We are hearing rumors that EOG is or has made plans to sell out their position in the Louisiana Chalk play due to poor results on initial test well and initial seismic result data from shoot. Does anyone have any verifiable information on this subject?
Thanks Rock Man
It was an ancient OGJ article from 1996.
“John Vering, UPR's vice-president of exploration and production services, said, "I'm guessing you could take maybe four, five, or six Giddings fields and fit them in along the trend from the Sabine River over to Baton Rouge, just in the area that has seen the activity thus far."”
Pie in the Sky, probably? But, it did take mankind over 2,500 years to fully appreciate Calculus. We don’t have that timeline, but as you say, “It’s all about the rock,” and LA apparently has a lot of it.
That article and 3 bucks won’t get you a venti.
Wasn’t meant for you!!! Might also be true for LA AC?
EOG Demonstrates How It's Done In The Shale Patch (If You Have The Right Acreage)
Does anyone have any updated information on EOG and their position in the Chalk?
They supposedly had their acreage on the west side of the Atchafayala up for sale and were keeping the acreage on the east side. With the clock running on leases I would be drilling wells if I liked what I had to hold acreage and prove the trend economic. The silence is deafening.
EOG has no live, un-drilled well permits.
I do not think EOG is going to drill until the price of oil is in the $80 range. We may see a slight price increase in WTI (and other grades) due to OPEC restraints. It remains to be seen if the OPEC (read that Russians and Saudi's actually cut production). If they do then maybe the price will rise but It is not going to rise with the current glut on the market. At least lease money is something, not much but makes a good Christmas once in a while.