crimson has some acreages south of the conoco and adi acreages in bee county
this press release a few hours back
South Texas - Eagle Ford Shale
Crimson and its partners are nearing completion of strategic plans for the pursuit of the Eagle Ford Shale in our Bee County acreage. We own a 40% working interest in approximately 2,800 acres in the area. Plans likely will include the commencement of a horizontal well during the fourth quarter of 2010. The probable location of this well, in what we have designated as our Pawnee prospect area, is between successful Eagle Ford wells drilled recently by Conoco Phillips to the north and northeast and Pioneer to the southwest.
In our Fashing area, approximately 16 miles to the north of our Pawnee area, and where we own an approximate 50% working interest in 1,500 gross HBP acres, leasing and drilling activity has increased dramatically. EOG has been active, drilling and permitting horizontal wells approximately two miles north of our leasehold, which is currently believed to be in the oil corridor of the Eagle Ford Shale Play.
We also own a 95% working interest in approximately 4,600 gross acres in southeast Zavala County where activity targeting the Eagle Ford Shale in the oil corridor of the play has increased. Petrohawk has announced the initial results on their Redhawk Prospect located approximately 17 miles WNW and Chesapeake has drilled to total depth on their initial horizontal well in Zavala County approximately 6 miles N of our leasehold. We are currently reviewing the area for potential late 2010 or early 2011 company operated drilling activity.
ADI Price at posting:
28.0¢ Sentiment: Buy Disclosure: Held
