Natural Gas and Oil Booming in Texas With Revived Granite Wash Field and New Eagle Ford Shale

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1. BusinessWeek – A half-century-old Texas field may become one of the most profitable U.S. natural-gas developments after new horizontal drilling techniques tapped liquid fuel deposits.

Apache Corp. and Forest Oil Corp. are among producers using horizontal drilling in so-called tight-sand formations thousands of feet below conventional oil and gas reservoirs in Granite Wash, a Texas Panhandle field where output began in 1954. Some wells are yielding daily production of more than 1,000 barrels of gas liquids or oil

The Eagle Ford Shale in South Texas is getting a lot of buzz.

Some things being said about Eagle Ford:
* 50 drilling rigs should allow production to grow to nearly 40,000 barrels of oil per day within the next 24 months. That’s roughly $1 billion worth of oil per year at current prices.
* Eagle Ford to yield more than $2 billion in oil and gas by 2013 and to increase steadily for at least 20 years. These numbers mean Eagle Ford will probably produce hundreds of billions worth of oil and gas over the next 30-40 years.
* On April 7, EOG Resources announced drilling results from 16 test wells drilled across a 120-mile trend. Based on the initial results and a core analysis, EOG believes it will produce 900 million barrels of crude from these wells over the next decade.

Wall Street Journal – EOG Resources Inc. (EOG) Chief Executive Mark Papa said that oil output from rock formations known as shales will change the face of oil production in the U.S. Eagle Ford is one of the largest discoveries in the U.S. of the last 40 years.

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