Eagleford Energy announced that it spud its initial well, the Murphy/Dyami 1-H, on its 100% working interest Murphy Lease comprising 2,637 acres of land in Zavala County, Texas. The rig is currently drilling vertically and the Company intends to drill through the Eagle Ford shale to the Buda formation and log the Serpentine, Austin Chalk, Eagle Ford shale, and the Buda formations. The well is subject to a 10% carried interest on the drilling costs incurred from the surface to the base of the Austin Chalk formation, and a 3% carried interest on the drilling costs incurred from the top of the Eagle Ford shale formation and below.
Eric Johnson, VP Operations at Dyami Energy LLC, a Texas based operating subsidiary of Eagleford Energy, stated, "We have several stacked targets on the Murphy lease. We intend to log and core the key formations in the vertical wellbore, and to position the well to be drilled horizontally as data dictates."
The Company's Murphy Lease is situated in northeast Zavala County, Texas, and is part of the Maverick Basin of Southwest Texas, downdip from the United States Geological Studies north 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.
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