Private Louisiana Austin Chalk Operators Enter J V

摘要

TWO PRIVATELY OWNED oil and gas companies agreed to jointly develop their assets in the red-hot Louisiana Austin Chalk play.On June 12,Prime Rock Resources LLC,a Lime Rock Partners portfolio company,said it formed a joint venture(JV)with New Dawn Energy LLC for undisclosed terms.The JV will develop more than 100,000 net acres contributed by each company in central Louisiana targeting the Austin Chalk.After a period of being largely written off,Louisiana's Austin Chalk play is experiencing a new era of popularity.Earlier this year,Charles Goodson,president and CEO of PetroQuest Energy Inc.,told Hart Energy's DUG Haynesville conference attendees that the Austin Chalk is currently in”its third wave.”Last year,several large E&Ps,including ConocoPhil-Iips Co.and Marathon Oil Corp.,amassed nearly 600,000 acres in the Louisiana Austin Chalk as part of a resurgence.An early mover,Prime Rock acquired over 100,000 net acres in central Louisiana targeting the emerging Austin Chalk play.The company also currently holds participating interests in the Permian's Delaware Basin in New Mexico.