Specifically, in data just released by the
http://oilshalegas.com/marcellusshale.html
Showing posts with label marcellus shale. Show all posts
Showing posts with label marcellus shale. Show all posts
Sunday, February 26, 2012
Cabot Oil & Gas (COG) - Marcellus Shale Pennsylvania
By Tim - http://oilshalegas.com
http://oilshalegas.com/marcellusshale.html
Cabot Oil & Gas (COG) recently reported an operational update on the Marcellus Shale in Pennsylvania.
Cabot's Marcellus effort created a further step change as the Company exited 2011 with field production at 600 Mmcf per day, up from 236 Mmcf per day at the end of 2010 and up nine-fold since the end of 2009. This performance was driven by superior drilling results, including a dozen wells with initial production rates of more than 20 Mmcf per day, and a year where many of Cabot's wells stood out as the top performing wells in Pennsylvania 's regulatory filings. For the year, Cabot completed 66 Marcellus wells with a total of 904 frac stages.
http://oilshalegas.com/marcellusshale.html
Monday, February 20, 2012
Susquehanna County, PA - Marcellus Shale
By Tim - http://oilshalegas.com
http://oilshalegas.com/marcellusshale.html
Talisman Energy (TLM) recently reported an operational update on the Marcellus Shale in Susquehanna County, PA. Talisman Energy (TLM) plans to spend $250 million on building out infrastructure as they move east towards Susquehanna County. However, due to low natural gas prices in the U.S, Talisman will reducing their drilling activity.
In the Marcellus, we'll reduce activity substantially in the light of current gas prices. We exited the year with 11 rigs, but will plan to reduce to an average of 7 rigs for this year and are actively considering reducing further to 5 rigs in the play. Even with 5 rigs operating, we expect to be able to hold production around 500 million cubic feet a day. Capital will be between $600 million and $800 million in total, with up to $250 million spent on building out infrastructure as we move east towards Susquehanna County.We produced over 400 million cubic feet a day in the Marcellus last year and about 485 million cubic feet a day in the fourth quarter and secured some of the highest margins in that region
http://oilshalegas.com/marcellusshale.html
Thursday, November 10, 2011
Preston County, WV Marcellus Shale
By Tim - http://oilshalegas.com
On our Marcellus East position in Preston County, West Virginia, we have drilled one horizontal well to test this acreage, which is 100% owned by Gastar. In August 2011, we completed the Hickory Ridge 2H horizontal Marcellus well, a 2,500-foot lateral completed with a 10-stage fracture stimulation, and we are currently flowing back completion fluids. First sales from the Hickory Ridge 2H are anticipated by year end. Our focus for the remainder of 2011 and through 2012 in the Marcellus East acquisition area is to perform a 3-D seismic survey over a portion of the acreage, with no additional wells currently planned during that time frame.
Wednesday, November 9, 2011
Marshall County, West Virginia - Marcellus Shale
By Tim - http://oilshalegas.com
In Marshall County, West Virginia, we currently have two drilling rigs working in our Marcellus West area. By year-end 2011, we expect to have nine horizontal Marcellus wells on sales and 10 horizontal Marcellus wells drilled and awaiting completion. All of our Marcellus Shale wells drilled in Marshall County are part of our joint venture with Atinum Partners Co, Ltd. (the "Atinum Joint Venture"). After all drilling and completion costs have been incurred, our working interest in these wells will range from 40% to 50%.
In mid-August 2011, we began producing the Wengerd 1H and 7H horizontal wells at an initial combined 30-day average gross sales rate of approximately 7.1 MMcf per day of natural gas, 176 barrels of condensate and 347 barrels of natural gas liquids (“NGLs”). On September 23, 2011, the pipeline operator shut in the pipeline due to weather-related damage to the natural gas and condensate gathering system. While the pipeline was being repaired, we installed tubing into the two Wengerd wells that would enable us to improve NGLs and condensate recovery and returned them to production on October 21, 2011. Initially, production was restricted due to excessively high line pressures following the pipeline repair, but this matter was recently resolved. The two wells’ most recent combined four day average gross sales rate is 8.1 MMcf per day of natural gas, 200 barrels of condensate per day and 490 barrels of NGLs per day.
Also in Marshall County, we have completed fracture stimulation operations on the Corley pad (four horizontal wells), with first sales anticipated in mid-November 2011. Currently, we are commencing fracture stimulation operations on the three-well Simms pad with first production anticipated mid-December 2011. As of September 30, 2011, drilling operations have been completed on the Hendrickson 1H, 2H and 4H wells, and we completed drilling operations on the Hendrickson 3H and 5H wells in late October 2011. Fracture stimulation operations on all five Hendrickson wells are anticipated to commence in March 2012, and first sales are anticipated in the second quarter of 2012. Currently, we have commenced drilling operations from the Hall pad (three wells) and the Burch Ridge pad (five wells), and we expect to commence drilling operations on the Accettolo pad (three wells) prior to year end.
