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My Focus at the REC

Unconventional Oil & Gas Activity and Its Implications for Texas Real Estate Harold Hunt, PhD Real Estate Center @ Texas A&M College Station, Texas hhunt@tamu.edu. My Focus at the REC. Addressing these two questions: How is “unconventional” drilling different from conventional drilling?

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My Focus at the REC

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  1. Unconventional Oil & Gas Activity and Its Implications for Texas Real EstateHarold Hunt, PhDReal Estate Center @ Texas A&MCollege Station, Texashhunt@tamu.edu

  2. My Focus at the REC Addressing these two questions: • How is “unconventional” drilling different from conventional drilling? • How long will (drilling activity in) the Eagle Ford Play last?

  3. What Countries Have the Most Shale Oil and Shale Gas Reserves?

  4. Major and Minor Shale Plays

  5. Active Drilling Rigs in Texas(As of April 4th, 2014) Source: Baker Hughes

  6. Rig Counts(Land Rigs Only as of April 4th, 2014) AreaTotalGasOil • U.S. 1,814 316 1,498 • Texas 877 81 796 • Permian 438 3 435 • Eagle Ford 224 10 214 • Granite Wash 5810 48 • Haynesville 4544 1 • Barnett 25 14 11 Source: Baker Hughes

  7. Characteristics of the Best Shale • High organic matter content • The right maturitywindow • Sufficient brittleness • Sufficient natural fractures • Good porosity

  8. Definitions • Porosity - the percentage of void space in a material. • Permeability – The property of a porous material to permit a liquid or gas to pass through it.

  9. Permeability of Shale Source: SPE International

  10. What Shale Rock Looks Like The pct. of O&G being recovered from the shale is relatively small.

  11. The Difference in Conventional and Unconventional Drilling Source Rock 6,000 ft. Source: U.S. Energy Information Administration

  12. Equipment to Fracture a Well

  13. Fracfocus.org Fluid Disclosure by Well Source: Fracfocus.org

  14. A Look at the Eagle Ford Shale First Wells Drilled: 2008 Area: 20,000 sq. miles or 13 million acres

  15. Most Active Eagle Ford Counties in Red(2012 Population Estimates) Gonzales Co. Uvalde Co. Pop. 20,045 Wilson Co. Pop. 26,752 Pop. 44,370 De Witt Co. Atascosa Co. Cuero Pop. 20,465 Zavala Co. Karnes Co. Maverick Co. Pop. 15,233 Pop. 11,961 Pearsall Pleasanton Pop. 55,365 Karnes City Frio Co. Victoria Co. Pop. 17,702 Pop. 46,446 Crystal City Goliad Co. Pop. 89,269 Pop. 7,351 Goliad George West Cotulla Tilden Dimmit Co. McMullen Co. Bee Co. Pop. 10,461 La Salle Co. Pop. 32,527 Live Oak Co. Pop. 7,109 Pop. 726 Pop. 11,664 Jim Wells Co. Webb Co. San Diego Nueces Co. Pop. 259,172 Pop. 41,339 Pop. 347,691 Laredo Duval Co. Pop. 11,754 Source: U.S. Census and Real Estate Center

  16. Eagle Ford Shale Thickness Source: Geology.com

  17. Eagle Ford Shale Depth Source: Geology.com

  18. Completed Wells in the Eagle Ford As of Aug, 2011: 263 Producing Oil Wells 394 Producing Gas Wells Source: Texas Railroad Commission

  19. Completed Wells in the Eagle Ford 11 Months Later… As of July, 2012: 1,690 Producing Oil Wells 710 Producing Gas Wells An Increase of: 1,427 Producing Oil Wells 316 Producing Gas Wells Source: Texas Railroad Commission

  20. Completed Wells in the Eagle Ford 12 Months Later… As of July, 2013: 3,868 Producing Oil Wells 1,681 Producing Gas Wells An Increase of: 2,178 Producing Oil Wells 971 Producing Gas Wells Source: Texas Railroad Commission

  21. Completed Wells in the Eagle Ford 9 Months Later… As of Apr., 2014: 5,858 Producing Oil Wells 2,896 Producing Gas Wells An Increase of: 1,990 Producing Oil Wells 1,215 Producing Gas Wells Source: Texas Railroad Commission

  22. Technology Improvements

  23. Several Technological Improvements Will Affect the Number of Wells Drilled • Drilling one well to “hold a field by production” giving way to “pad drilling” where multiple wells are drilled from one drillsite, saving time and money. • Drilling rigs that “walk” or move along rails will significantly reduce the downtime between drilling a well. • Thewell spacing continues to tighten, leading to more producing wells on a given amount of acreage. • Tapping other pay zones will also extend the life of fields.

  24. 1) Pad Drilling

  25. Pad Drilling Example

  26. Karnes Co. Drilling Pads

  27. Gonzales Co. Drilling Pads

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