Friday, February 17, 2012

Encana Provides Tuscaloosa Marine Shale Update

Encana made this statement in a release yesterday:
"In the Tuscaloosa Marine Shale, where Encana has about 290,000 net acres straddling the Mississippi and Louisiana border, Encana recently completed two wells. The first well, with five effective completions stages, was a completion of a well drilled by a previous operator. Its production averaged 330 bbls/d of oil production in its first month. The company's second well, with a horizontal lateral length of approximately 5,000 feet drilled and completed by Encana, had first-month, light sweet oil production, which receives a premium to WTI, averaging approximately 700 bbls/d from 17 completed stages. Up to another six wells are planned for the first half of the year and Encana will assess further activity based on the results. 'It is early days, but we are excited by our results to date, which show the Tuscaloosa to be a substantive oil system and Utica/Collingwood shale to hold strong liquids-rich potential. Our teams have made substantive progress in unlocking the commercial potential of these plays,' said Jeff Wojahn, Executive Vice-President & President, USA Division."

Their earnings call webcast is this morning:

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