Small-player Crescent Pass makes Eagle Ford grab
Houston-based Crescent Pass Energy said September 29 that it acquired acreage in the Eagle Ford shale basin in Texas, where production is expected to be split evenly between oil and gas.
The company bought the acreage From Tulsa-based Armor Energy, but offered no disclosure on the value of the transaction other than to say it has spent roughly $85mn so far this year on new assets.
Crescent Pass said the buy increases its footprint to 974 operated wells with net production of 6,400 barrels of oil equivalent/day, split evenly between oil and natural gas.
A drilling productivity report from the US federal government, published September 12, estimates Eagle Ford oil production will finish the month at around 1.05mn barrels/d, making it the third-largest oil producer behind the Bakken formation and the Permian basin.
Gas production is forecast to yield around 6bn ft³/d, making Eagle Ford the fourth-largest gas producer among the seven major US shale formations.