Eagle Ford Oil Acquires Working Interest in Bayou Choctaw
16 Agosto 2011 - 4:06PM
Eagle Ford Oil & Gas Corp. (OTCBB:ECCE) (the "Company")
announced that today acquired 1.5% Working Interest in the Bayou
Choctaw Project.
The Bayou Choctaw Project ("Bayou Choctaw") involves working
interests in approximately 1,500 acres of leases in the Bayou
Choctaw Field ("Bayou Choctaw"), located 13 miles southwest of
Baton Rouge, Louisiana in West Baton Rouge and Iberville Parishes,
Louisiana. The field is a salt dome structure that has radial
trapping faults. The field was discovered by Exxon in 1931 and, to
date, a total of 373 wells have produced over 30 million barrels of
oil and 30 Bcf of natural gas. The majority of oil production was
from sands that range in depth from 2,000 to 9,000 ft. and are
located near the flanks of the dome. The age of these sands is
Miocene to Oligocene. The majority of production to date has come
from the Cib Haz formation.
Bayou Choctaw is believed to be an example of the additional
development opportunities remaining in a number of salt dome
structures onshore Louisiana. The vast majority of the drilling in
the Bayou Choctaw Field and surrounding domes occurred during the
time period from the 1930s through the 1980s. The prevalent seismic
data gathering technologies during this time frame was single fold
data acquisition which upgraded to multifold data acquisition in
the 1970s. The use of 3D seismic data did not become prevalent in
the onshore Gulf Coast area until the mid-1990s with transition
zone shoots in Louisiana beginning in the second half of the 1990s.
Re-processing of high-quality 3D seismic data with the latest
generation of algorithms and the following geophysical analysis of
the reprocessed seismic data and correlation to other available
geological and analogous well production has resulted in an
improved sub-surface view of the configuration and size of the salt
formation.
On the basis of extensive geological, geophysical and
engineering evaluations of these leases, including review of
reprocessed 3-D seismic data, an initial six (6) well bores of
currently shut-in oil wells, suitable for immediate workover and
recompletion operations, were identified for workover /
recompletion operations with an additional 18 shut-in wells
identified for further engineering potential workover /
recompletion operations. To date, the initial six (6) wells
have been reworked / recompleted with production restored on four
(4) wells with two (2) wells in the final stage of workover and
testing procedures. Another well has been converted to a salt
water disposal well to optimize field operating cost
efficiencies. Ongoing engineering and geological / geophysical
study is underway to prioritize additional well workovers in the
field.
In addition, the Bayou Choctaw development program provides for
the drilling of four (4) wells to approximately 9,500 feet, with
the primary objective of completion in the Upper Bol Mex geological
formation and secondary objectives of the Lower Bol Mex, Marg Tex,
C-29 and Cib Haz formations. One (1) well has been drilled,
logged and is awaiting completion in the Cib Haz formation for
initial production operations. A second well was begun as a
side-track from an existing well bore with operations currently
suspended pending additional engineering assessment of further
drilling expected to be carried out by year end, 2011. A third well
was spud August 3, 2011 with formation objectives of the Cib Haz,
Upper Bol Mex and Lower Bol Mex. Drilling operations are
currently on schedule. The fourth well is expected to be drilled
during the fourth calendar quarter, 2011. Up to three (3)
additional wells may be drilled in the future in order to produce
concurrently from multiple zones and accelerate cash flow.
The oil we produce is light sweet Louisiana crude which is
currently being sold at a premium to published WTI pricing.
Northwind Oil & Gas, LLC, a wholly-owned subsidiary of Houston,
Texas based Northwind Energy Partners, LLC ("Northwind"), is the
operator of Bayou Choctaw.
Management
Comments
Mr. Paul Williams, the Chief Executive Officer of Eagle Ford Oil
and Gas, said, "The acquisition of the working interest and
strategic alliance with Northwind Energy and the subsequent ability
to develop the field will provide Eagle Ford the ability to grow
our company and achieve sustainable profitability. The
properties, as well as the prospects, will provide our company with
much of the needed cash flow to achieve our goals." Mr. Williams
went on to say: "This acquisition provides a solid foundation to
grow the Company and build shareholder value through both drilling
and additional acquisitions."
Forward Looking Statements
The information may include forward-looking statements, which
are subject to known and unknown risks and uncertainties that could
cause actual results to differ materially. We refer you to the
discussion of risk factors that could affect future operating or
financial performance in our most recent prospectus and Form 10-K
at December 31, 2010, 10-Q at March 31, 2011 and other SEC
Filings. In addition, the Company intends to file reports on
Form 8-k as to the acquisition and Sandstone's financial
information in accordance with SEC requirements.
CONTACT: Brad Holmes
(713)304-6962
b_holmes@att.net
Grafico Azioni Eagle Ford Oil and Gas (CE) (USOTC:ECCE)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni Eagle Ford Oil and Gas (CE) (USOTC:ECCE)
Storico
Da Ott 2023 a Ott 2024