Austin strikes oil on sixth consecutive Eagle Ford well in Texas

Austin Exploration has announced that its Seaducer #1H well at Burleson County, Texas has been drilled to a total depth of 16 022 ft, with a 6934 ft lateral leg, and has recorded an initial daily production rate of 960 boe/d with approximately 90% liquids content.

Sixth well in Eagle Ford

The Seaducer #1H well is the sixth production well at Austin’s Birch Eagle Ford project, and is being operated through the inclusion of the company’s acreage in its farm-out program in Texas.

Austin’s Chief Executive Officer, Dr Mark Hart, said “Six from six really is an excellent outcome for the Company and its shareholders. The Eagle Ford Shale has the lowest production costs of any non-conventional oil basin in the United States and remains economic in this current low oil price environment.

“At US$90/bbl the company had been preparing to significantly ramp-up drilling operations in 2014/2015. In response to the drop in the oil price the company has halted any major expenditures. We have stripped out more than a million dollars in overheads including significant company wide salary reductions. Fortunately the company has no debt, and with the austerity measures the company has put in place, the company is now positioning itself to survive this downturn in oil prices”, Dr Hart said.

Austin’s COO, Guy Goudy, said, “I am pleased to see another success at our Burleson County project. The Burleson County oil and gas production is a vital source of cash-flow for the company and will continue to assist in covering the company’s overhead expenses during this volatile period for the oil and gas industry.”

Adapted from press release by Cecilia Rehn

Published on 13/01/2015

Get your FREE Oilfield Technology magazine »

Get your FREE trial of Hydrocarbon Engineering magazine »

Get your FREE trial of World Pipelines magazine »


Related articles

2015 will be a tough year for oil companies

Rystad Energy analysts predict 2015 will be extraordinarily tough for oil companies.

Tangiers Petroleum's Alaska move teams it with Eagle Ford pioneer

Tangiers Petroleum is changing its name to reflect is change in strategic direction to Alaska from northern Africa.

SM Energy announces plan to exit mid-continent

SM Energy Company announced today that it is beginning a process to sell its assets in areas of Oklahoma, East Texas and Northern Louisiana.

Severe winter weather impacts Pioneer Natural Resources’ West Texas ops

Severe winter weather has impacted production and drilling operations in in the Spraberry/Wolfcamp area.

Recommend magazines

  Oilfield Technology