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Encana (ECA) - Encana ECA provides their haynesville shale update - At Haynesville, drilling and completions efficiencies continue to
improve in both the company’s resource play hub development model and its remaining lease retention program. Encana
received regulatory approval to drill additional long-reach horizontal wells in North Louisiana – a well-established
technique that very effectively reduces supply costs and the number of wells required to produce an equivalent volume of natural
gas. In the third quarter, Encana drilled two horizontal wells in the Sabine area of East Texas and two in the Haynesville
in Louisiana. These wells are among the longest horizontal wells drilled in the region, averaging a horizontal length of 7,500
feet. One of the Haynesville wells surpassed 8,000 feet lateral length and a Sabine well reached a record measured depth of
22,350 feet. Each well is expected to have more than 30 completion stages – work that is planned for the fourth quarter
of 2011.
Anadarko Petroleum (APC) - Anadarko Petroleum (APC) Haynesville Shale: Anadarko’s average
sales volumes for the quarter were 34 million cubic feet equivalent per day (MMcfe/d), a 56% increase over the 2nd quarter
of 2010. The company’s 20-stage completion design has increased the estimated EUR of the wells in the Oak Hill area
from about 3.5 Bcf to more than 6 Bcf per well, while the well costs remained essentially flat, resulting in a dramatic improvement
in well economics.
Forest Oil (FST) - Forest Oil Updates Investors on the Haynesville Shale - Forest holds approximately 163,000 gross acres (123,000 net) in
the East Texas / North Louisiana Area. Since Forest's last earnings release, the Company completed one horizontal Cotton
Valley well (90% working interest) in East Texas that had an average 24-hour initial production rate of 10.3 MMcfe/d, including
662 Bbls/d of oil and natural gas liquids or 39% of total equivalent production. Forest currently has two rigs running in
this area focusing on the liquids-rich Cotton Valley interval. Additionally, Forest completed one well in its Red River
Parish acreage (57% working interest) that had an average initial restricted rate of approximately 9.5 MMcf/d, with flowing
pressures averaging 7,800 psi. This well has averaged 8.0 MMcf/d over its first 42 producing days. Due to the current low
natural gas price environment, Forest has redeployed the Haynesville rig to drill the liquids-rich Cotton Valley interval
in East Texas.
EXCO Resources (XCO) - Exco Resources (XCO) Haynesville Shale Update 2012 - Haynesville/Bossier Shale
- Our horizontal Haynesville shale development program continues
to be a significant asset for EXCO and continues to yield strong results. As of April 16, 2012, our Haynesville/Bossier shale
operated production was 1,219 Mmcf per day gross (366.5 Mmcf per day net) and with the addition of net production from our
OBO wells, we had 401.0 Mmcf per day of total Haynesville/Bossier shale net production. In response to low natural gas prices,
we have made a significant reduction to our drilling program. In 2011 we averaged 22 operated rigs in the Haynesville/Bossier
shale throughout the year. We began to reduce our rig count in late 2011 and have further reduced the rig count in the first
quarter.
We currently have eight active operated rigs drilling in the play and will reduce to seven rigs in
May. We will evaluate product pricing and project economics and make further decisions on rig count throughout the year. Our
development drilling program for 2012 is focused in DeSoto Parish, Louisiana where we continue our 80-acre spacing manufacturing
program. Our assets in San Augustine and Nacogdoches Counties, Texas have been delineated and tested and almost all of our
core acreage in that area is held by production. We do not have plans to drill additional wells in the East Texas area in
2012 and are now focused on evaluation and planning for future full field development.
