Exco Conference Call - Two Interesting Quotes (11/4/09)

I thought the following two comments were particularly interesting for different reasons.

"Eric Anderson - Hartford Financial

Similar, okay. And one question on if you guys had any comments on the news that (Devon) announced in terms of their record well in St. Augustine (County)?

Douglas H. Miller

Yeah. We did have some comments we wish we owned it (laughter).

Harold L. Hickey

We saw it. We know Crimson very well. Oak Tree is our largest shareholder and we were with them. We're not sure if it was a shale or a lime well. It's deeper, and I know Oak Tree is jumping for joy so we're rooting for them. We don't have any acreage down there, but we're rooting for them."



"Brian Singer – Goldman Sachs

And can you characterize what is available in terms of call it high quality DeSoto acreage versus maybe acreage moving to the north where there may be more questions or it may not necessarily be as core?

Douglas H. Miller

Most acreage is leased or held by production so what we're seeing is trades, we're seeing larger companies that might want to do a trade, and we're seeing small private companies that John knows or has known. We've been over there for 10 years so some of the private companies that might have 500 or 1,000 acres — I mean we've leased acreage 40 acres at a time in some of the units so every acre is valuable over there. It's ranged from 6,000 an acre to 15,000 an acre and the more we pay the more aggressive we're going to be as far as drilling. But I'd say John's got wide open in DeSoto Parish. Anything outside of DeSoto's Parish he has to come in and get Steve's permission."

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Replies to This Discussion

Permalink Reply by Les Bamburg on November 4, 2009 at 15:37
Even though I work for a great company now, I would love to work for Exco Resources.
Permalink Reply by Bobi Carr ("parker") on November 4, 2009 at 15:45
What do you think about the size of their interpretation of the Bossier?
Permalink Reply by Les Bamburg on November 4, 2009 at 15:55
Parker, I think it is early days for Exco so they are still trying to define the "economic" outline for the Bossier Shale. The industry will definitely be gathering a lot more info in 2010 including more horizontal wells to better test the Bossier Shale. This may be like hitting the Daily Double for some regions.
Permalink Reply by Bobi Carr ("parker") on November 4, 2009 at 15:57
I would have thought that they would define it smaller as CHK has, so that they could lease property easier, but I'm not trying to sell stock.
Permalink Reply by Les Bamburg on November 4, 2009 at 16:05
Parker, well basically it is similar in size on their rough map to the Haynesville Shale so probably not much bargain acreage to be had. A lot of the deals they are after are swaps or acquisitions from other smaller operators.
Permalink Reply by Bobi Carr ("parker") on November 4, 2009 at 16:18
It looked like the outer circle to me. I'll have to go back and look at it.

THANKS
Permalink Reply by Bobi Carr ("parker") on November 4, 2009 at 16:39
The outer circle was prospective for Bossier Sands.

Not the consistent nature of Shale. Hit and Miss like the Cotton Valley wells.
Permalink Reply by Les Bamburg on November 4, 2009 at 17:34
Parker, absolutely correct!!!
Permalink Reply by w.r. frank on November 4, 2009 at 17:49
Hi Parker,

Welcome back!

Blobs are, in fact, just blobs.

We are in March 2008 time frame for the Mid-Bossier. See ECA's 18.5 mmcfd. potential Sonris filing on Colbert Lands #2. With Colbert, we have three published data points: CRK's 12 mmcfd BSMC 7#2 and CHK's 9.4 mmcfd Blackstone 26H.

On the whole, these three wells--18.5, 12 and 9.4 mmcfd. IP beat the hell out of the March 2008 early HA. wells. YEAH!!!
Permalink Reply by SLW on November 5, 2009 at 3:38
Is the Colbert Lands #2 A Bossier shale well? With a depth 700' deeper than the #1 I would think #1 is Bossier and #2 is Haynesville.
Permalink Reply by Les Bamburg on November 5, 2009 at 3:57
WR, I do think the following is EnCana's Mid-Bossier Shale well.

EnCana, Colbert Lands 16 #H1 Well, Serial #238108, S16-T13N-R9W, Red River Parish, 4252 Mcfd, 11/64" Choke, 7200 psi Flowing Pressure
Permalink Reply by Spring Branch,mineral owner on November 4, 2009 at 21:25
Parker, virtually all the acreage that is Bossier prospective is already leased.

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