American Oil and Gas Reporter - October 2015 - 154

SpecialReport: Gulf of Mexico Activity

With 2 million acres under lease on the Outer Continental
Shelf-the largest Shelf acreage position in the Gulf-Fieldwood Energy LLC is producing 100,000 barrels of oil equivalent a day. The company is acquiring new geophysical data
over its Shelf assets and building a drilling inventory for the
future. Fieldwood also is active onshore Louisiana, and is
pursuing opportunities to acquire Shelf blocks in Mexican
Gulf waters.

Company LLC, which began production at its floating facility
in April, Flores says, with the development plan calling for the
Delta House development to have eight wells on line by year's
end. The floating production spar is designed for peaking capacity of 100,000 barrels of oil a day and 240 million cubic feet of
gas.
"Delta House was a very nice discovery, and it has been an
active program for us," Flores states.
The company's portfolio includes 32 undrilled prospects with
acreage. As of late summer, three wells were awaiting hookup,
including the Noble Energy Co.-operated Big Bend, Flores says.
Houston Energy's deepwater interest is part of an evolutionary process that began in 1988, when the company formed, and
the company continues to deal in onshore prospects, according
to Flores. "Some companies like us so much, they will take 50
percent working interest and want to operate the properties," he
comments. "That happens a lot around here."

While low oil and gas prices have put a damper on Shelf
drilling, with the company down to one rig in September as it
worked on efficiency gains, McCarroll says onshore Louisiana
holds additional promise.
"We have been quite active onshore Louisiana, acquiring some
acreage and shooting seismic surveys," says McCarroll. "We are
shooting and processing seismic over an area that has had little
seismic data. We are looking for conventional, deeper targets. We
have a couple prospects we are going to drill early next year, and
we are really excited about the potential."
In addition, the company expected to bid in late September
on blocks relinquished by PEMEX on the Shelf in Mexico's territorial Gulf waters, he reveals.
But preparation on the U.S. Shelf, where Fieldwood holds 2
million acres, continues amid soft oil and gas prices, McCarroll
adds. "We have not cut back on our seismic program," he says.
"We are acquiring new data and building a drilling program for
future years, from both a prospect inventory perspective and investing in geophysical data and interpretation. We are just not
drilling the wells now."
The company also continues to focus on recompletions and
minor property acquisitions to maintain production, he says. "We
are still cash flow positive at today's low oil and gas prices, but
it does not make a lot of sense for us to make a lot of capital investment at current prices, especially as a private company," McCarroll says.
Fieldwood has documented 20-25 percent reductions in
lease operating expenses over the past three quarters, he says. "This
is the result of a combination of being smart about how we spend
our money and focusing on being more efficient with our operations," McCarroll elaborates. "That includes transportation and
logistics. Obviously, fuel and chemical costs have come down,
but we are working hard to reduce additional costs without com-

Acquiring Seismic Data

Producing 100,000 barrels of oil equivalent a day, primarily
from the largest Shelf position in the Gulf, Fieldwood Energy LLC
is acquiring new seismic data on the Shelf, making acquisitions
onshore Louisiana, and eyeing opportunities to acquire blocks in
Mexican waters for additional avenues to reserve and production
growth, says Chairman and Chief Executive Officer Matt McCarroll.
In September 2013, the private Houston-based company held
by Riverstone Holdings LLC closed its acquisition of Apache
Corp.'s Shelf assets and followed that $3.75 billion transaction
with a $750 million purchase of SandRidge Energy's Gulf of Mexico and Gulf Coast holdings.
154 THE AMERICAN OIL & GAS REPORTER

Badger Oil Co. is focusing its drilling program on lower-cost
and lower-risk shallower wells onshore southern Louisiana.
Coastal Drilling Company's inland barge Coastal Rig 20 is shown
here on a Badger Oil location last summer. Photo courtesy of
Baker Hughes.



American Oil and Gas Reporter - October 2015

Table of Contents for the Digital Edition of American Oil and Gas Reporter - October 2015

Contents
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