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Sanchez Energy (SN) deserves credit for building itself, in a relatively short period of time, into a sizeable operator in the Eagle Ford Shale (current market capitalization of $1.2 billion and enterprise value of $2.0 billion, based on $26.23 price per share). While in its growth Sanchez has predominantly relied on purchasing delineated properties, the company has also achieved significant success on less proven acreage that it has leased or acquired.

Of particular note is the company's Marquis operating area that is located at the easternmost flank of the South Texas Eagle Ford play in Fayette and Lavaca Counties. The area under lease accounts for over half of the company's total Eagle Ford leasehold (~69,000 net acres out...

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