ANALYSIS OF HAYNESVILLE SHALE E&P COMPANIES BY NET ACREAGE POSITIONS AS OF SEPTEMBER, 2008

THE FOLLOWING RANKING AND NET ACREAGE POSITIONS ARE TAKEN FROM PUBLIC INFORMATION AVAILABLE ONLINE. THEY DO NOT REPRESENT CURRENT TOTALS AS MANY OF THE REPORTS ARE SEVERAL MONTHS OLD. ACREAGE POSITIONS HAVE BEEN ROUNDED UP TO THE NEAREST 1,000. THE LIST IS NOT PRESENTED AS A COMPREHENSIVE ANALYSIS AS I WAS UNABLE TO LOCATE TOTALS FOR SOME OPERATING COMPANIES. OF SIGNIFICANT NOTE, I HAVE FOUND NO ACREAGE TOTAL FOR SHELL WESTERN E&P, INC. (SWEPI). IT IS UNCLEAR IF SWEPI'S ACRES ARE INCLUDED IN THOSE REPORTED FOR ENCANA. OTHER HS OPERATORS WHO HAVE APPLIED TO THE STATE FOR DRILLING AND PRODUCTION UNITS THAT ARE NOT REPRESENTED IN THE RANKING INCLUDE: SAMSON CONTOUR; CAMTERRA RESOURCES, BRIDAS ENERGY (BEUSA); CYPRESS OPERATING, CORONADO; FOSSIL; ARK-LA-TEX ENERGY; LONG PETROLEUM; PINNACLE OPERATING; FRANKS OPERATING; STROUD PETROLEUM; NADEL GUSSMAN JETTA; WILL DRILL AND J-W OPERATING. OTHER OPERATORS NOT LISTED BUT GENERALLY RECOGNIZED TO HAVE DIRECT OR INDIRECT OPERATING RELATIONSHIPS WITH THOSE LISTED INCLUDE: KCS RESOURCES; MATADOR;INDIGO; WINCHESTER, AND MAINLAND RESOURCES. THE AREA ENCOMPASSED BY THE PLAY ALSO CONTAINS SIGNIFICANT ACREAGE THAT IS HELD BY PRODUCTION BY COUNTLESS SMALLER OPERATORS. SOME ADDITIONAL ACREAGE IS HELD BY NONOPERATING INVESTORS. I OFFER THE ACREAGE POSITION ESTIMATES AS A MEANS OF EVALUATING HOW MANY ACRES REMAIN UNLEASED IN THE AREA OF THE HS PLAY. THAT TOTAL IS UNKNOWN AT THIS TIME AS THE BOUNDARIES OF THE PROSPECTIVE AREA HAVE NOT BEEN FULLY DEFINED. CHESAPEAKE ENERGY HAS STATED THAT ITS ESTIMATE IS 3.5M ACRES. IT IS BEYOND MY ABILITY AT THIS TIME TO BREAK DOWN THE ACREAGE POSITIONS BY STATE.

HAYNESVILLE SHALE E&P COMPANIES BY NET ACREAGE POSITIONS AS OF SEPTEMBER, 2008

CHESAPEAKE/PXP 700,000
ENCANA CORP. (USA) 350,000
PETROHAWK 300,000
DEVON ENERGY 220,000
EOG RESOURCES 160,000
EXCO RESOURCES 115,000
XTO ENERGY 105,000
FOREST OIL 95,000
GOODRICH PETROLEUM 65,000
ANADARKO PETROLEUM 60,000
PENN-VIRGINIA 60,000
COMSTOCK 55,000
CABOT OIL &GAS 50,000
ST. MARY LAND & EXPLORATION 50,000
SANDRIDGE 35,000
QUESTAR 30,000
EL PASO 28,000
GMXR 28,000
NOBLE ENERGY 19,000
UNIT CORP. 12,000
ENCORE ACQUISITION 7,000
BERRY PETROLEUM 5,000

SUBTOTAL: 2,549,000

115,200 *

TOTAL: 2,664,200 Acres

* In the interest of projecting as accurate a total as possible, I am adding acreage in unit applications by a number of those operating companies mentioned in my introduction but not contained in the ranking. These are the companies that I did not mention as having a known relationship to those included in the rankings.