Tuesday, April 12, 2011
Magnum Hunter Resources (MHR): Marcellus Shale Update
By Andrea: http://oilshalegas.com
Magnum Hunter Resources Corporation (MHR) announced this afternoon that the Supreme Court of British Columbia today issued a final order approving the acquisition by Magnum Hunter of NGAS Resources, Inc. in an all-stock transaction structured as a statutory arrangement under British Columbia law, where NGAS is organized. NGAS Resources' primary function is in the Appalachian Basin where Marcellus Shale can be found.
Additionally, the NGAS shareholders approved the acquisition of NGAS by Magnum Hunter on April 8, 2011. The transaction, which is subject to additional closing conditions, is expected to close tomorrow, April 13, 2011. Upon closing of the transaction, each outstanding common share of NGAS will be transferred to Magnum Hunter for the right to receive 0.0846 shares of Magnum Hunter common stock, and NGAS will become a wholly-owned subsidiary of Magnum Hunter.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Magnum Hunter Resources Corporation (MHR) announced this afternoon that the Supreme Court of British Columbia today issued a final order approving the acquisition by Magnum Hunter of NGAS Resources, Inc. in an all-stock transaction structured as a statutory arrangement under British Columbia law, where NGAS is organized. NGAS Resources' primary function is in the Appalachian Basin where Marcellus Shale can be found.
Additionally, the NGAS shareholders approved the acquisition of NGAS by Magnum Hunter on April 8, 2011. The transaction, which is subject to additional closing conditions, is expected to close tomorrow, April 13, 2011. Upon closing of the transaction, each outstanding common share of NGAS will be transferred to Magnum Hunter for the right to receive 0.0846 shares of Magnum Hunter common stock, and NGAS will become a wholly-owned subsidiary of Magnum Hunter.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Thursday, December 30, 2010
EXCO Resources, Inc. (XCO) - Marcellus Shale Update
By Andrea: http://oilshalegas.com
EXCO Resources, Inc. (XCO) recently announced the acquisition of properties prospective for the Marcellus shale from Chief Oil & Gas LLC and related parties for approximately $459.4 million, after preliminary purchase price adjustments at the closing. The parties agreed to close the transaction into an escrow account pending receipt of a waiver from a third party, which is expected to be obtained by January 14, 2011. The transaction has an effective date of July 1, 2010.
The assets are located within the area of mutual interest established by the existing Appalachian joint venture with BG Group, plc. BG Group has the right to purchase 50% of this acquisition. Assuming BG Group elects to participate, the development of these assets would be governed by our Appalachian joint venture. The purchase price was financed with borrowings under EXCO's credit agreement.
The assets include producing properties with current gross production of approximately 40 Mmcf per day (16 Mmcf per day net) from 15 producing wells, 11 wells currently awaiting completion and over 50,000 net acres prospective for the Marcellus shale located primarily in Lycoming and Sullivan Counties in Northeastern Pennsylvania.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
EXCO Resources, Inc. (XCO) recently announced the acquisition of properties prospective for the Marcellus shale from Chief Oil & Gas LLC and related parties for approximately $459.4 million, after preliminary purchase price adjustments at the closing. The parties agreed to close the transaction into an escrow account pending receipt of a waiver from a third party, which is expected to be obtained by January 14, 2011. The transaction has an effective date of July 1, 2010.
The assets are located within the area of mutual interest established by the existing Appalachian joint venture with BG Group, plc. BG Group has the right to purchase 50% of this acquisition. Assuming BG Group elects to participate, the development of these assets would be governed by our Appalachian joint venture. The purchase price was financed with borrowings under EXCO's credit agreement.
The assets include producing properties with current gross production of approximately 40 Mmcf per day (16 Mmcf per day net) from 15 producing wells, 11 wells currently awaiting completion and over 50,000 net acres prospective for the Marcellus shale located primarily in Lycoming and Sullivan Counties in Northeastern Pennsylvania.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Monday, December 27, 2010
Southwestern Energy Co. (SWN): Marcellus Shale Update
By Andrea: http://oilshalegas.com
Southwestern Energy Co. (SWN) recently released an operational update on their Marcellus Shale assets located in Pennsylvania:
In the Marcellus Shale play in Pennsylvania, the company plans to begin the year drilling with one operated rig and end the year with two operated rigs. Southwestern plans to participate in a total of 40 to 45 gross wells, all of which will be operated.
"We are currently operating one rig in the Marcellus Shale and will increase to two rigs by year-end 2011. As a result, our 2011 production is expected to be in a range of 465 to 475 Bcfe, which is an increase of approximately 18% compared to our expected 2010 levels."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Southwestern Energy Co. (SWN) recently released an operational update on their Marcellus Shale assets located in Pennsylvania:
In the Marcellus Shale play in Pennsylvania, the company plans to begin the year drilling with one operated rig and end the year with two operated rigs. Southwestern plans to participate in a total of 40 to 45 gross wells, all of which will be operated.
