eog conference call

Listen to Mark Papa from EOG. Some pointers from the company that is leading the way in horizontal drilling

*Average Cost per horizontal well - $US3.5m
Vertical well - $US2.1m

*He stressed the importance of 3D seismic data to locate the
best well sites and maximise returns

*They will not be releasing their views on Niobrara until the end of the year.

*They are bullish on oil prices 2011/12 (25% hedge at $US93, 75% unhedged)

* "In terms of the plays that we've discussed, whether in [inaudible] or even the Niobara or the combo play, we're not buying much additional acreage. The acreage costs, since our Analyst Conference in all those plays have gone up dramatically, in some cases tenfold, just in a month. And so we're really not adding much there. We have some other plays, potential plays, that we haven't talked about and we're testing it and that's where we're concentrating on adding additional acreage right now."