Recent Eagle Ford operational highlights are as follows:
- We have completed eight (6.7 net) Eagle Ford Shale wells and acquired one (1.0 net) Eagle Ford Shale well since early August. This brings the total number of on-line wells to 59 (49.1 net), with one (0.9 net) well being completed and the 61 st through 63 rd wells being drilled
- The average peak gross production rate per well for the 49 wells we completed with full-length laterals was 986 barrels of oil equivalent (BOE) per day (BOEPD)
- The initial 30-day average gross production rate for the 45 of these 49 wells with a 30-day production history was 656 BOEPD
- Eagle Ford Shale oil production will begin to increase late in 2012 with the recent addition of a third drilling rig
- Our Eagle Ford Shale net production was approximately 6,300 BOEPD during the third quarter of 2012, with oil comprising approximately 84 percent, NGLs approximately nine percent and natural gas approximately seven percent
- The results of seven wells drilled and completed to date in Lavaca County continue to meet our expectations with an average initial production of 829 BOEPD and significant back pressures, as well as 30-day average rates for five of these wells of 678 BOEPD, which exceeds our 30-day average in Gonzales County
- As previously disclosed, we have increased our Eagle Ford Shale acreage position in Gonzales and Lavaca Counties, Texas to approximately 40,000 gross (30,000 net) acres with up to approximately 285 remaining drilling locations
H. Baird Whitehead, President and Chief Executive Officer stated, “Our third quarter results met our expectations, with Adjusted EBITDAX at or above $60 million for the fifth consecutive quarter. We believe our cash operating margin per unit of production is among the best of our small cap peers. We have had excellent well results in the Eagle Ford Shale and are pleased with our recent Eagle Ford Shale acreage additions and increases to our drilling inventory. The recent addition of the third rig in the Eagle Ford Shale play will allow us to resume sequential crude oil as well as overall production growth, on a pro forma basis, as we enter 2013. Recent acreage additions and derisking of our Lavaca County, Texas acreage now provide a greater than six-year inventory of drilling locations for a three-rig program.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV