|Tuscaloosa Marine Shale Play - Rumored lease buying area of Stone Energy (Yellow)|
"Southern New Ventures Group, part of Devon Energy, has drilled its first horizontal well in the Tuscaloosa Marine Shale that crosses Louisiana north of Baton Rouge. Exploration manager Harry Livingstone says the company hopes the well in East Feliciana Parish will be the first of many. 'We're going to give it a good try,' he says. Livingstone says the company has spent over $50 million leasing 250,000 acres for the oil shale play. While the existence of the shale formation has been well known for decades, advances in horizontal drilling technology used in natural gas plays such as the Haynesville Shale in north Louisiana have helped make the Tuscaloosa feasible. 'Horizontal drilling is the ideal and the only way to go forward,' he says, adding that the United States is ahead of the rest of the world in horizontal drilling technology. He says regulatory concerns exist, but says Louisiana is a good place to do business because it's an 'oil-friendly state.' While it's too early to say for sure how productive the Tuscaloosa will be, Livingstone says the economic impact might be comparable to Haynesville and the Eagle Ford play in south Texas. Livingstone spoke today at Energy Summit 2011, hosted by the LSU Center for Energy Studies."
Source: Business Report