During 2012, we plan to
drill approximately 68 gross (24.5 net) operated wells in the Haynesville/Bossier shale play with almost all of these wells
in DeSoto Parish, Louisiana. We drilled and completed 30 gross (8.4 net) operated horizontal Haynesville/Bossier wells and
participated in 10 gross (1.6 net) OBO Haynesville/Bossier horizontal wells during the first quarter 2012. We utilized an
average of 14 operated rigs and spud 23 operated horizontal wells during the quarter. We averaged one OBO rig drilling in
the play and spud three OBO wells during the quarter. We currently have no OBO rigs drilling. In total, we have 324 operated
horizontal wells and 177 OBO horizontal wells flowing to sales. The average initial production rate from our operated
Haynesville horizontal wells completed in the first quarter 2012 in DeSoto Parish was 13.3 Mmcf per day with an average of
8,250 psi flowing casing pressure on an average 18/64ths choke. This 18/64ths choke size is indicative of our new restricted
choke management program we have implemented in DeSoto Parish, based on the strong results we realized in our East Texas area.
We believe that the current choke management program will result in a higher estimated ultimate recovery (EUR) per well than
our initial choke program.
We have a major cost reduction and efficiency program underway and are beginning
to see significant improvements in capital efficiency. Our DeSoto Parish well costs in the fourth quarter 2011 were approximately
$9.3 to $9.5 million per well. With the changes implemented to date, our current estimated well cost in the DeSoto Parish
area is $8.5 million, approximately $1.0 million or 10% less than actual costs at year end 2011. We are expecting to realize
additional improvements in capital efficiency during 2012 and are targeting $8.0 million per well by year end 2012. We completed
a significant spacing test in our Shelby Area of East Texas in the first quarter 2012 to fully develop the Haynesville and
Bossier shales across two units. EXCO and an offset operator drilled 14 new horizontal
wells and one vertical monitor well to test and properly evaluate the Haynesville/Bossier shale well spacing to assess the
proper development strategy. All wells were turned to sales late in the first quarter 2011 and were completed on schedule.
The peak production rate for the project was 215 Mmcf per day gross with flowing casing pressures of 9,085 psi on average
with a restricted choke program. Our plans are to evaluate the performance of this spacing pilot before proceeding with additional
development in the East Texas area. By enhancing our understanding of reservoir performance, we plan to maximize the EUR from
our drilling and completion programs.
Plains Exploration (PXP) - Plains Exploration & Production PXP Haynesville Shale Update - In the Haynesville Shale, first-quarter
daily sales volumes averaged 173.5 million cubic feet equivalent (MMcfe) per day net to PXP compared to first-quarter 2011
average daily sales volumes of 161.9 MMcfe per day net to PXP and fourth-quarter 2011 average daily sales volumes of 199.8
MMcfe per day net to PXP. The recent sales volume decline reflects operator driven production curtailments, shut-ins and reduced
drilling activity. At the end of April, PXP's primary operator was operating 6 rigs, down considerably from 21 last reported
in November 2011. The rate of decline in sales volumes is expected to slow and flatten out between
145 - 155 MMcfe per day net to PXP during the second quarter.
Comstock Resources CRK - Comstock Resources (CRK) is drills both Haynesville Shale & Bossier shale wells. In the East Texas/North Louisiana region, Comstock drilled 64 wells (28.3 net) during 2011, sixty-two of which were Haynesville
or Bossier shale horizontal wells. During 2011, Comstock
completed 84 (42.3 net) Haynesville or Bossier shale horizontal
wells, including 33 wells (22.2 net) that were drilled in 2010. Wells drilled and completed in 2011 were put on production
at an average per well initial production rate of 10.7 MMcfe per day. As of December 31, 2011,
Comstock had 14 (9.8 net) Haynesville or Bossier
horizontal wells waiting on completion.
Cabot Oil & Gas COG - Cabot Oil & Gas (COG) is active in the Haynesville Shale - At the Haynesville area, Cabot
has signed two deals with industry peers that provide the Company with a carried interest in the initial well for 24 units.
In the third deal, Cabot has elected to sell several non-operated units producing 4 Mmcf
per day. This deal is signed and under the normal due diligence evaluation. Closing is scheduled for early May with approximately
$50 to $55 million in proceeds expected from all these transactions.
SM Energy (SM) - SM Energy (SM) comments on the Haynesville
Shale in 2011 - As gas prices deteriorated in recent months, SM Energy has made the decision to scale back its operated program
in the Haynesville by removing four of the wells the Company had previously planned to drill in 2012. As a result of the reduced
2012 drilling activity in the Haynesville, SM Energy has reduced the capital allocated for this program to $35 million to
$40 million. After the completion of the currently planned drilling, SM Energy will have approximately 80% of its operated
Haynesville shale acreage held by production.
