What's 400 miles long and worth nearly $50 billion to about half a million Texans?
I'd like to give you three guesses, but I have a feeling you might only need one, maybe two — both of which got kick-started about five years ago...
If you think about it, October 2008 wasn't the best time to have an oil and gas boom. After all, it took until October 7, 2008, for the Treasury Secretary to acknowledge that the housing bubble burst. By then, crude oil prices had begun their precipitous drop as demand plunged nearly 10% between July and October.
Yet, the implosion of crude prices served only to mask two major events for the Texas oil and gas industry that year: the resurgence of activity in the Permian Basinand the birth of the Eagle Ford Shale.
The latter took place on a single drilling pad in La Salle County.
Specifically, it was a small, relatively unknown company called Petrohawk Energy and their rig crew who drilled the STS-241-1H well in the South Texas...
Over 14,000 feet and two million pounds of proppant later, the well was placed on production at a rate of 9.1 million cubic feet of natural gas equivalent per day. Soon after, a second well affirmed what we suspected: that Petrohawk had discovered a new shale gas field.
The discovery sparked a massive drilling rush that effectively mapped out the Eagle Ford's southern gas and northern oil windows:
Up, Up, and Away
.....read more HERE