By Andrea - http://oilshalegas.com
Based on their 2010 Earnings call, EOG Resources, Inc. (EOG) is strongly considering a JV opportunity in the Marcellus Shale. While the venture is not yet a definite, CEO Marc Papa claims to have an answer by the end of the year:
"The one that's on a bit faster track is the Marcellus, and we will be looking at an organized approach to screen interested parties to look and see if we can bring someone in there. And so I would say, the Marcellus, by year end, we should have an answer as to: Are we going to do one? And if so, what are the terms?"
EOG Resources, Inc. (EOG) currently has about 230,000 net acres primarily in Pennsylvania in the Marcellus Shale, and primarily in North Western Pennsylvania in the Marcellus Shale.
For more Shale updates, visit http://blackberrystocks.blogspot.com
For more stock market news, visit http://daytradingstockblog.blogspot.com
Thursday, July 29, 2010
Bradford County, PA - Marcellus Shale
By Andrea - http://oilshalegas.com
Recently, Chesapeake Energy Corporation (CHK) gave an update on the Marcellus Shale in Bradford County, PA.
Below is a list of drilling activities in Bradford County, PA
Marcellus Shale (West Virginia, Pennsylvania and New York):With approximately 1.5 million net acres, Chesapeake is the largest leasehold owner in the Marcellus Shale play that spans from northern West Virginia across much of Pennsylvania into southern New York. On its Marcellus leasehold, Chesapeake estimates it has approximately 26 tcfe of risked unproved resources and 66 tcfe of unrisked unproved resources.
During the 2010 first quarter, Chesapeake's average daily net production of 65 mmcfe in the Marcellus increased approximately 40% over the 2009 fourth quarter and approximately 815% over the 2009 first quarter. Chesapeake is currently producing approximately 100 mmcfe net per day from the Marcellus. Chesapeake is currently drilling with 24 operated rigs in the Marcellus and anticipates operating an average of approximately 31 rigs in 2010 to drill approximately 170 net wells. During the 2010 first quarter, approximately $90 million of Chesapeake's drilling costs in the Marcellus were paid for by its joint venture partner Statoil (NYSE:STO, OSE:STL). From April 2010 through 2012, 75% of Chesapeake's drilling costs in the Marcellus, or approximately $1.9 billion, will be paid for by STO.
Three notable recent wells completed by Chesapeake in the Marcellus are as follows:
- The James Barrett 2H in Bradford County, PA achieved a peak 24-hour rate of 12.7 million cubic feet of natural gas (mmcf) per day;
- The James Barrett 1H in Bradford County, PA achieved a peak 24-hour rate of 11.8 mmcf per day;
- The Strom 1H in Bradford County, PA achieved a peak 24-hour rate of 8.2 mmcf per day.
For more shale news, visit http://blackberrystocks.blogspot.com
For more stock market news, visit http://daytradingstockblog.blogspot.com
Recently, Chesapeake Energy Corporation (CHK) gave an update on the Marcellus Shale in Bradford County, PA.
Below is a list of drilling activities in Bradford County, PA
Marcellus Shale (West Virginia, Pennsylvania and New York):With approximately 1.5 million net acres, Chesapeake is the largest leasehold owner in the Marcellus Shale play that spans from northern West Virginia across much of Pennsylvania into southern New York. On its Marcellus leasehold, Chesapeake estimates it has approximately 26 tcfe of risked unproved resources and 66 tcfe of unrisked unproved resources.
During the 2010 first quarter, Chesapeake's average daily net production of 65 mmcfe in the Marcellus increased approximately 40% over the 2009 fourth quarter and approximately 815% over the 2009 first quarter. Chesapeake is currently producing approximately 100 mmcfe net per day from the Marcellus. Chesapeake is currently drilling with 24 operated rigs in the Marcellus and anticipates operating an average of approximately 31 rigs in 2010 to drill approximately 170 net wells. During the 2010 first quarter, approximately $90 million of Chesapeake's drilling costs in the Marcellus were paid for by its joint venture partner Statoil (NYSE:STO, OSE:STL). From April 2010 through 2012, 75% of Chesapeake's drilling costs in the Marcellus, or approximately $1.9 billion, will be paid for by STO.
Three notable recent wells completed by Chesapeake in the Marcellus are as follows:
- The James Barrett 2H in Bradford County, PA achieved a peak 24-hour rate of 12.7 million cubic feet of natural gas (mmcf) per day;
- The James Barrett 1H in Bradford County, PA achieved a peak 24-hour rate of 11.8 mmcf per day;
- The Strom 1H in Bradford County, PA achieved a peak 24-hour rate of 8.2 mmcf per day.
For more shale news, visit http://blackberrystocks.blogspot.com
For more stock market news, visit http://daytradingstockblog.blogspot.com
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