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Allan D. Keel, the Company’s President and CEO, said "We had an exciting quarter from a capital perspective as we continued to post good results in our two main drilling areas."
The Eaglebine is a large emerging oil play in the East Texas Basin (current drilling is most active in the area about 100 miles northwest of Houston). The play is focused on the thick, organically rich section located below the Austin Chalk formation and above the Buda formation that combines the lower laminated Eagle Ford shale and the Woodbine group (hence the name: the Eaglebine).