Exploration & Production Update (SM, HK, APC, EOG)
Pritchard Capital Partners announced the well results for Petrohawk Energy Corp (NYSE: HK), Saint Mary Land & Exploration (NYSE: SM), Anadarko Petroleum Corp (NYSE: APC) and EOG Resources (NYSE: EOG). “To date, the best wet and dry gas wells are located in central McMullen and La Salle counties where HK has been drilling,” the analysts mention.
The analysts say, “The oil well results from EOG are still preliminary. In some cases, production seems to drop quickly (like in Atascosa County). In other cases, it does not appear to decline as rapidly (as in Gonzales and Karnes counties). To date, southern Gonzales and northern Karnes counties appear to be the oil play's future core.”
Pritchard Capital Partners adds, “PXD announced the Handy #1 and Chessnutt #1 in Karnes County IP'd at 19.9 and 15.6 MMcfe/d. MUR reported the Dress A-79 1H in Karnes County IP'd at 1,452 Bo/d and 1.1 MMcf/d. HK announced the Lanik #1 in DeWitt County had a restricted rate of 930 Bc/d and 3.3 MMcf/d. COP reported a well in the Live Oak/Dewitt/Karnes area had an IP of 1,200 bbls and 3.8 MMcf/d.”
