ZaZa Energy Corp. more than doubled its proved Eagle Ford Shale oil reserves between the end of last year and Sept. 1; however, proved Eagle Ford gas reserves declined by more than half with the dissolution of a joint venture (JV) the company had with Hess Corp.
Reserves included 1.9 million bbl of oil and 1,952 MMcf of gas on Sept. 1 compared to 0.9 million bbl and 4,130 MMcf, as of Dec. 31, 2011.
Houston-based ZaZa’s 2.2 million boe in the Eagle Ford are 85% oil-weighted and 20% proved developed. The company’s average production rates for August were 1,100 boe/d with 250 boe/d from the Eagle Ford.
In July ZaZa closed a transaction to end its JV with Hess in the Eagle Ford and in the Paris Basin in France (see Shale Daily, June 13). ZaZa spokesman Dan Gagnier said this was the reason for the decline in natural gas reserves.
ZaZa spud its Stingray well in the South Texas Eaglebine play in August. The company said it expects to drill three operated wells in the Eaglebine, one operated well in the Eaglebine under the terms of a joint venture with Arch Oil and Gas LLC, one operated well in the Sweet Home Eagle Ford prospect and three nonoperated wells in the Moulton Eagle Ford prospect. ZaZa said it plans to divest its 23,000 net acre Eagle Ford Hackberry Prospect. The acreage is mainly located in northeastern Lavaca County, TX.
ZaZa holds 72,000 net acres in the Eagle Ford core, 90,000 nearly contiguous net acres in the Woodbine/Eaglebine play in Grimes, Madison, and Walker counties in Texas, and 24,260 wholly owned acres of conventional producing assets in the Paris Basin.
In early October ZaZa announced exclusive talks for the potential sale of ZaZa Energy France S.A.S.
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