SOURCE: El Paso Corporation

El Paso Corporation

March 22, 2010 07:30 ET

El Paso Corporation Announces Successful Eagle Ford Well Test

HOUSTON, TX--(Marketwire - March 22, 2010) -  El Paso Corporation (NYSE: EP) today reported that El Paso Exploration & Production Company's second Eagle Ford well tested at a flow rate and liquids content at the high end of the company's expectations. During a 24-hour period, the Hixon 1H well in La Salle County, Texas tested at an average rate of 2.9 million cubic feet (MMcf) of natural gas per day and 721 barrels per day of 51.7 API gravity condensate on a 24/64-inch choke with 1,822 pounds of flowing casing pressure. On a six-to-one oil-to-gas equivalent basis, the well tested at 7.2 MMcfe/d. The natural gas is liquids rich, testing at 1,368 Btu per standard cubic foot.

The well was drilled to a vertical depth of approximately 9,950 feet with a 4,100-foot horizontal lateral. El Paso completed the well with a 14-stage fracture stimulation treatment. 

"We are very pleased with the drilling and completion performance of our second Eagle Ford well," said Brent Smolik, president of El Paso Exploration & Production Company. "The Hixon 1H tested at the high end of our forecast, and it has a much higher liquids content, which further enhances our economics. We are encouraged with the results, and we are accelerating our Eagle Ford program with the addition of a second rig, which will operate in the area where this well was drilled."

El Paso holds leases in three key areas of the Eagle Ford shale play, with a total of approximately 138,000 net acres. The Hixon 1H well is in the northernmost of the three areas, which has approximately 73,000 net acres of leasehold.

El Paso Corporation provides natural gas and related energy products in a safe, efficient, and dependable manner. El Paso owns North America's largest interstate natural gas pipeline system and one of North America's largest independent natural gas producers. For more information, visit www.elpaso.com.

Cautionary Statement Regarding Forward-Looking Statements

This release includes certain forward-looking statements and projections. The company has made every reasonable effort to ensure that the information and assumptions on which these statements and projections are based are current, reasonable, and complete. However, a variety of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release, including, without limitation, our ability to implement and achieve objectives in our 2010 plan and updated guidance, our ability to meet production volume targets in our E&P segment; changes in commodity prices and basis differentials for oil, natural gas, and power; general economic and weather conditions in geographic regions or markets served by the company and its affiliates, or where operations of the company and its affiliates are located, including the risk of a global recession and negative impact on natural gas demand; the uncertainties associated with governmental regulation; competition; and other factors described in the company's (and its affiliates') SEC filings. While the company makes these statements and projections in good faith, neither the company nor its management can guarantee that anticipated future results will be achieved. Reference must be made to those filings for additional important factors that may affect actual results. The company assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by the company, whether as a result of new information, future events, or otherwise.

Contact Information

  • Contacts:
    Investor and Media Relations
    Bruce L. Connery, Vice President
    Office: (713) 420-5855

    Media Relations
    Richard Wheatley, Manager
    Office: (713) 420-6828