By September 8, 2017 0 Comments Read More →

EOG makes a play in oil-rich Austin Chalk

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EOG Resources has quietly leased more than 130,000 acres in Avoyelles, St. Landry and Pointe Coupee parishes and has begun fracking its first well in the Louisiana section of the oil-rich Austin Chalk.

The formation stretches around 600 miles from the Mexico border through Texas and across the middle of Louisiana. But it has been 20 years since the Louisiana piece of the formation has seen much in the way of leasing activity. EOG’s first well, in Avoyelles Parish, was drilled 16,700 feet deep with a horizontal section a little over 5,000 feet long.

Rumors are already running rampant about how many wells the company plans to drill and how much the first well is producing — something that happened even before the well was drilled, said Kirk Barrell, president of New Orleans-based Amelia Resources. But it will be weeks before the initial production numbers are available and months before EOG is comfortable with the wells’ decline curve, the method oil producers use to estimate reserves and predict production…

 

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