Friday, February 29, 2008

EOG Resources announces 4 new oil plays

EOG Resourcse has about 600,000 acres in these four new plays which estimated combined reserve potential of 1.2 to nearly 1.6 billion BOE

Barnett Shale Oil Play: After drilling 8 horizontal oil wells in the Fort Worth Basin they see reserve potential of 225 to 460 million BOE here on their acreage across three counties. First significant production will come in 2009 (part of the reason for the upped oil guidance.

North Park Basin, Colorado - Horizontal Oil Play - they see 10-80 million BOE reserve potential here (again, we're talking oil and 2009 when this impacts numbers). "This could be as big as their Bakken oil play of North Dakota"

British Columbia - Horn River Basin - Shale Gas Play Analogous To The Barnett. Drilled 3 horizontal gas wells with encouraging results so far. No economics given, just some IP's in the 3 to 5,000 Mcfepd range. Esimated reserve potential of 6 Tcfe here which is pretty stunning given: 1) their normal predisposition towards conservatism and 2) the early nature of the play - they must really like what they see here.

Jefferson Davis County, TX - Mississippi Chalk Play where they see 200 Bcf of reserve potential having drilled 3 horizontal wells to date.

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