Best Energy Services, www.BEYSinc.com – the Houston, TX-based well service and workover firm providing leading solutions in the Hugoton and Central Kansas Basin, announced plans today to expand operations into the Eagle Ford trend of South Texas very soon, projecting a late November date to have multiple rigs up and running.
The Company has positioned itself superbly to capitalize on the Eagle Ford Shale over the next several years, and sees it as a primary growth area due to extremely promising initial results.
It is now estimated that the trend stretches out over most, if not all, of 15 different counties in south Texas, with production targets ranging from 4-12k ft – data which leads sector magnate EOG Resources to characterize the trend as “the sixth largest domestic oil discovery in U.S. history.”
Estimates for total reserves in the field exceed 900M barrels of recoverable oil, with conservative industry forecasts project over 30k barrels per day of oil and natural gas liquids, and 1B cubic feet of natural gas within just three years of development.
Other major industry players are already operating in the area, some of which are already customers of the Company in the Hugoton. Others, including EOG Anardako, Apache Corp., BP, Chesapeake Energy, ConocoPhillips, Exxon-XTO, Petrohawk, Pioneer, Swift Energy, Shell and Goodrich, are making serious plays.
Chairman and CEO of BEYS, Mark Harrington, noted how six months ago the Company identified this trend as being the preeminent source rock play for several years to come, back when there were only 20 drilling rigs in the area – a number which today stands at well over 50.
Harrington explained that a single drilling rig can generally support two or more workover rigs, and that the Company would employ the same strategies that have led to success in the Hugoton, where BEYS has obtained a “First Call” status among over half of the Basin’s operators.
Harrington detailed the tried-and-true methodologies of safety first, value pricing for the customer, and use of highly skilled crews, all of which are absolutely essential, and projected that the Company will have ten or more rigs servicing South Texas customers within the next year.
Harrington concluded by pointing to BEYS having doubled revenues over the last year and explained that successful execution of this project would be able to sustain that momentum through 2011.
Formal initiation of the launch of operations will be made at the Hart Energy Publications Eagle Ford Conference in San Antonio, where the Company is a sponsoring exhibitor, from October 4 through the 6 – a showcase which is anticipated to bring in several key potential E&P customers as well as over 2k attendees.
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