ADI - Adelphi Energy

[Agentm]

Agentm I would like you to keep posting even when I don't fully understand the implications of your posts, I've learnt as much or more on this thread as any other source on the eagleford. Thanks.

As for the prospects lets hope the Yemen sale is completed (ie. ADI get the cash in the bank), something good comes of the indonesian mess and that the company can weather the current storm.

as for not understanding the implications.. besides a lot of the research infuriating the investors here on this forum.. i know that the operator and some jvp members would prefer little or indeed no information to come out on this play. land owners like jestex love it!!

we know conoco monitors this thread and others that i post on, and we know that some jvp members would love to post some of the data i do on releases.. we have seen the posting of the sugarloaf 1 logs on websites.. but the jvp cannot release that information at all.. other asx companies freely post the well logs all the time.. texas is very competitive,, this play is ultra competitive and extremely closed shop by all operators..

its also all about the landowners getting wise to the play, unlike other smaller plays, this one goes across the state, so instead of a play being in partially in a county or along a fault and being a few miles long, this is an unconventional tight play thats stratagraphic and extends through many counties..

i'll rattle some off you..

webb dimmit maverick zavala lasalle mcmullen live oak karnes dewitt lavaca colorado austin waller grimes montgomery san jacinto tyler polk jasper newton sabine san augustine..... just to name a few.. and involves millions upon millions of contingent acreages.

how many plays involve this many acres and this many counties in usa? none.. anywhere in the usa?? none onshore!

so the likes of TCEI and conoco get mighty peeved off if i post the sort of stuff i do..

lately the other operators have been putting out incredible reserve potentials on their acreages.. they have their acreages now and can talk it up to let the locals know who to deal with.. we know some regions will be very active, other will not be..

we know we are next door to some impressive chalks activity..

a few years back everyone laughed themselves stupid at the notion this was the biggest onshore discovery in us history,, now we see conoco clearly agreeing on the potential.. and others starting to tell their shareholders and investors what they have done with their cash..

will it take as many years to crack as the barnett shale?? it appears its taking about half the time with petrohawk and anadarko and txco leading the way there..

conoco did some thing in the chalks in baker 2.. so its really interesting if our jvp are watching that or not..

no news of any testing on the laterals from our jvp!! whats going on??

 

[Hatchy]

i thought it was pretty clear..

i see its bothering you all to have info on the new wells going after the eagleford.. so i wont post anything..

I could see that you were possibly talking about an adjacent well, but still I had no idea where or what relevance to ADI it was, something like - "this well is going after the eagleford too" might deconfuse the post's when they're not something ADI is investing or involved in.

as for why you guys didnt discuss seasprites message about adi getting $6million?? beats me why no one wants to discuss it or even sees it as worth discussing. so hatchy, why not discuss it with adi investors??

Off forum I have discussed it with other ADI investors as you suggest. On forum if the topic is raised and not taken up, and has happened some time ago, why rehash, flog a dead horse anyone?

I'm going to be burned alive here, and this is purely personal opinion, but I would have liked to see them sell down their share in texas (not complete sale), and keep yemen. I think a broader portfolio of developable assets is a good thing.


it appears to me the only thing of interest being discussed right now, is not the regional operators, nor the recent sale of yemen, but only criticism of me.. with the usual childish mod taking his earliest opportunity to have a go at me as usual..

You seem to take these things personally, try not doing that. There's a hell of a lot more being discussed than criticism of you. At what point did I mention you in my post? At no point.

You don't own the forum, so the mods are no doubt going to have a go at people that stick their head out, you're well and truly the lead poster here on ADI, and more than likely the most knowledgeable with regards to the texas shale / austin chalk here at ASF.


happy to leave the thread.. just let me know..

There's just no need for that sort of comment - why would you write that?

Are you unhappy with me mentioning that it seems that the thread is off the topic of ADI, and now asking for clarification with posts that aren't necessarily about ADI? Is that such a stab at you that you are 'happy to leave'? I probably should have worded my post in a more sensitive way. I did make no mention of 'tagging' the posts as a way of distinguishing them.

