Thursday, November 6, 2008

Haynesville Shale: Petrohawk Spuds New Well

Petrohawk Energy ( HK ) is out with earnings this morning and an update on a new well they spudded in the past two weeks located in Bossier Parish in the Haynesville Shale Nautral Gas Field.

Since its operational update on October 21, 2008, Petrohawk has completed one additional well in Bossier Parish, Louisiana, targeting the Haynesville Shale. The EGP #64H (100% WI), located in Section 10, Township 16 North, Range 11 West, was placed on production at a rate of approximately 15.7 Mmcfe/d, on a 24/64" choke with 6,700 pounds flowing casing pressure. The well has a lateral length of approximately 4,100 feet and was completed using 12 stages of fracture stimulation.

The Company has completed a total of four wells in the Haynesville Shale, all with initial production rates over 15 Mmcfe/d. Petrohawk expects to average 14 operated rigs during 2009 in this area, targeting the Haynesville Shale, Bossier Shale and the Cotton Valley Lime formations. Twelve of these rigs will drill locations in Northwest Louisiana, and two will drill on acreage in East Texas.