The San Juan Basin, which extends 7,500 square miles across northwest N.M., and southwest Colo., bears a storied history of gas riches, disappointments, and recent revivals. Natural gas was first discovered here in 1921. By 2007, the San Juan was touted as the nation’s largest gas field with claims of 12.9 TCF of recoverable reserves.  But after 10 years of decline and poor economics, the basin in 2017 saw a mass exodus of its largest players—ConocoPhillips, BP, and ExxonMobil—chasing Permian treasures. Enter the independents ready to snap up those assets.

Reese Energy Consulting today is following the top three independent producers finding treasures of their own in the San Juan and its Mancos Shale play, which they believe could once again become one of the nation’s leading natural gas plays.

Hilcorp Energy is the big dog here operating 2+ million gross acres, 12,000+ producing wells with 133 MBOED in production and significant midstream assets. Pure player LOGOS Energy, now 10 years into the San Juan, operates 230,000 net acres and a contiguous 50,000 gross acres in the heart of the Mancos Shale. The company in 2023 announced one of its Mancos wells achieved peak 30-day production of 24.9 MMCFED—more than any well drilled in the San Juan since 1973. LOGOs’ wells continue to break records, now reportedly producing 5+ BCF over a year. These well results no doubt caught the attention of Mach Natural Resources, which last year shelled out $787 million for 570,000 net acres there.