"We are currently operating one rig in the Marcellus Shale and will increase to two rigs by year-end 2011. As a result, our 2011 production is expected to be in a range of 465 to 475 Bcfe, which is an increase of approximately 18% compared to our expected 2010 levels."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Thursday, December 23, 2010
Tyler County, WV: Marcellus Shale Update
By Andrea: http://oilshalegas.com
Magnum Hunter Resources Corp. (MHR) recently announced the completion of its first well drilled in the Marcellus Shale, located in Tyler County, West Virginia. The well is the Weese Hunter #1001.
Alpha Hunter Drilling, a wholly owned subsidiary of Magnum Hunter, spud the Weese Hunter #1001 in late July 2010 and reached vertical total depth of approximately 6,510 feet in mid August 2010. A third party drilling rig commenced the horizontal leg in mid September 2010 and reached a horizontal length of approximately 4,028 feet. Total measured depth for the Weese Hunter #1001 is approximately 10,388 feet. A twelve stage frac job was successfully completed in December. The Weese Hunter #1001 well recently tested at an initial production rate ("IP") of 7.0 MMcfe per day with flowing tubing pressures of 2350 psi on a 22/64 inch choke. The British Thermal Unit ("BTU") content of the well was measured at approximately 1,225. The Weese Hunter #1001 began producing yesterday into the recently completed Eureka Hunter pipeline system. The currently estimated economic ultimate recovery ("EUR") for the Weese Hunter #1001 is estimated by the Company's in-house reservoir engineers to be approximately 4 Bcfe. Magnum Hunter's wholly-owned subsidiary, Triad Hunter, LLC, is the operator of this well and owns a 100% working interest with a 84.3% net revenue interest.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Magnum Hunter Resources Corp. (MHR) recently announced the completion of its first well drilled in the Marcellus Shale, located in Tyler County, West Virginia. The well is the Weese Hunter #1001.
Alpha Hunter Drilling, a wholly owned subsidiary of Magnum Hunter, spud the Weese Hunter #1001 in late July 2010 and reached vertical total depth of approximately 6,510 feet in mid August 2010. A third party drilling rig commenced the horizontal leg in mid September 2010 and reached a horizontal length of approximately 4,028 feet. Total measured depth for the Weese Hunter #1001 is approximately 10,388 feet. A twelve stage frac job was successfully completed in December. The Weese Hunter #1001 well recently tested at an initial production rate ("IP") of 7.0 MMcfe per day with flowing tubing pressures of 2350 psi on a 22/64 inch choke. The British Thermal Unit ("BTU") content of the well was measured at approximately 1,225. The Weese Hunter #1001 began producing yesterday into the recently completed Eureka Hunter pipeline system. The currently estimated economic ultimate recovery ("EUR") for the Weese Hunter #1001 is estimated by the Company's in-house reservoir engineers to be approximately 4 Bcfe. Magnum Hunter's wholly-owned subsidiary, Triad Hunter, LLC, is the operator of this well and owns a 100% working interest with a 84.3% net revenue interest.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Susquehanna County, PA: Marcellus Shale Update
By Andrea: http://oilshalegas.com
Williams Partners L.P. (WPZ) announced that it has completed the acquisition of Cabot Oil & Gas Corporation's (COG) midstream assets in the Marcellus Shale located Susquehanna County, Pa., for $150 million.
The assets include approximately 75 miles of gathering pipelines and two compressor stations that are currently gathering approximately 230-240 million cubic feet per day (MMcf/d) of Cabot's natural gas production.
The partnership has also agreed to a new long-term dedicated gathering agreement with Cabot for its production in the northeast Pennsylvania area of the Marcellus Shale. The 25-year agreement covers an area of mutual interest that currently includes approximately 138,000 net acres.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Williams Partners L.P. (WPZ) announced that it has completed the acquisition of Cabot Oil & Gas Corporation's (COG) midstream assets in the Marcellus Shale located Susquehanna County, Pa., for $150 million.
The assets include approximately 75 miles of gathering pipelines and two compressor stations that are currently gathering approximately 230-240 million cubic feet per day (MMcf/d) of Cabot's natural gas production.
The partnership has also agreed to a new long-term dedicated gathering agreement with Cabot for its production in the northeast Pennsylvania area of the Marcellus Shale. The 25-year agreement covers an area of mutual interest that currently includes approximately 138,000 net acres.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Wednesday, December 1, 2010
Cameron County, PA - Marcellus Shale
By Tim - http://oilshalegas.com
UK Based Endeavour International Corporation (NYSE Amex: END) recently announced that they will be drilling two horizontal wells in Cameron County, PA in the Marcellus Shale.
