docFinder alert PLS PLS
Week of September 10, 2012Volume 2, No. 31

Plays On Our Radar

Extensions, Emerging Plays, Growth and Exploration


Kansas Mississippian

Extension is working

September 5, 2012


Full Presentation



Eagle Ford Fairway

Much more than just a shale

August 27, 2012


Full Presentation


This  docFinder Alert highlights select plays on our radar screens.

As PLS reported in this Market Alert back in April, a time in which much of the larger leasing game was over, an interview with Tug Hill's CEO Michael Radler suggested the south Kansas extension area of the Mississippian Lime play was potentially in many ways equal to or better than the core established in northern Oklahoma.  Kansas drlling results are now streaming in with SandRidge Energy reporting 46 Kansas wells with 30 day production rates averaging 317 boepd and projected EURS of 300-500 Mboe.  This is on par with the initial core of the play.  SandRidge's best Kansas well to date has a 24-hour rate of 599 boepd (98% oil) and has established commercial production 160 miles northwest of Grant County, Oklahoma.  As the slide above shows, in Kansas, SandRidge has 8 rigs running, followed by Shell (3), Encana (2), Tug Hill (1), Apache (1) and Others (8).  Slide above also shows the acreage positions of these players.

In the Eagle Ford, operators are actively exploiting much more than just the Eagle Ford shale.  Slide above is from Matador Resources and shows a multi-pay fairway with additional pays targeting the Austin Chalk, the Buda and the Pearsall shale.  This strat column shows the legacy vertical conventional plus the new unconventional zones - including the newly named "Chalkleford" - Eagle Ford and Austin Chalk transition zone.  Geologically, the area shows a petroleum charge focus towards Glasscock Ranch and this map identifies multiple petroleum systems in the area.  As another example that the Eagle Ford is more than just a great shale source rock, this Crimson Exploration map shows multiple horizontal pays including the Buda, Georgetown, Woodbine.


More HOT slides and data below. 

PLS highlights more resource plays below which are also hitting radars.  Cabot Oil and Gas is zeroing in on the Marmaton Lime in the north Texas and Oklahoma panhandle region with two rigs running.  One well paid out in less than 3 months.   Apache is in full development mode drilling vertically in Glasscock County, west Texas and has grown production to 21,000 boepd in just 21 months.  Breitburn Energy Partners and others are hunting the Utica Collingwood and A1 Carbonate play in Michigan.  Bill Barrett Corp. and others are in the early stages of evaluating the Gallup sand for oil in the San Juan basin.

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    featured.slides from docFinder

    Slide Slide Slide Slide

    N. TX / OK. Panhandle

    Marmaton - Penn Lime

    September 6, 2012

    Permian Vertical

    Glasscock County

    September 5, 2012


    Michigan Plays

    Utica Collingwood Plus

    August 25, 2012


    San Juan Basin

    Gallup formation: Oil

    August 15, 2012


    Cabot Oil and Gas is zeroing in on the Pennsylvanian-aged Marmaton fractured lime as a core oil play and has 2 rigs running. Located in the north Texas/OK Panhandle, COG currently holds 69,600 acres.  Of its last five completions, the highlight is a well that paid out in less than 3 months and IP'd at 2,367 boepd (85% oil). The Marmaton is also core to Unit Corp. who has 2 rigs running with AFEs for extended laterals costing $4.2 MM and 30-day IP's yielding 960 boepd.  The area is also known for multi-pay potential as shown here by Forest Oil.


    The above slide is from Apache and exemplifies resource plays the old fashioned way -- vertically.  In just the past 21 months, Apache has grown production 700% to 21,000 boe/d (67% oil). Amazingly, the company still has another 5,900 vertical locations left to drill. The wells TD up to 11,000 feet and produce from the Wolfwood and Fusselman formations. Upside remains horizontally in the Wolfcamp, Cline and Atoka shales. This old slide put Deadwood on the radar in December 2009 (from Mariner Energy which Apache bought in April 2010 for $3.9 billion).


    Breitburn Energy Parnters is monitoring Devon's and Encana's activity in Michigan's Utica Collingwood plays where recent tests are positive. Here, Breitburn has 130,000 acres (85% HBP and primarily in the wet gas window). Also, Breitburn is monitoring Devon's and Atlas Energy's tests in the A1-Carbonate play where it holds over 75,000 prospective acres. Michigan hit the radar back in January as it was 1 of 5 new venture areas that Devon struck in a $2.2 billion JV with Sinopec. At the time, Devon stated unrisked resources of 2.3 Bboe on 360,000 acres.


    Bill Barrett Corp. identifies the naturally fractured Gallup formation in the San Juan basin as a key oil exploratory play.  BBG holds 36,000 acres and is just finishing 3D and plans an initial test well in Q4 2012.  Other industry efforts are also underway to evaluate the oil window to establish commercial viability.  EV Energy Partners had some success in the Gallup back in July 2010 drilling horizontally at depths of 7,000 feet.  This slide is from a 2006 study and shows the Gallup sandstone outcrop in NE New Mexico.


    Full Presentation

    Full Presentation

    Full Presentation

    Full Presentation

    featured.transactions from PLS global M&A database

    09/13/12Shell buys 18.4% Draugen field interest in Norway North Sea from BP$240 MM
    09/12/12Shell, Chevron, EnerVest buy Chesapeake Permian assets$3,300 MM
    09/07/12Shell sells 50% of Holstein field in GOM to Plains E&P$560 MM
    09/06/12BP sells select deepwater GOM assets to Plains E&P$5,550 MM

    Source: PLS M&A Database