Agent if you were offended by my post, I do apologise and be assured the sharing of your paramount research on Texas and knowledge in general about this play is very welcomed by most if not all posters here on the ADI thread, and I welcome it very much, it's the most education i've been given about the play.

Can I ask that if posters are going to put something up that's relevant because it's texas shale / chalk but not relevant to ADI that it's somehow tagged so that the laggards such as myself can keep up? I don't, as other don't, want this thread to be insular to ADI - but I am seeking something that clarifies the non-ADI posts for readers. Sure some are obvious to most readers, but some really aren't.

Hey look, if somehow people tags things it'll be great. I won't hold my breath and it won't stop me reading it if people don't take to tagging posts. It'd just be nice.

 

[Agentm]

There's just no need for that sort of comment - why would you write that?

Are you unhappy with me mentioning that it seems that the thread is off the topic of ADI, and now asking for clarification with posts that aren't necessarily about ADI? Is that such a stab at you that you are 'happy to leave'? I probably should have worded my post in a more sensitive way. I did make no mention of 'tagging' the posts as a way of distinguishing them.

Agent if you were offended by my post, I do apologise and be assured the sharing of your paramount research on Texas and knowledge in general about this play is very welcomed by most if not all posters here on the ADI thread, and I welcome it very much, it's the most education i've been given about the play.

Can I ask that if posters are going to put something up that's relevant because it's texas shale / chalk but not relevant to ADI that it's somehow tagged so that the laggards such as myself can keep up? I don't, as other don't, want this thread to be insular to ADI - but I am seeking something that clarifies the non-ADI posts for readers. Sure some are obvious to most readers, but some really aren't.

Hey look, if somehow people tags things it'll be great. I won't hold my breath and it won't stop me reading it if people don't take to tagging posts. It'd just be nice.

lol

wow.. the length folk go to to keep the adi issues off the agenda and to just maintain their personal grievances against me for posting here.. but despite your vaiant efforts here hatchy, i am going to continue to post about adi and the operators near by and what they say about the play..

if you spent the same time researching the region instead of critiquing me all the time hatchy... you would not of course not have missed this..

thanks for the heads up saf..

 

[Hatchy]

I really think what I said was taken the wrong way.

I apologize and retract the comment about there being posts not about ADI. I want and encourage freedom of information here. I just support organisation of information, that's it.

Agent I never asked that you not post. Never have, never will.

I have no campaign to stop info about this play coming out. I invest in ADI - why would I want that? Why would anyone?

This is what I would call making a mountain out of a molehill.

Forget everything I have mentioned.

 

[Agentm]

again on topic and thanks to saf.. more operators coming out with their eagleford exposure,,

rosetta moved into the unconventional eagleford plays and listed these as 2008 achievements...

Significant progress on strategy shift to onshore unconventional player

Entered several new unconventional plays with substantial upside from meaningful positions

 

[Hatchy]

About the Yemen Sale:

This appeared on BI-ME Yesterday.

YEMEN. Japanese trading house Mitsui & Co is set to acquire an interest in an oil and gas field in southern Yemen from Australian resources developer Adelphi Energy, it was learned on Friday.

The prospective deal, seen to be worth ¥400 million (US$4.1 million) will give Mitsui an 8.5% stake in an undeveloped area of the field.

It will be the first time for the company to obtain a stake in a Yemeni oil and gas field.
Mitsui plans to conduct joint exploration with other companies, the sources said.
Since there is a field nearby that produces 100,000 barrels of crude oil per day, the area to be explored by Mitsui is seen to be promising, the sources said.
Mitsui is promoting oil and gas development in the Middle East. It has acquired concessions in Oman, Qatar and Abu Dhabi of the UAE.

 

[Hatchy]

About the Indonesia (should I call it mess?) - It'd be great to hear some more about what's going on here - [FONT=MS Sans Serif, Arial]5,257 square kilometers onshore - that's a lot of prospect to look at. [/FONT]

One of the JVP's in [FONT=MS Sans Serif, Arial]ACG (South Bengara-II) Pte. Ltd.[/FONT] - GeoPetro have delisted from the Toronto Ex - maybe they're in a bit of financial trouble and they're really trying everything to cut down on spending - even paying their bills to Indonesia.