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Comment by James CD1 on February 13, 2009 at 9:50pm
Mr Peel, I spent an afternoon at the courthouse (on you suggenstion) and I found a lease dated
Dec. 86 on my property. How can I tell if my land is HBP. I am not getting any royalty checks
but I need to know what to look for in their computer that would show if my property is hbp or
if it is available for lease. I have 2 seperate properties but the lease covers both properties. A well
is on one -the smallest-but not my other. So, am I held by production on both or just the one that
is in the section with the well? Hope I am not confusing you. JW has never paid any royalty to me.
Comment by Skip Peel- Independent Landman on December 28, 2008 at 6:06pm
Glenn. I have been tracking activity in north Caddo for 8 months. And long suspected that there was prospective HS up to at least townships 19N - 16W,15W,14W & 13W. My concern is the ability of the operators with the leasehold in the eastern townships to successfully produce the HS. I think they are not technically capable and probably not financially capable also. You are in a good location. I hope you get a capable operator to produce your minerals. I hope Southern Star acquires an experienced joint venture partner. Chesapeake or Petrohawk would be good and they are active in the vicinity. Good Luck.
Comment by Glenn on December 28, 2008 at 5:54pm
SEC21T19NR13W.pdfSSEY_Presentation_December_08_update_v4.pdfSkip, I was catching up on old posts and saw your blog. You may have seen these attachments or not. May be information in them you can use. As for leasing, I live in a section not leased (Sec 10, 19N, 13W. Southern Star is 2 miles west and Chk is drilling 4 miles south. I realize we are a mostly residential area, but it would be nice to see them come here.
Comment by Skip Peel- Independent Landman on December 19, 2008 at 9:27pm
Hello, Robert. And welcome to GHS. My list is getting a little dated and I plan to update it sometime in January. I am unaware of Harding Energy Partners but would certainly consider adding them to the listing if I can access some reliable figures for their leasehold. Please keep in mind that the list is for Haynesville Shale (LA.) and Bossier Shale (TX.) only. It is often difficult to confirm that the operator's leasehold definitively contains these formations and that the location of the leasehold is in fact shale. Not sand formations of the same name. Please forward any information that you would like to be considered for inclusion in the listing. Season's greetings and kindest regards, Skip
Comment by Robert Howell on December 19, 2008 at 9:20pm

>Don't forget Harding Energy Partners!!!
Comment by Skip Peel- Independent Landman on December 12, 2008 at 10:20am
ph. I am aware of Cubic and have heard of their connection to Fossil. I did not have any leasehold info on them, so I did not list them at the date of the original post. It is my intent to update the blog list periodically and welcome suggestions. It helps to have reliable sources for any figures included because it is not unusual for someone to take exception with the accuracy. If you would care to send me some information on Cubic/Fossil or any other operator for that matter, I will include it in the next update if I can verify it.
Comment by patrick hays on December 12, 2008 at 10:04am
why is cubic energy not listed in these holdings?
Comment by Skip Peel- Independent Landman on December 8, 2008 at 4:16pm
Les. Your numbers look good. They are quite close to mine. However our Texas members should find yours of more interest. I attempted to project the leasehold in NW. LA. only. Your projections appear to include both states.
Comment by Skip Peel- Independent Landman on December 8, 2008 at 3:46pm
Cheerleader. "Substantially larger bonus"? I am not sure I understand the question. I expect no bonus offers in the future to be made at the levels of the summer as the conditions that escalated those offers to their unprecedented amounts will never exist again, IMO. Leasing will occur at a much slower pace and be focused in selected areas where an operator intends to form a drilling unit and begin development. The unleased land owners in those specific areas will get offers. The amount of the offers will depend on how many acres are owned and whether there is a need for, or advantage in, a surface use of the particular property, ie. pad site, road, pipeline, etc. I had made some predictions of 2009 bonus offers previously in $5,000 to $15,000/acre range depending on the specifics that I just mentioned. Now I am not so sure. The national/global recession and its affect on energy prices may make my prediction too high. I do not think cold weather or next year's new budget dollars will make any positive difference. We will not have to wait too long to find out. I would be quite happy to be proven wrong.
Comment by Cheerleader on December 8, 2008 at 3:13pm
Thanks Skip,
I saw the "big operator" remark on a response you made to "Two Dogs" on 11/30, on your individual site. Do you subscribe to the theory that unleased, desirable acreage may bring substantially larger bonus, possible early fall prices?

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