Mary's operations in the Cotton Valley and the James Lime are both managed by the ArkLaTex
region in Shreveport, Louisiana.
Bright Horizon Resources is a newly formed E&P company that will pursue oil and natural gas opportunities in the Mid-Continent and ArkLaTex
EP Energy also entered into an agreement for the sale of its legacy Arklatex
Cotton Valley natural gas properties and conventional South Louisiana Wilcox oil and gas properties further concentrating its asset base within its current core operating areas.
Positive flu tests have been recorded this week at HealthCARE Express in the Arklatex
, confirming the virus has arrived in our area.
In June, with the subsequent increase in oil prices, we were able to reinvest these proceeds into an excellent oil and gas acquisition in two of our core areas, ArkLaTex
The increase is being driven primarily by the change in asset composition and the associated transportation arrangements in the Gulf Coast and ArkLaTex
regions where the Company's development activities are taking place in areas with different transportation arrangements than what St.
It also includes tight-sand drilling in the ArkLaTex
The Company's oil and gas production growth on retained properties year over year is being driven primarily by development of the Cotton Valley program in the ArkLaTex
region, successful drilling in the Wolfberry tight oil program in West Texas, and the horizontal Woodford shale program in the Arkoma Basin.
Key Facts: Proved Reserves: 305 Bcfe as of June 30, 2007 -- 42% proved developed producing -- 94% natural gas -- Current production: 72 MMcfe/d Current R/P: 12 years Inventory: More than 600 proved and probable locations Location of Properties: ArkLaTex
, Texas Gulf Coast, San Juan Basin, Mississippi, and Arkoma Basin Acquisition Rationale: -- Excellent fit with current El Paso E&P operations -- Provides significant drilling inventory in current areas of operations -- Lengthens reserve life -- Adds talented staff -- Continues previously announced E&P portfolio high-grading process
The Rocky Mountain, ArkLaTex
, and Permian regions each currently have one operated rig running, with the remainder of the rigs operating in the Mid-Continent region.
Despite poor weather conditions that adversely impacted rig counts and oil and gas exploration activity in the ArkLaTex
and Mid-Continent regions of the United States during a portion of the quarter, revenue from the Company's other core business segments and strong seismic drilling in other Gulf Coast regions contributed to continued improvement in the Company's cash flow and profitability.
While Encore expects to allocate capital to projects throughout its portfolio, the Company is focusing a substantial portion of the budget on three core areas with the highest expected rate of return: the Haynesville/Cotton Valley/Travis Peak in the ArkLaTex
region, the Bakken/Sanish in the Williston Basin, and the Pegasus, Coyanosa, and Block 16 fields of the West Texas joint venture with ExxonMobil in the Permian Basin.