SAN FRANCISCO, Mar 03, 2009 (BUSINESS WIRE) -- GeoPetro Resources Company ("GeoPetro" or the "Company") (NYSE Alternext US:GPR) (TSX:GEP) announces that the Toronto Stock Exchange ("TSX") has accepted the Company's application to voluntarily delist its common stock from the TSX. The Company's common stock will cease trading on the TSX effective at the close of trading on March 5, 2009. In recent months, the trading volume of the Company's common stock on the TSX has been extremely low. In light of the low trading volume on the TSX and the Company's listing on the NYSE Alternext US market, the Company's board of directors determined that it is no longer in the Company's best interest to continue to incur the expenses associated with a second stock exchange listing. Accordingly, the Company requested that the TSX delist its shares.
The Company's common stock will continue to be listed on the NYSE Alternext US market. The Company confirms that its transfer agent will settle all trades on the TSX up until the date of delisting. The Company continues to be a reporting issuer under the securities laws of each of the provinces of Canada.
About GeoPetro
GeoPetro is an independent oil and natural gas company headquartered in San Francisco, California. GeoPetro currently has projects in the United States, Canada and Indonesia. GeoPetro has developed a producing property in its Madisonville Project in Texas. Elsewhere, GeoPetro has assembled a geographically diversified portfolio of exploratory and appraisal prospects.

 

[seasprite]

About the Yemen Sale:

This appeared on BI-ME Yesterday.

YEMEN. Japanese trading house Mitsui & Co is set to acquire an interest in an oil and gas field in southern Yemen from Australian resources developer Adelphi Energy, it was learned on Friday.

The prospective deal, seen to be worth ¥400 million (US$4.1 million) will give Mitsui an 8.5% stake in an undeveloped area of the field.

Is block 74 still on the books , I have been concentrating on other projects and have lost touch a bit with ADI , maybe this will be up for sale as well.

 

[Hatchy]

With regards to Yemen:

Is block 74 still on the books , I have been concentrating on other projects and have lost touch a bit with ADI , maybe this will be up for sale as well.

I think you're right, block 74 should still be on the books - it was only block 7 that was sold.

From what I gather block 7 was the more explored block.

"In Yemen Block 74... Preparations are being made to acquire aeromagnetic data in the second quarter of 2009 followed by seismic in the fourth quarter."

Quoted from the quarterly. I think block 7 had seismic done at time of sale.

Thanks for the reminder about 74 Seasprite.

Just a reminder about 74:

Block 74 Working Interests
Oil Search (Yemen) Limited 34%, operator
Kufpec (Aden) Limited 21.25%
Voyager Energy Limited 21.25%
Adelphi Energy Limited 8.5%
The Yemen Company 15%, carried

 

[Agentm]

block 74 is for sale as are all things with any company on any exchange.

an extensive 2d is due on it very soon.

the interests are not as posted above. oilsearch is not operator, oilsearch has no interest in the block what so ever, it sold its interests to a kuwati oil company a good year ago or so. i think they got about $80 mill for all their ME assets, with a few exceptions. which makes the $6mill for our small part of one block very good in terms of the sale itself... oilsearch kept the likes of block 7 and the one below as it was too good to let go.. ADI could not afford to drill those wells there, too expensive. yemen is a very popular region to go searching for oil..

voyager is not involved, they were purchased by ARQ, who are now owned by awe.

 

[seasprite]

Agentm is correct , I know that much , OSH sold their interest in Block 74 last year (reported 25 Aug 08) as part of the Mena arrangement. Block 74 had 500km of seismic reprocessing and 250km of 2D seismic to do.

 

[Hatchy]

Thanks for the update, I couldn't find that info myself.

I guess that's going to be the big thing for them - do they sell yemen 74 to people with more cash to develop or do they keep trying to fund it through the seismic, and hope to come up with something really worth selling?

