Eagle Ford Shale Rig Count Flat at 89

August 19, 2017 Elizabeth Alford

The Eagle Ford Shale rig count remained flat this week with 89 rigs running across our coverage area by midday Friday.

In recent Eagle Ford Shale news, Lonestar Resources is hitting a stride for growth after its recent Eagle Ford acquisitions.

Lonestar's New Eagle Ford Assets Play Significant Role in Growth

A total of 946 oil and gas rigs were running across the United States this week, three less than last week. 182 rigs targeted natural gas (one more than the previous week) and 763 were targeting oil in the U.S. (five less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.) 459 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. 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 below.

Eagle Ford Oil & Gas Rigs

Eight rigs in the Eagle Ford region targeted natural gas this week with the commodity trading at $2.89/mmbtu.

81 Eagle Ford rigs were targeting oil with WTI oil prices at $48.51.

A total of 86 rigs are drilling horizontal wells, zero are drilling directional wells and three are vertical.

Karnes County leads activity in the region with 18 rigs in production. See the full list below in the Eagle Ford Shale Drilling by County below.

Eagle Ford Shale Drilling by County

Eagle For Rig Count by County-August 19, 2017

Eagle Ford Shale News

Lonestar's New Eagle Ford Assets Play Significant Role in Growth

RRC Doubles Original Drilling Permits for June 2017

Penn Virginia Increases Eagle Ford Acreage & Drilling

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.

Lonestar's New Eagle Ford Assets Play Significant Role in Growth

August 14, 2017 Elizabeth Alford

Lonestar Resources is hitting a stride for growth after its recent Eagle Ford acquisitions.

Lonestar Increases Eagle Ford Holdings in 'Transformational' Deal

Lonestar reported its second quarter financial and operational results earlier this month where company executives said they expect to accelerate drilling activity on the 30,210 acres they purchased in June.

“On June 15, we closed a pair major Eagle Ford Shale acquisitions in the quarter that scaled the company significantly in terms of EBITDAX, reserves, and production. After post closing adjustments, Lonestar paid total consideration of $90 million in cash and approximately 2.7 million shares of Lonestar series B preferred stock.”

— Frank Bracken - CEO

During an earnings call, the CEO shared about the company's '10 and 100' plan to maximize the new assets. The plan would generate production in excess of 10,000 BOE a day and EBITDAX in excess of $100 million in 2018. Based on current trends, if the company continues to drill the same kind of wells on its core properties, they will be successful.

Second Quarter Highlights

7% sequential increase in net oil and gas production
Production volumes consisted of 3,564 barrels of oil per day and 6,402 Mcf of natural gas per day
Placed 1.0 gross / 0.5 net wells onstream
Increased operating cost structure

In June, Lonestar closed on the purchase of 30,210 gross acres in the Eagle Ford Shale region of south Texas. The $116.6 million deal included properties in Karnes, Gonzales, DeWitt, Lavaca and Fayette Counties.

After this new purchase, Lonestar has 72,244 gross acres located in the Eagle Ford. These assets will be foundati0olnal to the company's growth over the next four years.

Rig Counts Decline In the Eagle Ford and U.S.

August 12, 2017 Elizabeth Alford

The Eagle Ford Shale rig count fell this week to 89 rigs running across our coverage area by midday Friday.

In recent Eagle Ford Shale news, the Texas Railroad Commission (RRC) reported that original drilling permits for the state increased from 656 in June 2016, to 1,305 in June 2017.

RRC Doubles Original Drilling Permits for June 2017

A total of 949 oil and gas rigs were running across the United States this week, five less than last week. 181 rigs targeted natural gas (eight less than the previous week) and 768 were targeting oil in the U.S. (three more than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.) 459 of the rigs active in the U.S. were running in Texas.

Eagle Ford Oil & Gas Rigs

Seven rigs in the Eagle Ford region targeted natural gas this week with the commodity trading lower at $2.98/mmbtu.

82 Eagle Ford rigs were targeting oil with WTI oil prices at $48.82.

A total of 84 rigs are drilling horizontal wells, zero are drilling directional wells and five are vertical.

Karnes County leads activity in the region with 17 rigs in production. See the full list below in the Eagle Ford Shale Drilling by County below.

Eagle Ford Shale Drilling by County

Eagle For Rig Count by County-August 4, 2017

Eagle Ford Shale News

RRC Doubles Original Drilling Permits for June 2017

Penn Virginia Increases Eagle Ford Acreage & Drilling

Baytex: Eagle Ford Producing Best Well Results to Date

Study: Oil and Gas Still Essential to Eagle Ford Shale Economy

What is the Rig Count?

RRC Doubles Original Drilling Permits for June 2017

August 8, 2017 Elizabeth Alford

Original drilling permits for Texas wells doubled over the last year, according to the state's regulatory agency.

Eagle Ford Shale Gains Rigs; Total Rig Count Shrinks Across U.S.

The Texas Railroad Commission (RRC) announced recently that original drilling permits for the state increased from 656 in June 2016, to 1,305 in June 2017. The breakdown includes:

1,131 new oil or gas wells permits
11 to re-enter plugged well bores permits
163 for re-completions of existing wells permits
70 injection, two service and 16 other permits

The Midland area received the most permits for June, with the RRC issuing 588 to the region. Next was the San Antonio region with 137 oil and gas permits issued.

The RRC also reports that there have been 20 new field discoveries since the beginning of the year; 10 oil and 10 natural gas.

“In June 2017, Commission staff processed 510 oil, 96 gas, 43 injection and zero other completions compared to 700 oil, 165 gas, 31 injection and four other completions in June 2016. Total well completions processed for 2017 year to date are 3,872; down from 6,429 recorded during the same period in 2016.”

— Texas Railroad Commission June Report

The Eagle Ford Shale rig count bounced back into the 90's last week with 92 rigs running across our coverage area by midday Friday.

Eagle Ford Shale Gains Rigs; Total Rig Count Shrinks Across U.S.

August 5, 2017 Elizabeth Alford

The Eagle Ford Shale rig count bounced back into the 90's, ending the week with 92 rigs running across our coverage area by midday Friday.

In recent Eagle Ford Shale news, Penn Virginia plans to increase its Eagle Ford production, acreage, and drilling with the purchase of assets from Devon Energy Corporation.

Penn Virginia Increases Eagle Ford Acreage & Drilling

A total of 954 oil and gas rigs were running across the United States this week, four less than last week. 189 rigs targeted natural gas (three less than the previous week) and 765 were targeting oil in the U.S. (one less than the previous week). The remainder were drilling service wells (e.g. disposal wells, injection wells, etc.) 466 of the rigs active in the U.S. were running in Texas.