Thursday, October 2, 2008

Haynesville Shale: ( HK ) PetroHawk Energy Update 10/02/08

Like Chesapeake Energy ( CHK ), Petrohawk Energy ( HK ) reduces capital budget for 2009 as energy prices decline. Petrohawk plans to focus more on the Haynesville Shale & the Fayetteville Shale.

The reallocation of capital reflects an increased emphasis on development of non-proved locations in Petrohawk's successful Haynesville and Fayetteville Shale projects, with the benefit of higher expected overall reserve growth potential for the Company. Petrohawk's production guidance for 2009 represents 25% to 35% drillbit growth over 2008 estimated annual production of 305 million cubic feet of natural gas equivalent per day (Mmfe/d).

For more on the shale plays in the USA and Canada...visit