By OGJ editors
HOUSTON, Jan. 5 – GeoResources Inc., Houston, expects to spud the first well this month in an expected 12-13-well Eagle Ford shale drilling program in South Texas in 2011.
GeoResources holds 21,000 net acres with 32.5-65% working interests in Atascosa, Fayette, Gonzales, and McMullen counties. The company believes the vast majority of our acreage is overpressured and in the volatile oil to high-condensate windows.
The initial 900-acre drilling unit is in southwestern Fayette County. The Flatonia East Unit will accommodate as many as nine wells depending on spacing. GeoResources has 50% working interest in the unit and the well.
The company also signed agreements with Ramshorn Investments Inc., an affiliate of Nabors Industries Ltd., related to an area of mutual interest in southwestern Fayette County. Ramshorn has acquired a 50% interest and agreed to jointly acquire additional acreage and implement a drilling and development program.