Tuesday, May 25, 2010

Petrohawk Analyst Day: Part Three (of Three)

Lastly, I wanted to mention Petrohawk's impression of the Middle Bossier Shale. The company has yet to produce from the formation and has only one well in process at this time (Whitney Corp. 19 #1, expected to be completed in late June), but it did present some interesting analytical data. First, below is the company's isopach map for the formation. Petrohawk is fairly excited about its 122,000 net acres prospective for the Mid-Bossier, but it thinks the play is somewhat spotty and that the best of the Mid-Bossier is nowhere near the best of the Haynesville. That said, however, Petrohawk is using a 5.5 Bcf EUR estimate for its acreage in the play.

What I found interesting was a series of  cross sections of six wells cited on the map below.

The porosity map was intended to show further proof for management's delineation of the play into 4-6-8-10+ Bcf EUR rings.  The cross sections show both the Haynesville and Mid-Bossier formations (red = good).  You can trace the cross sections through Texas to the northeast until you get to the Tri-States well in central Bossier.  The first three samples show good Mid-Bossier results.  It gets predictably less impressive as you move north through Louisiana.  How far north the Mid-Bossier Shale extends has been a big question in NW Louisiana.  This doesn't provide answers, per se, but it does provide another data point.

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