has it bottomed?, page-26

75 permits and still a lot more to filter through

although the aussie market views the txn efs asset as practically worthless. and plenty of investors on this forum back that up constantly.. what others whom area actually in the play think of it as "one of the best unconventional resource plays in the world"

but its important to note the efs is outperforming the bakken

Surging Eagle Ford Oil To Outproduce Bakken - 5 Top Companies To Consider


June 28, 2012 | 12 comments | includes: CHK, COP, EOG, MRO, NFX

Monday, the U.S. Government released its first official forecast on "tight oil" (see Reuters article here). Surprisingly, the report shows the Eagle Ford in Texas will likely out produce the Bakken within a few months. According to the release Eagle Ford oil production was 520,000 bpd in April 2012 while the Bakken's was 542,000 bpd.

Surprised? I was. But, consider: Marathon CEO Clarence Cazalot and others think the Eagle Ford is one of the best unconventional resource plays in the world. The surge in Eagle Ford Oil is especially astounding when one sees that prior to 2010 Eagle Ford production was practically nonexistent (see chart).

The release goes on to say that tight oil production from the Bakken, Eagle Ford, Permian Basin, and others now account for 12.5% of U.S. production, production which is - after decades of decline in the U.S. - now steadily rising.

Covering over 20,000 square miles the Eagle Ford boasts some 3 billion estimated recoverable barrels of liquids (oil, natural gas liquids, and condensate). Lying 4000 to 14,000 feet below the surface the formation arches across south Texas from the Mexican border to just north of Houston.

The formation has 3 sections or "windows." To the north is the oil window, directly south of that is the "wet gas" window - high in natural gas liquids and condensates, and further south, the dry gas window


http://seekingalpha.com/article/689291-surging-eagle-ford-oil-to-outproduce-bakken-5-top-companies-to-consider



my view remains fairly practical

1. if txn cant sell this efs asset, then no oilfields could be sold in the US as this asset is the best one can offer

2/ nothing changed in mcmullen county where the txn acres are, infact activity and permits and pipelines are increasing

4/ AUT just paid $67,000 per acre for the sugarkane efs

5/ Prime asset -7,196 WI acres of Eagle Ford Shale (59mmboe working interest estimated resource potential). is that worth $11,500 per acre? absolutely not with the PUD in place and the producing wells on it.. and two most recent wells are a guide to Eagle Ford productivity in Texon leases. Estimated ultimate recoveries per well from our two most recent wells are 550-600 mboe/well on 80 acre spacing.

6/ Texon are also testing the austin chalks in a few weeks, and are developing a potentially large olmos field.. with a planned 9 July 2012 re-frac of the Hoskins #1 Olmos well if commercially successful could lead to a 30 well Olmos drilling program with 3MMBOE potential.

i am not sure if the .43 buying i have been doing was like takign candy from a baby or not, but my research tells me that everything points to a significant re-rating of texon very soon imho

good luck to all holders