Saxon Acquires 50% Interest in Eagle Ford Shale Play

Saxon has a closed a transaction to acquire a 50% interest in 4,666.12 acres in Zavala County, Texas, in the South Texas Eagle Ford Shale play. The Eagle Ford Shale trends across Texas from the Mexican Border in the South all the way into East Texas.

The Eagle Ford Shale is a geological formation directly beneath the Austin Chalk Shale. It is considered to be the "source rock," or the original source of hydrocarbons that are contained in the Austin Chalk and the Edwards formation above it. The Eagle Ford Shale is found at depths between 4,000 and 12,000 feet.

The Eagle Ford shale is producing impressive amounts of both oil and natural gas in wells across South Texas. The northern part of the play, called the "Eagle Ford fairway," is the oil section, with lower pressure and high volumes of oil. There are reports of horizontal wells in the "oil window" producing well over 500 barrels per day. The middle section is the "condensate window" producing natural gas and condensate. The deeper section farther south, is a producer of large volumes of drier gas.

"The thickening of the Eagle Ford shale on the western edges of Zavala County is notable," commented C. Ted Wooten, President of Saxon. "We would expect this part of the reservoir to be predominantly oil and Saxon is pleased to be able to participate in this exciting project."