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Companies Drilling in the Austin Chalk
Formation - Austin Chalk Stocks
EV
Energy Partners (EVEP) continues to be active in the Austin Chalk. Now I’ll move to the Austin
Chalk where EVEP holds a 13% to 15% working interest. During the
first quarter of 2012, we finished drilling one well and drilled a second well. Three new wells began producing during the
quarter. We plan to drill nine wells in 2012. The multi-stage hydraulic fracturing process is working quite well in the Chalk.
Our last two wells are producing above expectations. One had initial
production of 550 barrels of oil per day and the other had 6 million a day of gas with 130 barrels a day of oil. About half
of the 2012 program in the Chalk will utilize the multi-stage process. And we are evaluating an opportunity to deploy this
technology on more of our Austin Chalk acreage. Swift Energy Co. (SFY) - Swift Energy SFY
Austin Chalk Formation - In the Company's Central Louisiana/East Texas core area, one operated well and one non-operated well
were drilled, both targeting the Austin Chalk formation in the Burr Ferry field in Vernon Parish, LA. The GASRS 16-1 well, a non-operated well, was completed in the Austin Chalk and had an initial production rate
of 207 bbls/d of oil and 1.3 MMcfg/d with flowing casing pressure of 1,250 psi on a 25/64" choke. This well, drilled
near the southern extent of the Company's joint operating area, encountered fewer natural fractures than the wells drilled
farther north have encountered. This well is important in understanding the geology in the area, which is essential to future
development plans. The Swift Energy operated GASRS 20-1 finished drilling operations
during the third quarter and was completed in the Austin Chalk. A mechanical problem occurred during the initial cleanup of
the well that required a workover rig to resolve. A workover rig is currently on this well and work is underway to remedy
the issue. This well bore remained in zone for the extent of the 4,254 foot lateral and encountered high natural fracture
density and strong tubing pressure.
Lucas Energy (LEI) - Lucas Energy, Inc. (NYSE Amex:LEI) an independent
oil and gas company (the "Company" or "Lucas"), today announced that the Company has completed the Hagen
Ranch Unit No.1HST well in Gonzales County, Texas as a flowing horizontal oil well in the Austin Chalk formation. The official
24 hour test that will be reported to the regulatory agency is 351 BOPD (barrels of oil per day), and 86 BWPD (barrels of
water per day) with 419 psig (pounds per square inch), pumping. Lucas has an approximately 64% working interest in this well. Although the well is pumping (artificial lift), it continues to
flow up the casing side as well as the tubing. The Company drilled a new lateral in the Austin Chalk formation from an existing
well bore. There are now three wells completed as new laterals from existing well bores; however, the Hagen Ranch Unit No.1HST
well is the most promising of the three, showing signs of virgin pressure from previously untapped reserves, as did the recently
completed Hagen Ranch No.4 well. William A. Sawyer, President and Chief Executive Officer of the Company said, "We believe that
the results of Lucas' drilling program throughout this fiscal year, including our recently drilled wells, continue to prove
our theory that the Austin Chalk is undervalued."
Evolution Petroleum EPM - Evolution Petroleum (EPM) is active in the Austin Chalk Field - The company drills for oil & gas in Grimes County,
TX.
Anadarko Petroleum APC - Austin Chalk:
Drilling activity continued with four operated rigs. Anadarko
spud eight wells. During the quarter, the company spud the eleventh well
of a 25-well planned re-entry program in the Northstars field, with encouraging
results.
GeoResources GEOI - As previously announced, in February 2012, the Company closed on a $40.4 million acquisition (subject to customary purchase
price adjustments) of producing Austin Chalk properties in the Brookeland Field area of east Texas in Jasper and Newton counties
from an unaffiliated third-party effective January 1, 2012. With the effective date of this purchase as of January 1, 2012,
and the transaction closing on February 28, 2012, net production, revenue and cash flow associated with this property for
January and February were credited to the capitalized purchase price of the property. Accordingly, the Company only recorded
production related to this property for the month of March 2012. The Company also recently completed its first operated
Austin Chalk well on its Eagle Ford acreage position in Fayette County, Texas, the Rightmer #2HRE (50% W.I.). This well averaged
339 boe/d (93% oil) over its first five days of production.
Abraxas Petruleom (AXAS) - In the Jourdanton
area also in the Eagle Ford Shale where Abraxas has a 100% working interest, we recently a commissioned a 22 square-mile 3D seismic survey which we will
use to help evaluate the Eagle Ford, the Buda and the Austin Chalk under our acreage.
US Energy (USEG) - U.S Energy (USEG) currently drills for
oil & gas in the Austin Chalk - At September 30, 2012, the Company had participation in 79 gross or 14.88 net producing
Wells, which include 62 gross Williston Basin Wells, three Gulf Coast Wells, 11 gross Austin Chalk Wells, and three gross
Eagle Ford Wells.
Clayton Willaims Energy (CWEI) - In the Giddings area,
where we have the Austin Chalk and Eagle Ford opportunities, which Clayton will talk a lot more about here in a moment, that’s
mostly held by production. And even though we do plan to drill some more Eagle Ford tests, we’re not pushed there to run rig. So we’re in a great position
Forest Oil (FST) - Forest Oil (FST) comments on the Austin
Chalk formation - I think that we are going to see contribution from the Austin Chalk simply because there has been vertical
chalk producers drilled in areas across this acreage position, and so we know that chalk contributes. Our microseismic results
taken from upper Eagle Ford completions, showed growth up into the chalk, so there's no reason for me not to expect that we're
going to get a contribution there.
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