“2008 has been an incredible year for Southwestern Energy. We have seen significant
improvements in our well performance in the
quarters, resulting in remarkable growth in our production levels and, correspondingly, our earnings and cash flow. Meanwhile, the turbulent times in the financial and commodity markets are having a considerable impact on both the national economy and our industry.
As a result, we will enter 2009 with both caution and optimism. We believe the future for Southwestern is very bright and that 2009 will be another record year for our company. The company is well positioned with an extremely strong balance sheet and financial position and an opportunity set that rivals any in our industry with our Fayetteville Shale play,” stated Harold M. Korell, Chairman and Chief Executive Officer of Southwestern Energy.
“In 2009, we will continue to operate 20-21 rigs in the Fayetteville Shale play and, with the improvements in our drilling times, we currently expect to participate in approximately 620 horizontal wells (470 operated), compared to an estimated 520 wells in 2008, as we continue to develop our significant acreage position. As a result of our planned investments, we expect our 2009 production to be in a range of 280 to 284 Bcfe, which is an increase of approximately 48% compared to our expected 2008 levels,” stated Korell.
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