Private equity-backed drillers heat up Permian Basin
Oil majors and large independent exploration companies are beginning to dominate the Permian Basin in West Texas, but smaller, private equity-backed companies are still doing a lot of drilling.
Backed by $1 billion from New York private equity firm Apollo Global Management, Double Eagle Development of Fort Worth is preparing to drill five horizontal wells in Midland County and a vertical in neighboring Martin County. The wells target the Spraberry field at depths ranging from 9,000 to 10,600 feet.
The Woodlands-based Rio Oil & Gas, launched with $360 million from Houston private equity firm Quantum Energy Partners , is preparing to drill three horizontal wells on state-owned lands in Reeves County. The wells target the Phantom field of the Wolfcamp formation at depths up to 20,400 feet.
With $1 billion from New York private equity firm Blackstone Energy Partners, Fort Worthbased Jetta Permian LP also plans three horizontal wells on state-owned lands in Reeves County. The wells target the Ford West field of the Wolfcamp geological layer down to a total depth of 10,000 feet.
Permian Basin
Carlsbad, N.M. oil company Capitan Energy is planning two horizontal wells on state-owned lands in Culberson County. Named after the nickname for the tallest mountain in Texas, Capitan plans to target the Ford West field of the Wolfcamp geological layer to a total depth of 12,000 feet.
Eagle Ford Shale
Houston oil company Trinity Operating is gearing up to drill seven horizontal wells on three leases in Frio County. Located roughly 13 miles northwest of Dilley, the wells target the Eagleville field of the Eagle Ford geological layer to a total depth of 10,000 feet.
Haynesville Shale
Houston exploration and production company Sabine Oil & Gas plans to drill two new horizontal wells on a pair of leases in Panola County. The two gas wells target the Carthage field to a total depth of 12,000 feet.
Barnett Shale
Houston exploration and production company Lime Rock Resources is drilling for natural gas in Denton County. The company plans to drill a horizontal well about six miles northwest of Krum that targets the natural gas-rich Newark East field to a total depth of 8,700 feet.
Covnentionals
Chinese-owned Surge Energy is not just learning horizontal drilling and hydraulic fracturing techniques in Texas. The Houston company plans to drill 13 vertical wells on three leases in Crosby County. The wells target the Hoople field of the Clear Fork geological layer to a depth of 4,500 feet.