Houston-based Marathon Oil has confirmed it has a position in Louisiana’s Austin Chalk play, making it one of several large industry players exploring the formation.
Marathon, in its first-quarter earnings report released Thursday, said it has accumulated 250,000 net acres in multiple new plays in the past year, including a “largely contiguous position in the emerging Austin Chalk play at a cost of less than $900 per acre.”
“Critical to our long-term value creation and full-cycle returns, we captured future potential opportunities through low-cost exploration acreage additions, including a material position in the emerging Louisiana Austin Chalk play,” Marathon Oil President and CEO Lee Tillman said in the release.
Recent leasing activity has raised the possibility of an onshore drilling resurgence in Louisiana.
Houston-based drilling giant ConocoPhillips is making a play in Louisiana’s portion of the Austin Chalk formation, raising the prospect of a r…
ConocoPhillips also recently announced its position in Louisiana’s portion of the Austin Chalk formation, which stretches across Texas through the middle of Louisiana. The formation had little leasing activity here for two decades until the past year or so, when EOG Resources announced last fall it had leased 130,000 acres and drilled a test well.