By OGJ editors
HOUSTON, May 7 -- EXCO Resources Inc., Dallas, said it hiked its 2008 Appalachian basin capital budget to $244 million from $69 million as it positions itself to exploit large holdings in the Devonian Marcellus and Huron shale.
EXCO holds more than 382,000 net acres in the Marcellus shale area, most of which is held by shallow production, more than 243,000 acres of which is in the overpressured fairway in Pennsylvania. The company negotiated commitments for a further 33,000 net Marcellus acres.
EXCO plans to drill four horizontal and seven to 10 vertical Marcellus wells in 2008 and spud its first horizontal Marcellus well in April.
The company holds more than 121,000 net acres in the Huron shale area of West Virginia, most of it held by shallow production. It plans to drill two to four horizontal Huron wells this year.
