http://seekingalpha.com/article/275097-marathon-may-have-increase...

http://seekingalpha.com/article/275097-marathon-may-have-increased-the-value-of-eagle-ford-leaseholders-part-3

Murphy Oil (MUR) has 220000 acres in the Eagle Ford. To date, Murphy has drilled 25 wells. Fifteen are currently in production with 10 waiting to be fracced. It has current gross production of 4000 Bopd and 5 Mmcfpd. Murphy has four rigs in the Eagle Ford and plans to increase this number to eight by year end. It is focusing on Karnes County with two of the four rigs at this location. Murphy states Karnes has an EUR of 580 MBoe/well, and has an estimated value of $12000-$15000/acre. It has one rig in Tilden (Atascosa and McMullen Counties) and Catarina (Dimmit County). Tilden EUR is 580 Mboe/well and has an estimated value of $9000-$12000/acre. Catarina has an EUR of 350/well and estimated value of $10000-$16000/acre. These valuations per acre represent purchases in the Eagle Ford, and to my knowledge do not reflect Marathon's purchase of Hilcorp. Murphy's dedicated frac crew is completing three to five wells per month. Murphy has a significant position in the Eagle Ford, but is not significantly levered. Murphy is a good company with very good prospects going forward, even if the economy slows in the second and third quarter.