Eagle Ford Shale

Calgary-based Talisman Energy Inc. confirmed Monday that it was in talks with Spain’s Repsol SA regarding a potential corporate merger. Another potential suitor also confirmed that it was considering a bid, which could be for more than $5 billion, sources said.

Goodrich Petroleum Corp. is exploring the sale of potentially all of its Eagle Ford Shale assets while it plans to leverage drilling efficiencies and an improved frack design in the Tuscaloosa Marine Shale (TMS) next year. Meanwhile, hedging is providing some cover from crashing oil prices.

U.S. natural gas proved reserves increased nearly 10% and reached a record 354 Tcf in 2013, according to the U.S. Energy Information Administration (EIA). Meanwhile, North Dakota’s crude oil and lease condensate proved reserves surpassed those of the federal Gulf of Mexico (GOM), ranking it second only to Texas among U.S. states.

Federal authorities in Laredo, TX, Wednesday made their third arrest in an Eagle Ford Shale oil theft case, taking into custody Victor Manuel Guerra Jr.

Total U.S. crude oil production averaged an estimated 8.9 million b/d in October, and monthly average production is forecast to surpass 9.0 million b/d in December and 9.4 million b/d in 2015, which would be the highest annual average crude oil production since 1972, according to the Energy Information Administration (EIA).

Onshore independent Halcon Resources Corp. is slashing its capital budget and will drop almost half of its rigs in 2015, but production year/year still will jump by 15-20%, CEO Floyd Wilson said Tuesday.

Encana Corp.’s strategic decision last year to balance its weighty natural gas portfolio with more liquids-rich assets propelled profits in the third quarter and enabled the independent to hit targets two years ahead of schedule, CEO Doug Suttles said Wednesday.

EV Energy Partners LP (EVEP) said Monday that it will begin marketing both its operated and non-operated joint venture (JV) acreage in Ohio’s Utica Shale next year, where the company believes its efforts with Chesapeake Energy Corp. and Total E&P USA have made clear the asset’s value for a successful sale.

Production of natural gas and oil from the seven most prolific U.S. shale and tight oil regions will continue to increase through the end of the year, reaching 44.12 Bcf/d and 5.26 b/d in December, according to the Energy Information Administration (EIA).