Lonestar Resources updates proven Eagle Ford reserves
Texas-focused shale producer Lonestar Resources said April 6 it ended 2020 with more than 70mn barrels of oil equivalent (boe) in proven reserves, all in the Eagle Ford basin.
All-told, the company said it held 39.1mn barrels of crude oil and condensate, 19.5mn barrels of natural gas liquids and 124.1bn ft3 of natural gas.
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Gas production from Texas is moving lower, the US Energy Information Administration (EIA) reported. The largest net gain in proven reserves of natural gas in the country are in Ohio, which sits on part of the larger Appalachian shale basin.
In November, Lonestar exited a bankruptcy filed eight months prior, eliminating some $390mn in aggregate debt obligations.
In the third quarter, the last period for which it reported results, Lonestar boasted of an 8% increase in net oil and gas production, with 27% of that coming in the form of natural gas.
In a drilling productivity report from March, the EIA reported that Eagle Ford oil and natural gas production should decline in April.