I'll try to look for a better list than I posted.

 

[seasprite]

Thanks for the update, I couldn't find that info myself.

I guess that's going to be the big thing for them - do they sell yemen 74 to people with more cash to develop or do they keep trying to fund it through the seismic, and hope to come up with something really worth selling?

I'll try to look for a better list than I posted.

my apologies Hatchy , it was posted under OSH's asx announcements , see http://www.asx.com.au/asxpdf/20080825/pdf/31bwkzgz8wq57z.pdf

Yemen looks like a good prospect , it's a pitty ADI put block 7 up for sale , but cash is what they need now to move forward.

 

[Hatchy]

Thanks seasprite,
Yemen Block 74 could still surprise us I think.
It's still right in there close to the action.

Question will be.... By the time the seismic is through and analysed, is ADI going to have the cash to fund it's 8.5% of a test well?

Only time will tell that one.



All's very quiet on the Indonesia front.... Makes sense to try and sit on a lease until times are better, but for how long can that go on?

 

[Agentm]

aurora has released a half yearly

good report, the company appears to be in good shape as at dec 08..

at last the play will be called the eagleford

i think when they say "excelsior" that they may mean "empyrean"???

Sugarkane Gas and Condensate Field, Texas USA

The Sugarkane field consists of approximately 200,000 acres of Austin Chalk overlying Eagle Ford Shale with a combined gross reservoir thickness of 250 – 400 ft. The Eagle Ford Shale has recently become a regional play extending far beyond the boundaries of our field where Aurora believes the local quality and pressure make it particularly attractive. Aurora participates in 52,000 acres within the Sugarkane field and has a net acreage position of 20,500 acres. The Company is a participant in three Areas of Mutual Interest (AMI) and the following sections provide an update on activity in each.
Sugarloaf AMI (20% Working Interest) Texas, USA

To date all of the modern wells drilled into this field as part of the appraisal program have been drilled in either the Sugarloaf AMI or the adjacent “Sugarkane” AMI (Aurora does not have an interest in the Sugarkane AMI). At the time of writing there have now been 10 wells drilled in total and a further 2 are presently underway. Of these there are 4 drilled within the Sugarloaf AMI.

In prior periods the company has carried out operations at the vertical Sugarloaf #1 well and the horizontal Kennedy #1H well. The present status of these two wells is that Sugarloaf #1 well is suspended as a potential sidetrack candidate and Kennedy #1H has been on production since October 2008. The horizontal section of Kennedy #1H is believed to be within the deeper Eagle Ford formation and has had two small fracture stimulation attempts across the bottom 600 ft of the 4,000 ft horizontal well. Whilst the well produced at an average rate of 0.38 mmscfe/d over a 101 day period, neither attempt at stimulation is thought to have been effective. The intention is to fracture stimulate the entire length of this well using a revised hydraulic fracture design based on successful results from wells recently completed in the regional Eagle Ford Play.

In July 2008 the Kowalik #1H well was spudded. The surface location of this step-out well was just over 6km to the north of the Kennedy #1H well. A pilot hole was first drilled down through the reservoir which encountered a
reservoir that correlated with the broad structural field model in terms of depth, gross thickness and character. The well was then sidetracked and a 4,600 ft horizontal section was drilled underbalanced within the Austin Chalk reservoir. The well encountered indications of natural fractures across the final 2,500 ft, in particular, the final 1,500 ft encountered significant flaring and gas shows.
The drilling and completion strategy at Kowalik #1H was based on an analogous field that produces from naturally fractured and over pressured Austin Chalk formations. A slotted liner was installed with no annular isolation and a chemical wash was used to remove the drilling mud from the system. Initial production rates of 4.2 mmscfe/d were observed from this unstimulated well with rates of 1.4 mmscfe/d recently achieved. The Joint Venture believes that the characteristics observed whilst drilling indicate that this rate can be improved and an alternative completion strategy is required. The Joint Venture continues to monitor performance and results across the field before optimising a further completion work program on this well.