Comstock Resources CRK - In the East
Texas/North Louisiana region, Comstock has
drilled 15 wells (6.9 net) in the first quarter of 2011, all of which were Haynesville or Bossier shale wells. During 2011's first quarter, Comstock has
completed 13 operated and 8 non-operated Haynesville or Bossier shale wells which have been put on production at an average per well initial production
rate of 11.2 MMcfe per day.
Goodrich Petroleum (GDP) - Goodrich Petroleum (GDP) updates the Haynesville Shale and East Taxes properties - The Company participated in three completions
in the quarter of small non-operated interest wells, the McEachern 9H-1 (6% WI), Cason 24H-1
(3% WI) and Frazier-Federal 1H (5% WI), with an average peak 24-hour initial production rate of 14,438 Mcf per day.
PetroQuest Energy (PQ) - PetroQuest Energy (PQ) Cotton Valley/Haynesville Shale Update - In East Texas, the Company's
second Classic operated horizontal Cotton Valley well (NRI-20%) was recently completed and
achieved an initial 24 hour gross daily production rate of approximately 3,800 Mcf of gas and 250 barrels of liquids. This
initial rate was curtailed on a 28/64th inch choke to prevent this well from shutting-in existing production in the area.
Once additional gathering facilities are in place during the third quarter, the Company expects line pressures to be reduced
and field production will be restored. The Company recently spud its third Classic operated horizontal Cotton
Valley well (WI-29%) and the Company's first Chevron operated horizontal Cotton Valley
well (WI-50%) has reached total depth. Additionally, the Company's first operated horizontal Cotton
Valley well (WI-50%) is nearing total depth and the Company expects completion activities on these wells will commence
during the summer.
GMX Resources (GMXR) - GMX Resources (GMXR) Haynesville Shale, East Texas Oiul - Production for third quarter of 2011 was 6.1 Bcfe, an
increase of 32% over the 4.7 Bcfe of production in the third quarter of 2010. The Company completed one Haynesville/Bossier
("H/B") Hz well during the third quarter of 2011.
Production increased by 54% to 18.7 Bcfe in the
first nine months of 2011 compared to 12.2 Bcfe in the first nine months of 2010.
In the current natural gas
commodity price environment, the Company has elected to temporarily suspend its H/B Hz drilling until natural gas prices and/or
completed well costs support more economical development. The Company completed its eighth and final 2011 H/B Hz well in the
third quarter of 2011. Completed well costs in the H/B for third quarter of 2011 were approximately $8.6 million, which is
unchanged from the second quarter of 2011.
The Company's full year production guidance is expected to be in
a range of 23.2 Bcfe to 24.0 Bcfe, with the midpoint of 23.6 Bcfe representing an increase of 35% from the 17.5 Bcfe in production
for 2010.
The Company is currently conducting a 3D seismic shoot ("Crossroads") of 33 square miles,
covering almost all of the Company's contiguous operated acreage in Harrison County, Texas, to aid in a more complete assessment
of several oil targets and proven natural gas developments. The Crossroads shoot is expected to be completed in the fourth
quarter of 2011. Our remaining 2011 drilling capital expenditure budget on oil development in the Bakken, Niobrara and other East Texas oil targets.
Cubic Energy (QBC) - Our corporate strategy with respect to our asset acquisition and development efforts was to position the
Company in a low risk opportunity while building main stream high yield reserves. The acquisition of our Cotton Valley acreage
in DeSoto and Caddo Parishes, Louisiana, put us in a reservoir rich environment both in the Cotton Valley and Bossier/Haynesville
Shale formations, and gives us the potential to discover additional commercial horizons that can add value to the bottom line.
We have had success on our acreage with wells drilled by achieving production from not only the Cotton Valley and Bossier/Haynesville
Shale formations, but also the Hosston formations.
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