In the Pennsylvania Marcellus shale play, the company will participate in two horizontal wells to be drilled in the fourth quarter to further evaluate the Daniel Field in Cameron County where an integrated development plan is being formalized.
http://phx.corporate-ir.net/phoenix.zhtml?c=131980&p=irol-newsArticle&ID=1490842&highlight=
For more shale news updates, visit http://blackberrystocks.blogspot.com
UK Based Endeavour International Corporation (NYSE Amex: END) recently announced that they will be drilling two horizontal wells in Cameron County, PA in the Marcellus Shale.
In the Pennsylvania Marcellus shale play, the company will participate in two horizontal wells to be drilled in the fourth quarter to further evaluate the Daniel Field in Cameron County where an integrated development plan is being formalized.
http://phx.corporate-ir.net/phoenix.zhtml?c=131980&p=irol-newsArticle&ID=1490842&highlight=
For more shale news updates, visit http://blackberrystocks.blogspot.com
Saturday, October 30, 2010
Range Resources Corp. (RRC) : Marcellus Shale Update
By Andrea: http://oilshalegas.com
Range Resources Corp. (RRC) recently released an update on the Marcellus shale located in Washington County, PA and Lycoming County, PA:
Range's Marcellus production exit rate for the third quarter was 191 Mmcfe per day net. Approximately 71% of the production was natural gas and 29% was NGLs and condensate. At the end of the third quarter, approximately 34 Mmcfe per day of net production was shut in waiting on gathering and compression facilities currently under construction. In addition, Range has drilled 44 wells that are waiting on completion, of which 23 are scheduled to be completed prior to year-end. Given excellent drilling results through the first nine months of the year, Range is well-positioned to meet or exceed its Marcellus Shale year-end 2010 production exit rate target of 200 to 210 Mmcfe per day net.
During the third quarter, the Marcellus Division brought online a total of 18 horizontal wells in southwestern Pennsylvania, all in the liquids-rich "wet area" of the play. The wells had average lateral lengths of 3,291 feet and averaged 11 frac stages. The initial seven-day gross production rate for the 18 wells averaged 8.5 Mmcfe per day. All 18 wells are initially producing under somewhat constrained conditions due to gathering and compression capacity, as the facilities are not designed for peak production. Based on initial production results, we expect the average estimated ultimate recovery (EUR) of these 18 wells to exceed our average reserve estimate of 5.0 Bcfe per well for the southwest portion of Pennsylvania. Given low natural gas prices, we plan to drill fewer wells per pad, utilizing moderate lateral lengths and frac stages. This will allow us to build production with lower cycle times, while efficiently developing our leasehold position and generating outstanding well economics.
Providing additional upside resource potential from this region without additional acreage costs are a variety of shale formations that lie above the Marcellus formation. Range has now drilled and completed an initial horizontal test well to the Upper Devonian shales. Our first test indicates significant gas in place. The average seven-day test rate for the initial well was 5.1 Mmcfe per day. Range plans several more Upper Devonian test wells in 2011. We believe that a majority of our acreage in the southwest portion of the play is prospective for the Upper Devonian shales.
Over the past two years, Range has concentrated its leasing activities to filling in and blocking up its key acreage positions. In addition to acquiring fill-in leases in these areas, we have completed several acreage trades with third parties. The acreage trades allow each party to block up their respective leasehold positions. Recently, Range completed a trade in which it acquired approximately 42,000 net acres in our core area of southwestern Pennsylvania. The new acreage has longer term and adds more than 500 horizontal drilling locations in Washington County, an area where infrastructure is already in place and Range has had significant drilling success. To facilitate the trade, Range transferred approximately 55,000 net acres, of which 47,000 acres are located in West Virginia and 8,000 acres are located in Bradford and Sullivan counties in northeastern Pennsylvania.
The Marcellus infrastructure build out continues to progress on schedule. In the southwestern portion of the play, committed wet gas processing capacity has increased to 185 Mmcf per day, and is scheduled to expand to 390 Mmcf per day by third quarter 2011. Range also has access to an additional 40 Mmcf per day of wet gas processing on an interruptible basis. Dry gas capacity is currently 25 Mmcf per day in southwestern Pennsylvania, increasing to 65 Mmcf per day by year-end 2010. In the northeastern portion of the play, the build out of the first phase 150 Mmcf per day Lycoming County gathering system is on schedule for a year-end 2010 start up, with capacity increasing to as much as 350 Mmcf per day by year-end 2011.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Range Resources Corp. (RRC) recently released an update on the Marcellus shale located in Washington County, PA and Lycoming County, PA:
Range's Marcellus production exit rate for the third quarter was 191 Mmcfe per day net. Approximately 71% of the production was natural gas and 29% was NGLs and condensate. At the end of the third quarter, approximately 34 Mmcfe per day of net production was shut in waiting on gathering and compression facilities currently under construction. In addition, Range has drilled 44 wells that are waiting on completion, of which 23 are scheduled to be completed prior to year-end. Given excellent drilling results through the first nine months of the year, Range is well-positioned to meet or exceed its Marcellus Shale year-end 2010 production exit rate target of 200 to 210 Mmcfe per day net.
