Eagleford Energy Announces Positive Results from Well Drilled on its Murphy Lease
TORONTO, Aug. 24, 2012 /PRNewswire/ – Eagleford Energy Inc. (OTCBB “EFRDF”)
(“Eagleford Energy” or the “Company”), announces that the Company’s
wholly owned subsidiary, Dyami Energy LLC (“Dyami Energy”) has
achieved its target depth in drilling an Eagle Ford shale test well, on
its 2,637 acre Murphy Lease in Zavala County, Texas.
The well was drilled to a total vertical depth of 4,473 feet. A full
suite of logs from Weatherford International Ltd. (NYSE: WFT)
(“Weatherford”) were run to test the Austin Chalk, Eagle Ford shale
Olmos, San Miguel, Anacacho, and Georgetown formations. In addition
over 25 cores were taken by the Company. The Company is awaiting core
analysis and log interpretation from Weatherford to determine the
amount of oil in place and possible completion techniques to stimulate
The well was drilled for the Company by Dawsey Operating LLC. Albert
Dawsey stated that, “supervising the well and being on location
throughout the job, I observed a high level of fluorescence in the
drill cuttings from a number of the formations and oil from cores
retrieved from the Eagle Ford formation was seeping into the core jars.
I want to review the core and log analysis and assimilate it with other
petrophysical data we have but based on what I know now I expect to be
recommending a completion program on this well to the Company.”
Accumulated petrophysical data indicates that the Murphy Lease sits atop
Serpentine plugs with multi-stacked formations such as the Escondido,
Olmos, San Miguel, Anacacho, Austin Chalk, Eagle Ford shale, Buda and
the Georgetown formations prospective to host hydrocarbons.
Alan Gaines, Director, stated, “We have several stacked targets on the
Murphy lease supported by logs and data from Weatherford
International. Of significant import, total organic content,
permeability and porosity indicate that the Eagle Ford formation on the
Murphy lease held by Dyami Energy has similar petrophysical attributes
of commercially productive wells within the established oil window of
this prolific play.”
The Company’s Murphy lease is located in northeast Zavala County, Texas,
and is part of the Maverick Basin of Southwest Texas, downdip from the
United States Geological Studies northern boundary of the
Smackover-Austin-Eagle Ford total petroleum system. This area is often
referred to as the “oil window” of the present Eagle Ford shale play.
Data derived from cores, logs and analysis of prior Murphy Eagle Ford
wells demonstrates this lease to be well situated in this oil window.
About Eagleford Energy Inc.
Eagleford Energy Inc. is a growth orientated oil and gas company with a
focus on growing hydrocarbon reserves, cash flow, and net asset value
per share through exploration and production of mineral properties in
Certain information regarding the Company in this news release may
constitute forward-looking statements under applicable securities laws.
The forward-looking information includes, without limitation,
projections or estimates made by us and our management in connection
with our business operations. Various assumptions were used in drawing
the conclusions or making the forecasts and projections contained in
the forward-looking information contained in this press release, which
assumptions are based on management analysis of historical trends,
experience, current conditions and expected future developments
pertaining to the Company and the industry in which it operates as well
as certain assumptions as specifically outlined in the release above.
Forward-looking information is based on current expectations, estimates
and projections that involve a number of risks, which could cause
actual results to vary and in some instances to differ materially from
those anticipated by the Company and described in the forward-looking
information contained in this press release. Undue reliance should not
be placed on forward-looking information, which is not a guarantee of
performance and is subject to a number of risks or uncertainties.
Readers are cautioned that the foregoing list of risk factors is not
exhaustive. Forward-looking information is based on the estimates and
opinions of the Company’s management at the time the information is
released and the Company disclaims any intent or obligation to update
publicly any such forward-looking information, whether as a result of
new information, future events or otherwise, other than as expressly
required by applicable securities laws.
SOURCE Eagleford Energy Inc.