The Weston #1H well was drilled with a 1.5km step out to the east of the Kennedy #1H location. The well was drilled underbalanced with a 3,000ft horizontal section within the Austin Chalk formation. Although the well encountered overpressured gas charged matrix rock along the entire length of the horizontal section, it is not believed that the well encountered any natural fractures.
Based upon the lack of natural fracture indications and the knowledge gained during the completion operations at Kowalik #1H, the Weston #1H well has been completed with a cemented liner and will be fracture stimulated in due
course.

Regional Eagle Ford Activity

The deeper part of the reservoir encountered across the Sugarkane field is regionally known as the Eagle Ford Shale.

This silaceous shale has a relatively high chalk content and in earlier reporting we have referred to this horizon as the ‘new chalk’. To ensure consistency with others, it will be referred to as the Eagle Ford Shale henceforth.

There has been a significant amount of leasing and drilling operations carried out across a broad trend in South Texas, with the Sugarkane Field being in the centre of this activity. Experienced US based unconventional gas
companies such as Petrohawk Energy, Apache Corporation, Pioneer Natural Resources and Anadarko have all announced leasing activity and early well results within the Eagle Ford Trend. Petrohawk for instance have reported
two wells with initial production rates of 9.1 and 8.3 million cubic feet equivalent of gas per day following fracture stimulations.

Sugarkane AMI (Aurora has no interest in either the Sugarkane or Excelsior AMIs within the Sugarkane field but proximity makes the results relevant)

(Note: the contents of this section are entirely based on information disclosed by Empyrean Energy PLC (EME”) to the AIM market during the reporting period and publically available data lodged with the Texas Railroad Commission.

There have now been a total of 6 wells drilled within the Sugarkane AMI, 3 horizontal and 3 vertical. The original vertical well continues to produce with a plateau profile. EME have announced production results for the 3
horizontal wells. There are a further 2 horizontal Austin Chalk wells being drilled at the time of writing this report.

Well A1, a horizontal Austin Chalk well, has been producing at a stabilized rate from the bottom 900 ft of horizontal section at a rate of 2.6 mmscfe/d. This section was then isolated while attempts were made to stimulate the shallower 1800 ft of the horizontal section. This 1800 ft section has reported an initial production rate of 4.2 mmscfe/d following stimulation. These zones will now be comingled and further production testing will take place.

Well A3, which has 2,800 ft drilled horizontally within the Austin Chalk, has had a chemical wash treatment carried out and was recently reported as flowing to sales at a rate of 4.5 mmscfe/d.

Well A4, another horizontal Austin Chalk well has been reported as flowing to sales at 8.1 mmscfe/d after an acid fracture stimulation.

 

[jestex12]

Agentm,

As us Texans say "Yeehaa!!" finally acknowledgment from the players that the Eagle Ford has landed!! I figured they realized the cat has long been out of the bag might as well call it what it is.


Looks like things are looking better for ADI investors. Thanks once again Agentm for the info.!!!!

 

[estseon]

The ADI report seems to be pretty much a re-hash of AUT or the result of coordination. Both suggest a change of priority away from Weston and Kowalik to Kennedy. If so, this is significant as EKA definitely mentioned operations on the two chalk wells as the objective for raising capital.

But that was whilst Weston drilling was underway.

Frankly, I don't really care which they tackle first as long as they get production.

 

[Agentm]

The ADI report seems to be pretty much a re-hash of AUT or the result of coordination. Both suggest a change of priority away from Weston and Kowalik to Kennedy. If so, this is significant as EKA definitely mentioned operations on the two chalk wells as the objective for raising capital.

But that was whilst Weston drilling was underway.