During the third quarter, the Marcellus Division brought online a total of 18 horizontal wells in southwestern Pennsylvania, all in the liquids-rich "wet area" of the play. The wells had average lateral lengths of 3,291 feet and averaged 11 frac stages. The initial seven-day gross production rate for the 18 wells averaged 8.5 Mmcfe per day. All 18 wells are initially producing under somewhat constrained conditions due to gathering and compression capacity, as the facilities are not designed for peak production. Based on initial production results, we expect the average estimated ultimate recovery (EUR) of these 18 wells to exceed our average reserve estimate of 5.0 Bcfe per well for the southwest portion of Pennsylvania. Given low natural gas prices, we plan to drill fewer wells per pad, utilizing moderate lateral lengths and frac stages. This will allow us to build production with lower cycle times, while efficiently developing our leasehold position and generating outstanding well economics.
Providing additional upside resource potential from this region without additional acreage costs are a variety of shale formations that lie above the Marcellus formation. Range has now drilled and completed an initial horizontal test well to the Upper Devonian shales. Our first test indicates significant gas in place. The average seven-day test rate for the initial well was 5.1 Mmcfe per day. Range plans several more Upper Devonian test wells in 2011. We believe that a majority of our acreage in the southwest portion of the play is prospective for the Upper Devonian shales.
Over the past two years, Range has concentrated its leasing activities to filling in and blocking up its key acreage positions. In addition to acquiring fill-in leases in these areas, we have completed several acreage trades with third parties. The acreage trades allow each party to block up their respective leasehold positions. Recently, Range completed a trade in which it acquired approximately 42,000 net acres in our core area of southwestern Pennsylvania. The new acreage has longer term and adds more than 500 horizontal drilling locations in Washington County, an area where infrastructure is already in place and Range has had significant drilling success. To facilitate the trade, Range transferred approximately 55,000 net acres, of which 47,000 acres are located in West Virginia and 8,000 acres are located in Bradford and Sullivan counties in northeastern Pennsylvania.
The Marcellus infrastructure build out continues to progress on schedule. In the southwestern portion of the play, committed wet gas processing capacity has increased to 185 Mmcf per day, and is scheduled to expand to 390 Mmcf per day by third quarter 2011. Range also has access to an additional 40 Mmcf per day of wet gas processing on an interruptible basis. Dry gas capacity is currently 25 Mmcf per day in southwestern Pennsylvania, increasing to 65 Mmcf per day by year-end 2010. In the northeastern portion of the play, the build out of the first phase 150 Mmcf per day Lycoming County gathering system is on schedule for a year-end 2010 start up, with capacity increasing to as much as 350 Mmcf per day by year-end 2011.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Thursday, October 28, 2010
Washington County, PA - Marcellus Shale Update
By Andrea: http://oilshalegas.com
Recently, Range Resources Corp. (RRC) released an update on the Marcellus Shale, located in Washington County, PA:
Recently, Range completed a trade in which it acquired approximately 42,000 net acres in our core area of southwestern Pennsylvania. The new acreage has longer term and adds more than 500 horizontal drilling locations in Washington County, an area where infrastructure is already in place and Range has had significant drilling success. To facilitate the trade, Range transferred approximately 55,000 net acres, of which 47,000 acres are located in West Virginia and 8,000 acres are located in Bradford and Sullivan counties in northeastern Pennsylvania.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Recently, Range Resources Corp. (RRC) released an update on the Marcellus Shale, located in Washington County, PA:
Recently, Range completed a trade in which it acquired approximately 42,000 net acres in our core area of southwestern Pennsylvania. The new acreage has longer term and adds more than 500 horizontal drilling locations in Washington County, an area where infrastructure is already in place and Range has had significant drilling success. To facilitate the trade, Range transferred approximately 55,000 net acres, of which 47,000 acres are located in West Virginia and 8,000 acres are located in Bradford and Sullivan counties in northeastern Pennsylvania.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Westmont Resources, Inc. (WMNS) - Marcellus Shale and Chattanooga Shale Update
By Andrea: http://oilshalegas.com
Westmont Resources, Inc. (WMNS), recently released an operational update announcing the acquisitions of 92 oil and gas wells in Tennessee and the follow-on acquisitions of 60 wells in Pennsylvania and 60 wells in West Virginia:
Westmont Resources has been working to obtain oil and gas leases in the Marcellus and Chattanooga Shale Region. Representing roughly 61,000 square miles, stretches from Upper New York, through western Pennsylvania and into eastern Ohio and most of Kentucky and West Virginia and parts of Virginia and Eastern Tennessee. It is believed to be one of the richest natural gas fields in the World. In early 2008, geoscientist at Penn State Univ, and SUNY Fredonia estimated that the Marcellus & Chattanooga contains more than 500 trillion cubic feet of natural gas. These reserves represent more than 2 times the current reserves located in Saudi Arabia. The shale contains largely untapped natural gas reserves, and its proximity to the high-demand markets along the East Coast makes it an attractive target for energy development.
