Common Resources Haynesville Shale Well in East Texas Tops 20 MMcfd (10/26/2009)
Cabot made the following statement in today's press release:
"In east Texas, Cabot confirmed that the Company and its partners are flow testing its first horizontal Haynesville shale well. The well is hooked up to sales flowing back at this point, at approximately 21.0 Mmcf per day with a flowing casing pressure of 7,800 psi, after 11 days in line. Dinges added, "We anticipate that the well will improve further as it continues to clean up frac fluid." The well is operated by Common Resources, and Cabot is a 42 percent working interest partner.
"Our recent success affords us the opportunity to increase our production guidance for the fourth quarter making the previous high end of guidance the low point and establishing a new high level for the range," commented Dinges. "Additionally, we have also raised our capital program to cover the potential results from a more extensive leasing effort in Marcellus." The new investment program is $580 million, which will only be spent depending on leasing success."
"In east Texas, Cabot confirmed that the Company and its partners are flow testing its first horizontal Haynesville shale well. The well is hooked up to sales flowing back at this point, at approximately 21.0 Mmcf per day with a flowing casing pressure of 7,800 psi, after 11 days in line. Dinges added, "We anticipate that the well will improve further as it continues to clean up frac fluid." The well is operated by Common Resources, and Cabot is a 42 percent working interest partner.
"Our recent success affords us the opportunity to increase our production guidance for the fourth quarter making the previous high end of guidance the low point and establishing a new high level for the range," commented Dinges. "Additionally, we have also raised our capital program to cover the potential results from a more extensive leasing effort in Marcellus." The new investment program is $580 million, which will only be spent depending on leasing success."
Views: 211
Replies to This Discussion
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landownerPermalink Reply by DJG on -
I read that to mean that they don't have surrounding leases locked up.
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Permalink Reply by jffree1 on
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Cabot is trying to hbp their PXP acreage. Land that was leased at $75 and 3/16. Lease extensions begin running out next spring (if not sooner).
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Permalink Reply by RBH on
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Jeffreel--are you referencing acreage in their "County Line" prospect area Shelby/San Augustine?
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I could not find what they got from PXP..know they acquired acres from Oxy in late 2006
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Permalink Reply by Cheerleader on
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They want to impress their investors and at the same time stay in a non-disclosure mode.
I think we all knew the KVG #3 was a great well. It could be a 20MMcfd also!!
Is the KVG #3 "shut in"?
Is this how they are avoiding reporting numbers??
Hopefully the mineral rights owners in SA County are aware of their environment and read this great web site. We need a major grass roots organization in SA County. Like in town hall meetings. Does anyone have any thoughts on this?
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Oh, and
PS
MOTHERLOAD PEOPLE OF SAN AUGUSTINE COUNTY UNITE!!!!!!!!!!!!!!!!!!!!!!!
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the KVG #3 is shown as producing--not shut in--but not a very good well:
Year-Month BBLS / month Cumulative BBLS MCF / month Cumulative MCF
2008-11 0 0 10,191 10,191
2008-12 0 0 7,768 17,959
2009-01 0 0 16,393 34,352
2009-02 0 0 13,942 48,294
2009-03 0 0 14,823 63,117
2009-04 0 0 8,201 71,318
2009-05 0 0 8,840 80,158
2009-06 0 0 6,472 86,630
2009-07 0 0 6,095 92,725
2009-08 0 0 5,199 97,924
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KVG #3 is reporting in the Bossierville (Bossier Shale) field on the proration schedule.
"not a very good well" is not the point to the exercise. This was a test to find out what was down there. They accomplished this and were apparently very pleased with the results. It was a vertical well and was a comparatively inexpensive way to find out if they were prospective for HA on that acreage. It sits between two dandy James Lime wells and I bet the mineral owners in that unit are tickled with whatever it is adding to the check every month. Not to mention that Cabot stated that they plan to drill a HA hz. offset from this well. So, I say it's all good.
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landownerPermalink Reply by intrepid on -
Cabot's stock is up 59% since 12/08, from $26.40 to today $42.05.
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jffree,
I listened to the conference call twice and took notes. CEO Dan was doing his best to avoid the KVG #3 but someone was to persistent.
Correct me if I did not hear this right, but I think he said they tested the Bossier, Haynesville Shale and Lime Shale and they all tested "well for gas". Then he went on to say they were considering going into the Bossier, but aren't they already there with the KVG #3 according to your post? Regardless, I think the reference, by CEO Dan, confirmed what we believed all along, that specific area is HOT!!!
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