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() has flowed oil and gas at a rate of 960 barrels of oil equivalent per day from its Seaducer-1H well in Burleson County Texas.
Seaducer-1H is the sixth production well at the company’s Birch Eagle Ford project.
The company noted the Eagle Ford shale has the lowest production costs of any non-conventional oil basin in the U.S. and remains economic.
This is despite oil prices having fallen 46% in 2014. West Texas Intermediate for February delivery slipped 0.9% to settle at US$48.36 barrel last Friday on the New York Mercantile Exchange.
Austin has halted any major expenditures and stripped out more than $1 million in overheads to ride out the downturn in oil prices.
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