Exterra Energy (OTCBB: EENI) is on track to be the next big player in Barnett Shale area as it recently announced it is finalizing the acquisition of 3,500 acres of production in East Texas in the Woodbine Formation. Exterra is acquiring all of an Independent Producer's interest in production and work over opportunities in one of the oldest and biggest producing fields in the United States.
EnerVest Ltd., a Houston-based developer and operator of oil and gas fields, and affiliated partnerships including EV Energy Partners LP, signed an agreement to purchase oil and natural gas properties in the Barnett Shale in Texas from Talon Oil & Gas LLC for $967 million last week.
One of the big player's in Barnett Area Chesapeake Energy Corporation (NYSE: CHK), the producer of natural gas third quarter revenue increased 43% to $2.58 billion from $1.81 billion last year. Net income in the quarter surged 177% to $515 million or 75 cents per diluted share, compared to $186 million or 30 cents per share last year.
The success of the Bakken and the growing evidence that the Barnett can yield notable amounts of oil and gas liquids suggests that onshore oil in the US may again become a frontier play.
Unlike the Bakken, the Barnett is already the domicile (or soon will be via pending acquisitions and buy- ins) of the largest and most technologically sophisticated oil and gas companies in the world. US oil and gas liquids production may well be on the verge of sustained growth for several years to come
In less than a decade, the Barnett Shale play has become the largest natural gas play in the state of Texas and, as new wells sprout like bluebonnets across the Fort Worth region, it might soon become the largest in the nation.
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