Thursday, April 14th, 2016 and is filed under Uncategorized
Since the oil price downturn began in mid-2014, Eagle Natural Resources has acquired roughly 4,000 +- acres in the Permian Basin of West Texas and the Bend Arch region of North Central Texas. The majority of the leases have their own injection and/or salt water disposal wells and are held by production (HBP).
Eagle’s stable of producing properties features 80 to 100 BOPD of production from Gaines, Dawson, Archer, Wilbarger, and Foard Counties in Texas. Roughly 30+ wells produce from the following zones: Wolfcamp Reef, Strawn, San Andres, Dean, Sprayberry, Clear Fork, KMA, Caddo Lime, Mississippi, Granit Wash, Atoka Conglomerate, Gunsite, and Canyon Reef zones.
In total, Eagle’s asset portfolio currently includes the following as of 1Q16:
Extensive redevelopment initiatives are currently underway on certain properties, which are designed to increase production by 200-400%. Activities include:
Once the recompletion actives have been finished, a developmental PUD drilling plan will be implemented, pending favorable oil pricing.
With crude oil prices still below the $40 per barrel mark, Eagle will continue to aggressively expand our asset portfolio, targeting the acquisition of HBP’d oil producing properties with redevelopment and upside drilling potential.