Preliminary estimates indicate that the value of the potential reserves associated with these 212 wells in Pennsylvania, Tennessee, and West Virginia could amount to nearly $69.71 million. Westmont believes that with additional exploration an additional 560 wells could be redrilled or reentered in the area increasing the potential reserves for the entire project by an estimated $183 million, or a combined estimated value for the three project areas of $252.71 million. This is based on the company's review of other assessments and production in the immediate area.
"Westmont is focused on applying or proprietary cutting-edge technology in order to 'wring additional value from' long-lived, low risk natural gas and oil properties - To squeeze more oil out of mature basins," said Glenn McQuiston, Westmont's President. "Equally important our systems, as opposed to the traditional alternatives, meet our goal of producing zero harm to people and the environment."
Malone & Bailey, based in Houston, is one of the most experienced public accounting firms in the oil & gas sector and has extensive experience and expertise with publicly traded companies. The firm is registered with the Public Company Accounting Oversight Board and is an independent member firm associated TIAG and MSNA. Malone & Bailey will continue to review and audit the SEC filings in order to keep Westmont current in its disclosure obligations.
"We are very happy to have an experienced and very qualified firm to work with our senior management team," said Marcie Corbin, CFO. "We look forward to moving forward with our business integration and planned growth strategy of acquiring additional wells to augment our projects in the greater Marcellus in Pennsylvania, Tennessee, and West Virginia."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Westmont Resources, Inc. (WMNS), recently released an operational update announcing the acquisitions of 92 oil and gas wells in Tennessee and the follow-on acquisitions of 60 wells in Pennsylvania and 60 wells in West Virginia:
Westmont Resources has been working to obtain oil and gas leases in the Marcellus and Chattanooga Shale Region. Representing roughly 61,000 square miles, stretches from Upper New York, through western Pennsylvania and into eastern Ohio and most of Kentucky and West Virginia and parts of Virginia and Eastern Tennessee. It is believed to be one of the richest natural gas fields in the World. In early 2008, geoscientist at Penn State Univ, and SUNY Fredonia estimated that the Marcellus & Chattanooga contains more than 500 trillion cubic feet of natural gas. These reserves represent more than 2 times the current reserves located in Saudi Arabia. The shale contains largely untapped natural gas reserves, and its proximity to the high-demand markets along the East Coast makes it an attractive target for energy development.
Preliminary estimates indicate that the value of the potential reserves associated with these 212 wells in Pennsylvania, Tennessee, and West Virginia could amount to nearly $69.71 million. Westmont believes that with additional exploration an additional 560 wells could be redrilled or reentered in the area increasing the potential reserves for the entire project by an estimated $183 million, or a combined estimated value for the three project areas of $252.71 million. This is based on the company's review of other assessments and production in the immediate area.
"Westmont is focused on applying or proprietary cutting-edge technology in order to 'wring additional value from' long-lived, low risk natural gas and oil properties - To squeeze more oil out of mature basins," said Glenn McQuiston, Westmont's President. "Equally important our systems, as opposed to the traditional alternatives, meet our goal of producing zero harm to people and the environment."
Malone & Bailey, based in Houston, is one of the most experienced public accounting firms in the oil & gas sector and has extensive experience and expertise with publicly traded companies. The firm is registered with the Public Company Accounting Oversight Board and is an independent member firm associated TIAG and MSNA. Malone & Bailey will continue to review and audit the SEC filings in order to keep Westmont current in its disclosure obligations.
"We are very happy to have an experienced and very qualified firm to work with our senior management team," said Marcie Corbin, CFO. "We look forward to moving forward with our business integration and planned growth strategy of acquiring additional wells to augment our projects in the greater Marcellus in Pennsylvania, Tennessee, and West Virginia."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Sunday, October 24, 2010
Belmont County, OH: Marcellus Shale Update
By Andrea: http://oilshalegas.com
Consol Energy Inc. (CNX) recently release an update on the Marcellus Shale in Greene County, Pennsylvania:
Consol Energy Inc. (CNX), the leading diversified fuel producer in the Appalachian Basin, reported total coal production of 14.7 million tons for the quarter ended September 30, 2010. Included in the total was 1.3 million tons of low-vol coal produced by the company's Buchanan Mine.
