources (NYSE: PSD) announces successful Eagle Ford Shale well in Live Oak County, TX.  The well produced over 8 mmcfd and 500 barrels per day of condensate.  Pioneer plans four additional wells to assess the potential of its acreage.

"The Sinor #5 well, which is located in Live Oak County, Texas, flowed at an initial rate of approximately 11.3 million cubic feet of natural gas equivalent per day (approximately 8.3 million cubic feet of natural gas per day and 500 barrels of condensate per day) on a 22/64 inch choke with 4,550 pounds per square inch wellhead flowing pressure. The liquids-rich gas contains 1,200 British thermal units per cubic foot."

"Scott Sheffield, Chairman and CEO, stated, 'The initial results of the Sinor #5 discovery are very encouraging, especially considering the significant volume of higher-valued condensate and natural gas liquids. This discovery, coupled with the Eagle Ford Shalewells recently completed by others, reinforces our expectation that this shale play will be very prolific.' "

Read the full news release at Pioneernrc.com

Companies Bet Big on South Texas Gas Find

Eagle Ford Shale looks to fill a need for operators as it becomes the next big shale play:

"Today, though the economy and natural gas prices remain weak, the Eagle Ford shale remains one of the hottest prospects in North America, and energy companies are moving forward there even as they're pulling back elsewhere."

"That's because of what some companies suggest is a virtually recession-proof combination of highly productive wells and low drilling costs they say can yield profits even as natural gas prices hover near seven-year lows."

Read more at Chron.com

Petrohawk Eagle Ford Shale Gas Discovery

Petrohawk announces Eagle Ford Shale gas discovery in South Texas.  The company is leveraging its shale gas experience into the growing shale business in South Texas. Initial results indicate the Eagle Ford will produce more liquids than the Haynesville and Fayetteville. The company's discovery well is part of a 100,000 acres holding in La Salle County, TX. 

"This new field in La Salle County, Texas, was discovered after extensive regional subsurface and seismic mapping, geochemical analysis and petrophysical study. The Company has leased over 100,000 net acres in what it believes to be the most prospective areas for commercial production from the Eagle Ford Shale. The field is located immediately south of the Stuart City Field, which is on the Edwards Reef Trend that extends across South Texas."

" 'This discovery folds perfectly into our portfolio of unconventional resource assets,' said Dick Stoneburner, Chief Operating Officer. 'Petrohawk's staff has extensive experience in the acquisition and development of horizontal plays as exhibited by our results in the Haynesville Shale and Fayetteville Shale plays. Leveraging that expertise to uncover new opportunities like the Eagle Ford Shale adds significantly to our playbook.' "

Apache - EnerVest Eagle Ford Exploration Agreement

Apache Corp enters the US shale gas fold by reaching an agreement with Enervest to explore deep rights on 400,000 acres in Texas. Apache plans to taget the Eagle Ford Shale across much of the area where Enervest produces from the Austin Chalk. Financial consideration was not disclosed.

"Apache Corporation (NYSE, Nasdaq: APA) announced today that it has signed a multi-year agreement with EV Energy Partners, L.P. (Nasdaq: EVEP) and institutional partnerships managed by EnerVest, Ltd., to explore for oil and gas in deeper formations across 400,000 acres in Central and East Texas."

"Apache agreed to explore for new reserves below the base of the Austin Chalk formation and will be operator. EVEP and EnerVest will contribute the acreage."

" 'This is an excellent opportunity for Apache to explore substantial onshore U.S. acreage,' said G. Steven Farris, Apache's president and chief executive officer. 'We have demonstrated that access to acreage can become opportunities to increase production and reserves.' "

Read the full news release at apachecorp.com