The company continues to hold its interests in the Permian Basin, Eagle Ford Shale and Eagle Landing joint ventures, but has spent no money on exploration or development for some time, and it has no plans for further investment in the projects in the near term.
Oil production was down 11% on the June quarter to 3725bbl, and gas production dipped 5% to 69MMcf.
Eagle Landing (Strike 40%WI) produced 65.6MMcf of gas and 1218bbl of oil (net) down 4% for gas and down 18% for oil as a result of the well’s natural production decline.
The MB Clearfork project (Strike 25% WI) produces oil from 20 conventional Permian Basin wells. Gas was down 24% to 2.5MMcf and oil was down 6% to 1860bbl. The decrease in gas production for the quarter is due to issues experienced with certain salt water injection wells.
The Eagle Ford shale project (Strike 27.5% WI) produces oil and gas from the Bigham-1H well for 537,00cf of gas and 647bbl of oil (net). There were compressor problems, accounting for gas production being down 16%.