CONSOL's Gas Division achieved record quarterly production of 35.8 Bcf for the quarter ended September 30, 2010. This was 44% higher than the 24.8 Bcf produced in last year's September quarter, and 12% higher than the 31.9 Bcf produced in the quarter ended June 30, 2010.
The Gas Division began the quarter with one horizontal rig running in Greene County, Pennsylvania and ended the quarter with three horizontal rigs operating. The original horizontal rig left its base in Greene County, in order to drill in nearby Belmont County, Ohio. Beginning at a depth of 8,450 feet, the rig encountered 200 feet of Utica Shale. The vertical well, un-stimulated, flowed 1.5 MMCF of gas in a 24-hour period.
CONSOL Energy has over 70,000 acres in and around the discovery well in Belmont County. "While most of our delineation efforts are focused on the Marcellus Shale," commented J. Brett Harvey, Chairman and CEO, "our vast acreage holdings include other zones that warrant testing, including the Utica Shale. As a result of this discovery, we will shift some of our exploration capital to this shale in 2011."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Consol Energy Inc. (CNX) recently release an update on the Marcellus Shale in Greene County, Pennsylvania:
Consol Energy Inc. (CNX), the leading diversified fuel producer in the Appalachian Basin, reported total coal production of 14.7 million tons for the quarter ended September 30, 2010. Included in the total was 1.3 million tons of low-vol coal produced by the company's Buchanan Mine.
CONSOL's Gas Division achieved record quarterly production of 35.8 Bcf for the quarter ended September 30, 2010. This was 44% higher than the 24.8 Bcf produced in last year's September quarter, and 12% higher than the 31.9 Bcf produced in the quarter ended June 30, 2010.
The Gas Division began the quarter with one horizontal rig running in Greene County, Pennsylvania and ended the quarter with three horizontal rigs operating. The original horizontal rig left its base in Greene County, in order to drill in nearby Belmont County, Ohio. Beginning at a depth of 8,450 feet, the rig encountered 200 feet of Utica Shale. The vertical well, un-stimulated, flowed 1.5 MMCF of gas in a 24-hour period.
CONSOL Energy has over 70,000 acres in and around the discovery well in Belmont County. "While most of our delineation efforts are focused on the Marcellus Shale," commented J. Brett Harvey, Chairman and CEO, "our vast acreage holdings include other zones that warrant testing, including the Utica Shale. As a result of this discovery, we will shift some of our exploration capital to this shale in 2011."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Wednesday, October 20, 2010
Greene County, PA - Marcellus Shale Update
By Andrea: http://oilshalegas.com
Consol Energy Inc. (CNX) recently release an update on the Marcellus Shale in Greene County, Pennsylvania:
Consol Energy Inc. (CNX), the leading diversified fuel producer in the Appalachian Basin, reported total coal production of 14.7 million tons for the quarter ended September 30, 2010. Included in the total was 1.3 million tons of low-vol coal produced by the company's Buchanan Mine.
CONSOL's Gas Division achieved record quarterly production of 35.8 Bcf for the quarter ended September 30, 2010. This was 44% higher than the 24.8 Bcf produced in last year's September quarter, and 12% higher than the 31.9 Bcf produced in the quarter ended June 30, 2010.
The Gas Division began the quarter with one horizontal rig running in Greene County, Pennsylvania and ended the quarter with three horizontal rigs operating. The original horizontal rig left its base in Greene County, in order to drill in nearby Belmont County, Ohio. Beginning at a depth of 8,450 feet, the rig encountered 200 feet of Utica Shale. The vertical well, un-stimulated, flowed 1.5 MMCF of gas in a 24-hour period.
CONSOL Energy has over 70,000 acres in and around the discovery well in Belmont County. "While most of our delineation efforts are focused on the Marcellus Shale," commented J. Brett Harvey, Chairman and CEO, "our vast acreage holdings include other zones that warrant testing, including the Utica Shale. As a result of this discovery, we will shift some of our exploration capital to this shale in 2011."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Consol Energy Inc. (CNX) recently release an update on the Marcellus Shale in Greene County, Pennsylvania:
Consol Energy Inc. (CNX), the leading diversified fuel producer in the Appalachian Basin, reported total coal production of 14.7 million tons for the quarter ended September 30, 2010. Included in the total was 1.3 million tons of low-vol coal produced by the company's Buchanan Mine.
CONSOL's Gas Division achieved record quarterly production of 35.8 Bcf for the quarter ended September 30, 2010. This was 44% higher than the 24.8 Bcf produced in last year's September quarter, and 12% higher than the 31.9 Bcf produced in the quarter ended June 30, 2010.
The Gas Division began the quarter with one horizontal rig running in Greene County, Pennsylvania and ended the quarter with three horizontal rigs operating. The original horizontal rig left its base in Greene County, in order to drill in nearby Belmont County, Ohio. Beginning at a depth of 8,450 feet, the rig encountered 200 feet of Utica Shale. The vertical well, un-stimulated, flowed 1.5 MMCF of gas in a 24-hour period.
