Lonestar increases Eagle Ford shale position

Claiming new land: Lonestar Resources has acquired a further 4.48 square kilometres in the Eagle Ford shale play in Texas

Luke Johnson

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Danica Newnham

 05 February 2013 09:31 GMT

Australia-listed Lonestar Resources has increased its position in the Eagle Ford shale formation Texas by agreeing to acquire an additional 46.7% interest in its operated Ranger Beall Ranch lease.

Under the deal, Lonestar will pay A$56.1 million (US$58.4 million) to acquire an additional 4.48 square kilometres of land, which will add 3.7 million barrels of crude oil, 600,000 barrels of natural gas liquids and 4.2 billion cubic feet of natural gas to the company’s current resources.

The acquisition, which now brings Lonestar’s total working interest in the Ranger Beall Ranch property to 97.7%, is also expected to add five million barrels of oil equivalent to the company’s proven reserves (bringing the total to 18.5 mmboe).

In addition, this new acreage boosts Lonestar’s…

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