EOG Reports 2008 Results

Attached is EOG results and operational highlights. Of particular interest are the results from two Haynesville Shale wells in De Soto Parish.

"Testing the Haynesville Shale in North Louisiana, EOG drilled two horizontal wells on
its acreage during 2008. The Martin Timber #2H tested at a rate of 17.4 million cubic feet per day (MMcfd), gross with 4,700 psi flowing tubing pressure. The Bedsole 27#1H tested at a rate of 17.5 MMcfd, gross with 7,400 psi flowing tubing pressure. EOG has 100 and 57 percent working interest in the wells, respectively. Due to pipeline limitations, the wells are currently producing at a combined restricted rate of 17 MMcfd until additional infrastructure is in place. EOG has estimated net reserve potential of 3 to 4 trillion cubic feet of natural gas on its 116,000 net acres and expects to drill 14 Haynesville wells in 2009."

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Permalink Reply by Ms.Dragonslaya on February 20, 2009 at 12:15
who is EOG???
Permalink Reply by Snake Stewart on February 20, 2009 at 12:37
Permalink Reply by Les Bamburg on February 20, 2009 at 13:15
Deb, originally they were the E&P arm of Enron (Enron O&G) but were spun off into a separate independent company long before the collapse as part of Skilling's hard asset purge. They are a large independent with a lot of experience in shale gas.
Permalink Reply by Jay Murrell on February 20, 2009 at 13:13
IMHO this company should be AVOIDED AT ALL COST. Unless, of course, you can nail Jello to the wall.
Permalink Reply by Skip Peel - Mineral Consultant on February 20, 2009 at 13:48
As of Oct. 2008 only three E&P companies had 500 plus API horizontal completions recorded for the year. Chesapeake - 922. Devon - 622. EOG - 549. This is not an endorsement of EOG. Jay M. could you provide some additional and more specific information regarding EOG?
Permalink Reply by Jay Murrell on February 20, 2009 at 16:18
In my experience, EOG does not abide by its contractual agreements.

You might also check with mineral owners in the Spider Field in DeSoto Parish and see how long it has taken some of them to get paid for production from wells that EOG operates.

That's all I'll say.
Permalink Reply by Jay Murrell on February 20, 2009 at 16:29
In my experience, they are very competent with regard to drilling and completion operations....that's exactly HALF of what's important to people that do business with any E&P company.
Permalink Reply by BirdDawg, plain ole' idiot on February 21, 2009 at 6:05
Jay,
But I think it is the BIG HALF. And they can not keep from paying the royalty owners.
Give me a company that has experience drilling a horizontal shale well any day.
Permalink Reply by Jay Murrell on February 21, 2009 at 6:59
That depends on what it costs you to get them do do what they agreed to do.
Permalink Reply by ALongview on February 20, 2009 at 15:43
This is a well run company that is operating in a responsible way with the economic challenges that we are facing. A rare bird these days. Simple as that. If you want to rail at a company pick a bank, any bank, but not this company! I am a shareholder and have done my due diligence.
Permalink Reply by Jay Murrell on February 20, 2009 at 16:30
I am not railing. I am merely speaking from my own experience. BTW, now might be a good time to buy JP Morgan, or Wells Fargo.
Permalink Reply by Jay Murrell on February 20, 2009 at 16:50
I'm not saying don't buy the stock. I understand they are well managed and, as far as I know, they are as good an investment as any other in their class.

I'm just saying that I would not advise anybody to enter into a contractual agreement with them, because, in my experience, they do not abide by the terms of agreements to which they are a party.

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