The Oil Report, November 2, 2006
Posted by adam.dada on November 2nd, 2006
ROSEMONT, IL
By A.B. Dada
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Look like things are heating up in Texas as more U.S. companies work for oil extraction rights within the continental states. Morgan Creek Energy Corp has initiated the process of permitting a twin well for drilling on a key lease in central Texas, according to an article at OilOnline. Upon execution, this well would be the first to be drilled on the Company’s newly acquired leases in the region, which it has targeted as part of the Ouachita (Wash-A-Taw) gas trend. The company has another well dating back to pre-1923 on the same property, which drilled over 200 feet of natural gas. The new well will drill down to 3,600 feet where Morgan Creek Energy believes there are significant gas resources. Natural gas prices have more than doubled, leading more companies to try to discover more supply in the Texas region.
Also in Texas in the Midland region, we see more shale research going on. Robert Cluff of spoke at the Barnett Shale Symposium and talked about the opportunity to discover 800 trillion cubic feet of gas supply. Cluff said That’s enough gas to support thousands of wells to the crowd of 200 at the symposium.
Again in Texas, Knight Energy completed wells in Stephens County, also part of the Barnett Shale region.
Finishing off the Texas oil news is a report from Saxon Oil covering its October operations. Saxon is using a new completion technique called Radial Jet Drilling, which creates a larger drainage area for the flow of oil and gas. Saxon has leased 2000 acres in the Hudson Hills region in Central Texas.
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