Frankly, I don't really care which they tackle first as long as they get production.

there is always a reason for each completion or each process to be chosen or undertaken

most drilling so far has been concentrated on underbalanced open hole completions. following the east texas chalks experience, anadarko has had good wells there with underbalanced open hole completions, and the chalks in our region was reported to be very similar by all jvp members..

some experimental wells like kunde 3 were drilled underbalanced and completed with a cemented liner, mainly due to the kunde 1 well flowing commercial flow off the vertical after a frac operation. most other wells were only finished with a liner and cemented due to factors and problems during the drilling process. and that mainly due to the massive pressures and temperatures in the eagleford.

i think our first good open well experience, kowalik, was damaged as suggested in reports.. kennedy before it went too deep to find good chalks. so completed in typical eagleford shale fashion.

what has been discovered about the formation since, imho, is that the present drilling techniques for underbalanced open hole well completions are not producing at the rates considered commercial. and as they now say, fracture stimulation is now considered the key to commercial success here. the region is yet to give up a lot of natural fractures.

kunde 1 was the first well to be fracced, it proved successful.

kunde 3 has been fracced and has been getting considerable flow rates off the sections so far completed.

baker 2 has been acid fracced, again a successful operation from initial reports

leaving baker 1 as just being washed out and cleaned up and having much more connectivity to the formation in terms of completion length than baker 2, yet not exactly flowing at brilliant rates open hole. i wonder if the well will be fracced in a different way there, perhaps a contrast to the acid frac?

marlene olsen and kunde 2 are yet to be reported on. nor the recent olsen baker and lasca searcy wells.. which little will be divulged imho..

not enough has been reported back from the wells in live oak, and not enough to really gauge what the thoughts are on the formation. but its evident as far as the TCEI/conoco jvp is concerned, further wells have been drilled and more laterals in karnes and dewitt are on the way also. they will all need to be tested in some fashion in the future, and those laterals are critical to theTCEI/conoco jvp in terms of determining how the region looks.. i doubt they will be experimenting in those laterals, i think they will only be drilled if they have reason to believe the outcome will be good enough for them to be able to make commercial evaluations with the lateral. the verticals drilled would have established for them whether the hydrocarbons were there or not


kennedy sits in the tighter and lower eagleford shale.. and is untested
kowalik, is possibly damaged and is yet to be tested
weston is yet to be tested

plenty of scope for improvement, the hydrocarbons are there, the overpressurised formation is obviously making the frac process a nightmare. and other operator have overcome that problem already.

it seems no forward plans are in place for any further fracture stimulation operations as yet. its deadly quiet all round. all three laterals need good outcomes, and what is not needed on them is haste. i think the jvps all need to keep a close watch on the current ops in live oak before considering how to best approach the completions in the laterals. in the mean time the laterals are producing income , adi as a producer right now.

perhaps the way ahead is likely to be cheaper drilling with fast overbalanced completions? perhaps once the frac processes are proven to be effective.

it seems the open hole 6000 foot or 12000 foot dual laterals are not solutions currently being sought, but perhaps the anadarko experiments in recent months in the eagleford have come up with far better outcomes, pioneer and apache seem to think so, so does petrohawk and anadarko.. obviously conoco and tcei have not even remotely stopped their exploration and appraisals

its a long way from calling this current exploration a resounding success, nor can you justify walking away, but there seems to be more regional activity falling in favor towards the success side of things right now, with participants like petrohawk and anadarko making good wells off 2500 laterals. equal to what the 12000 foot open hole wells in the east texas region are giving.. up until now the open hole methods utilised have been from the "east texas chalks".. i think the methods of the recent wells in central and west texas in the eagleford shale are now getting greater scrutiny, and is being mentioned more and more in all the releases from the jvp. conoco is certainly going into frac completions also..

real early days.. its definitive that the rock is hydrocarbon saturated, and as with all the early wells that petrohawk had, they got some flow from it but nothing really world changing until recently, the anadarko experience there is certainly what made them come out and start getting excited about their discovery and their acreages.. whatever judgement people make on the absolute viability with the current ops, they will certainly see that one thing is there, the hydrocarbons, but the catalyst to make them flow at very good commercial rates is what all investors alike want to see. We are seeing pioneer and petrohawk getting very close to the mark,, anadarko is obviously a real good factor as they are using their open hole experience in east texas and definitely improving on things in the eagleford. not over yet for me..

all imho and dyor.



