Exploration Co. sets record capital budget

By OGJ editors
HOUSTON, Dec. 22 -- The Exploration Co., San Antonio, set a record $40-50 million capital budget for 2006 and warned that rig availability might dictate revisions.

The regular budget is up 40% from 2005 spending, and the company is planning a capital expenditure expansion aimed at pursuing the Barnett and Woodford shale plays. This would be its first exploration and development activities in the Marfa basin.

The budget also calls for participating in 57 gross wells, with $23 million going for 28 planned Glen Rose wells and $8 million for eight EnCana Corp.-operated Pearsall wells.

Ten Georgetown wells are to take $6.6 million, and 10 wells in the Pena Creek field San Miguel oil play drew $3 million. The budget includes outlays for more pilot wells in the San Miguel tar sand play, a 3D seismic survey on the Burr lease, Pena Creek waterflood improvements, and lease acquisitions (OGJ Online, Dec. 9, 2005).

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