Now that it seems highly likely that Bull Run Resources is fronting for EOG Resources, the next question to be asked is: What formation are they targeting?
Bull Run has recorded lease memos covering about 41,500 gross acres:
Madison: 27,800
Leon: 12,300
Robertson: 1,400
Bull Run has drilled one well (Augustus Unit 1H in Madison County) and is currently drilling another (Hadrian Unit 1H in Robertson County). As I posted in another message thread, Bull Run’s two wells bracket a relatively large lease area established by Hawkwood Energy. Hawkwood is primarily focused on Eagle Ford wells.
Bull Run recently posted a directional survey for the Augustus Unit 1H well:
https://webapps.rrc.state.tx.us/dpimages/img/9400000-9499999//PR0009443829_0001.pdf
I ran the data by a knowledgeable person, and he was able to evaluate the information by comparing to the log data from a nearby vertical well.
The target zone appears to be at least 300 feet shallower than the top of the Buda Formation. This would also be shallower than Eagle Ford and Austin Chalk. Mud logs from the nearby vertical well had oil and gas shows in the apparent target zone.
It appears this zone has not been explored previously, but available data must show enough potential for EOG to be interested in it.
It seems likely that the future of this play depends on the results of the two Bull Run wells that bracket the Hawkwood lease position. It also seems likely that EOG has discussed a possible deal with Hawkwood to acquire the shallow rights within their lease area (shallower than Hawkwood’s Eagle Ford target).
If the well results are satisfactory, then we should see an acquisition document filed in the county deed records. If the results are unfavorable, then we are likely to hear nothing more.