Oil to Make New Highs in Bull Market, DB Advisors Say

By Aaron Clark

March 10 (Bloomberg) -- Crude oil prices will make new highs “in this secular bull market” and commodities will surge in the second half of 2009, said Theresa Gusman, the head of equity research for Deutsche Bank AG’s DB Advisors unit.

“We do believe we will exceed” last year’s record high crude oil price of $147.27 a barrel “in this secular bull market,” Gusman told reporters in New York today. Oil and other commodities will rise in the second half of 2009 as producers cut back on production, she said.

The so-called secular bull market, or period of sustained price gains, started in 2002 and may last 15 to 20 years, she said, without specifying when oil will reach new highs.

“We do think over time, as demand globally recovers, we are going to see oil prices return to those highs that we saw last year because the supply and demand situation hasn’t changed all that much,” she said.

Crude oil for April delivery rose 54 cents, or 1.2 percent, to $47.61 a barrel at 11:25 a.m. on the New York Mercantile Exchange. Futures have plummeted 68 percent since reaching a record high last year.

Gusman estimated U.S. energy exploration and production spending will drop $22.5 billion this year, a 40 percent year-on- year decline, she said.

“These dramatic cutbacks in capital expenditures are going to lead to shortages as we move through this recession and come out the other end,” she said.

DB Advisors oversees more $215 billion in assets and manages long-only commodity funds for institutional and retail investors. The funds include holdings in commodity indexes and commodity- related equities.

also from saf (thanks again)


Anadarko Investor Conference 10 Mar 2009

3 emerging resource plays inc Eagleford transitioning to development in 2010

Eagleford categorised as a discovery since the 2008 investor conference

http://media.corporate-ir.net/media_files/NYS/APC/2009APCInvestorConf.pdf

 

[Agentm]

conocophillips latest presentation announces their early entry into the eagleford.

its also part of the major exploration program for 2009

Good acreage positions in many of
best unconventional resource plays

• In 2007/08 added >750,000 net acres in
North American resource plays

• Optionality to sustain long-term organic
growth onshore

• Reducing 2009 spend in the most price
sensitive plays

Extensive experience in CBM, shale,
and tight gas reservoirs

2009 exploration spend focused in
Barnett, Bakken, Montney, and
emerging Eagle Ford shale play







[/url]

 

[Agentm]

http://www.foxbusiness.com/story/ma...hillips-scales-drilling-discloses-texas-buys/


Wednesday, March 11, 2009
ConocoPhillips Scales Back Drilling, Discloses Texas Buys

NEW YORK -- ConocoPhillips CEO Jim Mulva said the oil and gas giant is scaling back some drilling programs in North America because of low energy prices and dips in demand tied to the recession, but the company still plans to meet its overall production forecast for the year. Officials at the Houston energy firm said the company has been quietly acquiring acreage in Maverick and La Salle counties in southern Texas in the Eagleford shale region rather than paying higher costs for other oil shale acreage. Looking ahead, ConocoPhillips plans to ramp up its efforts in unconventional natural gas, the company said. Apache and Petrohawk have both been talking about success in Eagleford, ConocoPhillips executives noted.



ConocoPhillips Eyes Natural Gas Shale Investments -Executive
March 11, 2009: 11:54 AM ET

NEW YORK -(Dow Jones)- ConocoPhillips (COP) plans to continue investing in unconventional natural gas basins and has built up positions in the Haynesville and Eagle Ford shale reservoirs, Jim Gallogly, the company's executive vice president of exploration and production, said Wednesday.

"We're going to be a player in unconventional resources in a big way in the future," said Gallogly, speaking at ConocoPhillips' analyst meeting in New York.

Gas shale reservoirs have sparked a flurry of drilling activity from independent producers including Chesapeake Energy Corp. (CHK) and Petrohawk Energy (HK), but oil majors' involvement has been limited. And producers are sharply reducing rig counts as natural gas prices tumble.

ConocoPhillips has acquired a leading position in south Texas' Eagle Ford shale, buying up 300,000 net acres ahead of the rest of the industry at low cost, Gallogly said. The company also has a position in Louisiana's Haynesville Shale.