Monday, March 26, 2007

EOG Picks Up Pace In Parshall Field

EOG Res.has added a third rig and permitted two new wells in its highly productive Parshall Field in Mountrail Co. The company permitted the Alan 1-06H, sec 6, T152-R90, and the Risan 1-34H, sec 34, T153-T90. Last week the company indicated that development in the area had been modest while it awaited results of 3D seismic in the area, which has now been processed. The company also released data indicating that net reserves in the area may total 30-70 million bbls. If the upper range is achieved, the field may approach "giant" status, which is 100 million bbls. The field has produced just over 28k bbls since coming on line in May 2005 and recently added production from a third well.

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