PXP Announces Eagle Ford Oil Acquisition

Plains Exploration and Production pays $578 million ($9,600 per acre) to adds Eagle Ford Shale acreage.  The properties are located in the liquids-rich gas condensate window of the Eagle Ford and approximately 20,400 acres overlap a joint operating area with EOG Resources.

"PXP has agreed to acquire interests in approximately 60,000 net acres in the Eagle Ford oil and gas condensate windows in South Texas for $578 million in cash. Of the 60,000 net acres, approximately 20,400 net acres are located in a joint operating area between PXP and EOG Resources, Inc. (NYSE: EOG). The Eagle Ford properties are located primarily in Karnes County of South Texas and have net resource potential of approximately 140 to 175 million BOE, projected net production capability of approximately 2,000 BOE per day and a year-end 2011 production target exit rate of approximately 5,000 BOE per day net to PXP."

Enterprise to Significantly Expand Eagle Ford Shale Capabilities with New Construction Projects

Enterprise Products plans to build over 350 miles of pipe, while adding additional processing capacity in the Houston Ship Channel to help service the Eagle Ford Shale.  Enterprise will soon be able to process 1.5 bcf per day of gas across its processing facilities in South Texas.

"Enterprise Products Partners L.P. (NYSE:EPD) today announced several new construction projects that will further extend and expand its natural gas and natural gas liquids (NGL) infrastructure in South Texas and Mont Belvieu, Texas to accommodate growing production volumes from the Eagle Ford Shale play. As part of the initiative, Enterprise plans to install 350 miles of pipelines, build a new natural gas processing facility, and add a new NGL fractionator at the Mont Belvieu complex near the Houston Ship Channel. In addition, the partnership recently completed several key, previously announced projects, including the initial 34-mile segment of the east-west rich gas Eagle Ford mainline and the final leg of the 62-mile White Kitchen Lateral. As a result, Enterprise soon will be able to fill the existing 1.5 billion cubic feet per day (Bcf/d) of capacity at its seven South Texas natural gas processing facilities."

Reliance - Pioneer Natural- Newpek Joint Venture | Eagle Ford

Reliance Industries enter the fold in South Texas with a $1.15 billion (~$12,000 per acre) Eagle Ford acquisition. Reliance paid Pioneer $266 million upfront and will carry development costs up to $879 million.  Reliance also acquired a similar interest from Newpek LLC for $210 million to give it consistent ownership across the partnerships acreage in Bee, DeWitt, Karnes, La Salle, Live Oak, and McMullen counties.

"Pioneer Natural Resources Company (NYSE:PXD) ("Pioneer" or "the Company") today announced the Company signed a joint venture agreement with a wholly-owned U.S. subsidiary of Reliance Industries Limited ("Reliance"). Under the agreement, Pioneer will sell a 45% interest in approximately 212,000 net acres leased by the Company in the highly prospective Eagle Ford Shale play for a total price of $1.15 billion. Reliance will pay $266 million in cash to Pioneer at closing and will pay an additional $879 million to carry Pioneer's share of future drilling costs ("drilling carry"). Reliance will also participate with Pioneer in the development of midstream assets in the Eagle Ford Shale as a 49.9% partner. Closing is expected within five business days. Reliance has also entered into a joint venture agreement with Pioneer's existing partner in the Eagle Ford Shale play, Newpek LLC, for total consideration of approximately $210 million."

Read the full press release at pioneernrc.com

KKR Forms Partnership to Develop Acreage Within Eagle Ford Shale

KKR - Hilcorp Energy reach an agreement where the two companies will jointly pursue leasing and development of Eagle Ford Shale assets in Atascosa, Bee, DeWitt, Karnes, and Lavaca counties.

"The Company will develop certain acreage within the Eagle Ford, located in an approximately two hundred mile long area in South Central Texas, southeast of San Antonio. The partnership combines a capital commitment from both parties as well as the contribution of a 100,000 net acre Eagle Ford position from Hilcorp. Upon close, Hilcorp will hold 60% and KKR will hold 40% of the Company, with Hilcorp's management and employees running the day-to-day operations. "With more than two decades of history, Hilcorp is a known leader when it comes to exploring for, developing and producing oil and gas, and Hilcorp's management is unparalleled in terms of its experience in the South Texas region. This partnership is an endorsement of the founding vision of Hilcorp Energy and the strength and experience of its management team," John Bookout, Managing Director of KKR, said."

Read the full press release at KKR.com

Talisman - Common Resources Agree Eagle Ford Acreage Deal

Talisman Energy has agreed to purchase 37,000 acres in the Eagle Ford Shale from Common Resources for $359 million (~10,000 per acre).  The deal adds to Talisman's US unconventional resource holdings, which includes a position in the Marcellus Shale. Talisman is expected to continue adding unconventional resource holdings and that likely means this isn't their last Eagle Ford Shale deal.

"Talisman reached agreement to acquire 37,000 net acres in the Eagle Ford shale play in south Texas."

Read the full press release at www.talisman-energy.com