El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
El Paso Corporation Provides Eagle Ford Update
HOUSTON, TX, Jun 22, 2010 (MARKETWIRE via COMTEX) --El Paso Corporation (NYSE: EP) today reported that its wholly owned
subsidiary, El Paso Exploration & Production Company, has completed
three additional successful Eagle Ford well tests, has increased its
lease position, and will continue to execute on its Eagle Ford
program activities throughout the year.
"We are very pleased with the results of our most recent Eagle Ford
wells," said Brent Smolik, president of El Paso Exploration &
Production Company. "All three wells have performed at or above our
expectations. We intend to drill and complete one more well in the
dry gas area of the trend to better appraise our leasehold and then
maintain two rigs in the gas condensate area for the remainder of the
year. The Eagle Ford is one of our most profitable programs, and our
acreage position provides significant future drilling opportunities.
We see the Eagle Ford as a key source of reserve and production
growth for many years, and we intend to ramp up our activity in this
program in 2011."
Three Additional Successful Well Tests
El Paso recently completed two additional wells in the gas condensate
area of the trend and one well in the dry gas area. The gas
condensate wells are liquids rich, with the gas streams from these
wells testing approximately 1,350 Btu per standard cubic foot.
The Hixon 4H well in LaSalle County, Texas tested at an average rate
of 2.1 million cubic feet of natural gas per day (MMcf/d) and 765
barrels per day of 53.5 API gravity condensate on a 23/64-inch choke
with 1,811 pounds of flowing casing pressure. The well was drilled to
a vertical depth of approximately 9,900 feet with a 5,000-foot
horizontal lateral. El Paso completed the well with an 18-stage
fracture stimulation treatment.
The Hixon 2H well in LaSalle County, Texas tested at an average rate
of 1.6 MMcf/d and 584 barrels per day of 53.5 API gravity condensate
on a 21/64-inch choke with 1,543 pounds of flowing casing pressure.
The well was drilled to a vertical depth of approximately 9,900 feet
with a 3,800-foot horizontal lateral. The well was completed with a
13-stage fracture stimulation treatment.
The Nunley Traylor 1H well in LaSalle County, Texas, which is located
in the dry gas area, tested at an average rate of 6.4 MMcf/d on an
18/64-inch choke with 5,100 pounds of flowing casing pressure. The
well was drilled to a vertical depth of approximately 12,600 feet
with a 4,000-foot horizontal lateral and completed with a 14-stage
fracture stimulation treatment. Based on engineering analysis, this
well has the same producing capability as the Briscoe Nunley GU 1H
well, which had an initial rate of 8.1 MMcf/d on a 24/64 inch choke
with 3,750 pounds of flowing casing pressure.
All rates and pressures were recorded over a consecutive 24-hour
Expanded Acreage Position
El Paso now holds a total of approximately 165,000 net acres in the
Eagle Ford Shale. Approximately 100,000 net acres are located in the
liquids rich area north of the dry gas window.
El Paso Corporation provides natural gas and related energy products
in a safe, efficient, and dependable manner. El Paso owns North
America's largest interstate natural gas pipeline system and one of
North America's largest independent natural gas producers. For more
information, visit www.elpaso.com.
Cautionary Statement Regarding Forward-Looking Statements
This release includes certain forward-looking statements and
projections. The company has made every reasonable effort to ensure
that the information and assumptions on which these statements and
projections are based are current, reasonable, and complete. However,
a variety of factors could cause actual results to differ materially
from the projections, anticipated results or other expectations
expressed in this release, including, without limitation, our ability
to implement and achieve objectives in our 2010 plan and updated
guidance, our ability to meet production volume targets in our E&P
segment; changes in commodity prices and basis differentials for oil,
natural gas, and power; general economic and weather conditions in
geographic regions or markets served by the company and its
affiliates, or where operations of the company and its affiliates are
located, including the risk of a global recession and negative impact
on natural gas demand; the uncertainties associated with governmental
regulation; competition; and other factors described in the company's
(and its affiliates') SEC filings. While the company makes these
statements and projections in good faith, neither the company nor its
management can guarantee that anticipated future results will be
achieved. Reference must be made to those filings for additional
important factors that may affect actual results. The company assumes
no obligation to publicly update or revise any forward-looking
statements made herein or any other forward-looking statements made
by the company, whether as a result of new information, future
events, or otherwise.
Office: (713) 420-5855
Office: (713) 420-6828
SOURCE: El Paso Corporation