great prices on adi atm.. keep it coming.. imho very much undervalued and those buying the volumes coming through are seeing the things i see in the future.. plenty of upside with more and more regional wells doing brilliantly
2 new permits from conoco into karnes county.. edith gray from a few weeks back and the new yanta cattle co permit
as i previously disclosed many weeks back, the murphy drees well was brilliant
the murphy drees wells are on trend and just to the east of the adi acreages.. the other murphy well mentioned is closer to the azz wells in mcmullen..
the murphy drees well in karnes and the recent pioneer well which is a good deal south and east of the adi acreages are very critical wells and completely reinforce the nature of the play in karnes county.. which imho is demonstrating some staggering results time and again.. and confirming the adi acreages are right in the heart of the best results seen thus far..
Murphy Oil - Eagle Ford Shale - First Quarter Of 2010 Update - Part One
Murphy Oil (MUR) reported earnings for the first quarter of 2010, and held a conference call to discuss the results. The company disclosed additional details on its acreage in the Eagle Ford Shale in Texas.
Murphy Oil (MUR) has accumulated more than 200,000 net acres across the oil and gas windows and has 2 rigs operating in the Eagle Ford Shale. The company has drilled 4 wells and reported the results of the Drees A-79 1-H and George Miles #1 well.
Drees A-79 1-H Well
In the oil trend our number Drees number one in Karnes County came in at 1462-barrels of oil a day plus 1.25 million cubic feet of gas and had a 30-day production average of 1264-barrels of oil and 1.1 million cubic feet of gas per day. Clearly, a very strong well, and one that sets us up for a nice development.
The oil well in the Carnes is a great well and today, I was looking this morning before I came in and it's flowing 860-barrels of oil and 770,000 cubic feet. So that's after almost 60 days, 58 days today of production, so a real strong well.
George Miles Well
The second well in this acreage block spud shortly. The other two drilled wells are situated in the gas trend and are in various stages of completion. The earlier reported well test at the George Miles number one well in McMullen County is producing at less than 1 million cubic feet a day.
Here (George Miles well) our frac treatment did not open up all of the zones we thought and we are re-looking at our options. We have just completed a previously drilled well Ash Number 1 purchased as part of an acreage drill that's in LaSalle County and clean up is just above 2 million cubic feet a day.
Our budget for the Eagle Ford this near had a nominal 10 million cubic feet a day and clearly we aim to improve on that. On the beauty of this particular play is the ability to ship focus between the oil to the gas parts as product prices dictate.Weve got $115 million in our budget for Eagle Ford spend.
you can see the massive differences in well results from karnes to mcmullen over and over again
this is the recent pioneer result well south of the adi trend
The Chesnutt Gas Unit #1 well, which is located in Karnes County, Texas, tested at an initial production rate of 15.6 million cubic feet of gas equivalent per day (including 14.1 million cubic feet of gas per day and 255 barrels of condensate per day) on a 24/64 inch choke with approximately 5,600 pounds per square inch wellhead flowing pressure. The liquids-rich gas contains 1,200 British thermal units per cubic foot. The well was drilled to a vertical depth of approximately 13,300 feet and completed in a 4,100-foot lateral section with a 12-stage fracture stimulation.
all imho and dyor
ADI Price at posting:
26.0¢ Sentiment: Buy Disclosure: Held
