Sanchez Energy scoops up more Eagle Ford acreage for $29 million

Sanchez Energy Corp. has purchased the mineral rights to additional acreage of land targeting the Eagle Ford Shale.

Oil exploration and production company Sanchez Energy Corp. will acquire 10,800 net acres in South Texas? Fayette, Gonzales and Lavaca counties from an unidentified seller for $29 million.

The acreage, located across the Eagle Ford Shale region, has an estimated net production of 250 barrels of oil equivalents per day, officials at the Houston-based company said in a shareholder update.

Sanchez Energy now has 25 wells in various stages of drilling, completion or initial flowback.

The company?s second-quarter production of 682,000 barrels of oil equivalents was a 92 percent increase over the first quarter of 2013 and a 772 percent jump from the same period a year ago, officials also said.

?Our production and reserve growth continues to be strong, with both nearly doubling in the first half of the year,? President and CEO Tony Sanchez III said in a written statement.

Sanford Nowlin covers energy/utilities, transportation/aviation and manufacturing.

Source: http://feedproxy.google.com/~r/vertical_16/~3/zCwpdKFuvk0/sanchez-energy-scoops-up-more-eagle.html

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