Eclipse Resources I LP

State College, Pa.-based Eclipse Resources I LP, an EnCap Investments LP-backed company, has retained RBC Richardson Barr to seek a joint-venture partner for its Utica shale holdings primarily in Noble County, Ohio.

The package includes a 50-50 joint venture opportunity on a Utica leasehold position of approximately 27,000 net acres, including 350 net mineral acres. The properties are largely contiguous with long-lease terms (five years plus five years) and an average of greater than 81% of 8/8ths net revenue interest. The acreage is in the wet-gas window.

Several other operators are in the area, including Chesapeake Energy Corp., Consol Energy Inc. and EnerVest Ltd., which have reported wells with initial production rates as high as 1,425 barrels of oil per day and 9.5 million cubic feet per day. There are multiple midstream gathering and liquids take-away expansions and projects planned in the area.

Eclipse estimates net resource potential of 148 million barrels equivalent based on 225 wells on 120-acre spacing. The average well will feature a 5,000-foot lateral length and 15 frac stages, with projected EURs of 811,000 barrels equivalent per day (79% condensate and gas liquids).

Eclipse has drilled the Miley #5H vertical wellbore and cored the entire Utica section, and plans to drill lateral and complete the well during the first quarter 2012.

The bid due date is Feb. 2. Data rooms will open Jan. 5. Contact Craig Lande, 713-585-3335, Craig.Lande@rbccm.com.