Tarrant County, TX: Barnett Shale: Chestnut Petroleum

By Andrea: http://oilshalegas.com

August 18, 2010: Chestnut Petroleum announced today, the recent completion of the Crowley Teeter #1H, a horizontal well drilled in the sweet spot of the massive Newark, East gas field in the Barnett Shale. Completed in May 2010, the Tarrant County well started production at a rate of 5,866 MCF of natural gas per day after a massive 4-stage fracture stimulation procedure. In the first 60 days of production, the Crowley Teeter #1H has sold 254,552 MCF of natural gas down the pipeline.

"I am thrilled with the performance of this monster well," says Mark Plummer, President and Founder of Chestnut Petroleum.
The Newark, East field is located primarily in Wise, Denton, and Tarrant counties in North Central Texas and is considered the core producing area of the Barnett Shale. As of May 10, 2010, Railroad Commission of Texas records show 13,902 gas wells in the Newark, East gas field, up from a total well count of just 150 in 1993. However, while the number of permits has held steady over the past fourteen months, the number of Newark, East well completions has declined from 135 wells in June 2009 to just six wells in June 2010. According to Tobin Map Data Trends, the Crowley Teeter #1H is just one of eight wells completed in May 2010 in the Newark, East field. Tobin Trends tracks lease and well activity in the Barnett Shale Play, Eagle Ford Shale Play and Haynesville Shale play.

Chestnut Petroleum is a privately owned independent owner-operator that conducts drilling, recompletion and reentry, and general operations in proven producing oil and natural gas fields primarily in Texas and Louisiana.

To learn more, visit the company's web site at http://www.chestnutpetroleum.com

For more shale updates, visit: http://blackberrystocks.blogspot.com

For more stock updates, visit: http://daytradingstockblog.blogspot.com