Tuscaloosa lease bid deadline extended

Amelia Resources LLC is extending the bid deadline until April 3 for leases on 47,300 acres in the Tuscaloosa Marine Shale play.

The Woodlands, Texas-based firm had originally scheduled the bidding to end the first week of March.

In a news release, Amelia President Kirk Barrell said several potential bidders had asked for more time to properly evaluate the acreage.

Goodrich Petroleum’s recent announcement that one well initially produced the equivalent of 1,300 barrels per day has generated a lot of excitement across the Tuscaloosa Marine Shale, he said.

Market analysts and TMS operators have published estimated ultimate recoveries ranging from the equivalent of 400,000 to 800,000 barrels of oil, Barrell said.

Encana is expected to announce four new well completions in the coming weeks, and Barrell expects those wells to be the strongest yet.