DENVER, April 15 (UPI) -- An accelerated drilling program for the Eagle Ford shale play in Texas could double the amount of rigs there by year's end, Forest Oil Corp. said.
Forest, which has headquarters in Denver, announced plans to increase drilling activity in the Eagle Ford play to four rigs by the end of the third quarter of the year.
"Based on Forest's current estimated ultimate recovery of 300,000 barrels of oil equivalent per location, the Eagle Ford acreage contains a potential gross unrisked resource of over 200,000 boe," Forest said in a statement.
Forest announced in a separate statement that it signed a deal with oilfield services company Schlumberger for the future developments of its Eagle Ford shale acreage in Texas.
"We believe that our Eagle Ford position is a valuable oil asset and being aligned and working together cooperatively with a strategic partner such as Schlumberger will greatly enhance the value of this important asset," Forest Chief Executive Officer Patrick McDonald said in a statement.
Both sides will participate in future Eagle Ford operations on an equity basis.
The Texas Railroad Commission, the state energy regulator, reported that more than 358,000 barrels per day came from the Eagle Ford play in December.