CONSOL Energy has over 70,000 acres in and around the discovery well in Belmont County. "While most of our delineation efforts are focused on the Marcellus Shale," commented J. Brett Harvey, Chairman and CEO, "our vast acreage holdings include other zones that warrant testing, including the Utica Shale. As a result of this discovery, we will shift some of our exploration capital to this shale in 2011."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Sunday, October 10, 2010
Greene County, PA - Marcellus Shale Update
By Andrea: http://oilshalegas.com
EQT Corporation (EQT) recently reported and update on the Marcellus Shale in Greene County and Armstrong County, PA:
In Greene County, PA, EQT Corporation (EQT) reported an average 30-day production rate of 22 MMcfe per day from the Cooper 590384 well. The well has a total lateral length of 9,000 feet, with 8,411 feet of stimulated pay, and was completed using a 28-stage frac. The direct well cost was approximately $7.1 million, with a preliminary estimated ultimate recovery of 18 Bcf. As noted on EQT's most recent conference call, this well was in process of being completed in late July.
EQT also announced today, the successful results of the Rosborough 590259 well in Armstrong County, PA. This well reported a 24-hour IP of 15 MMcfe from 4,060 feet of stimulated pay.
"These exceptional wells are the direct result of our culture of innovation at EQT," commented Steven Schlotterbeck, President, EQT Exploration & Production. "The success of the Greene County extended lateral well is an important step in our effort to decrease the development cost per Mcfe. In addition to extending the lateral, we are experimenting with closer spacing intervals than our current 1,000 foot lateral spacing design in Greene County.
"The results in Armstrong County, where EQT holds nearly 34,000 acres, are especially encouraging as this well employed a new completion design resulting in initial flow rates significantly better than nearby wells completed conventionally. The success of these two experimental wells is a testament to the quality of our acreage position and to the outstanding capabilities of the technical and operating teams at EQT," said Schlotterbeck.
EQT holds a 100% working interest and an 87.5% net revenue interest in both wells.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
EQT Corporation (EQT) recently reported and update on the Marcellus Shale in Greene County and Armstrong County, PA:
In Greene County, PA, EQT Corporation (EQT) reported an average 30-day production rate of 22 MMcfe per day from the Cooper 590384 well. The well has a total lateral length of 9,000 feet, with 8,411 feet of stimulated pay, and was completed using a 28-stage frac. The direct well cost was approximately $7.1 million, with a preliminary estimated ultimate recovery of 18 Bcf. As noted on EQT's most recent conference call, this well was in process of being completed in late July.
EQT also announced today, the successful results of the Rosborough 590259 well in Armstrong County, PA. This well reported a 24-hour IP of 15 MMcfe from 4,060 feet of stimulated pay.
"These exceptional wells are the direct result of our culture of innovation at EQT," commented Steven Schlotterbeck, President, EQT Exploration & Production. "The success of the Greene County extended lateral well is an important step in our effort to decrease the development cost per Mcfe. In addition to extending the lateral, we are experimenting with closer spacing intervals than our current 1,000 foot lateral spacing design in Greene County.
"The results in Armstrong County, where EQT holds nearly 34,000 acres, are especially encouraging as this well employed a new completion design resulting in initial flow rates significantly better than nearby wells completed conventionally. The success of these two experimental wells is a testament to the quality of our acreage position and to the outstanding capabilities of the technical and operating teams at EQT," said Schlotterbeck.
EQT holds a 100% working interest and an 87.5% net revenue interest in both wells.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Wednesday, October 6, 2010
Carrizo Oil and Gas Inc. - Marcellus Shale Update
By Andrea: http://oilshalegas.com
In the Marcellus Shale, the Carrizo Oil and Gas Inc. (CRZO) has contracted a Nabors Drilling rig to initiate development drilling in northern Pennsylvania. The rig is expected to commence drilling on a multi-well pad located in Forest Lake Township, Susquehanna County, PA in late October 2010.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
In the Marcellus Shale, the Carrizo Oil and Gas Inc. (CRZO) has contracted a Nabors Drilling rig to initiate development drilling in northern Pennsylvania. The rig is expected to commence drilling on a multi-well pad located in Forest Lake Township, Susquehanna County, PA in late October 2010.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Sunday, October 3, 2010
Susquehanna County, PA - Marcellus Shale Update
By Andrea: http://oilshalegas.com
In the Marcellus Shale, the Carrizo Oil and Gas Inc. (CRZO) has contracted a Nabors Drilling rig to initiate development drilling in northern Pennsylvania. The rig is expected to commence drilling on a multi-well pad located in Forest Lake Township, Susquehanna County, PA in late October 2010.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
In the Marcellus Shale, the Carrizo Oil and Gas Inc. (CRZO) has contracted a Nabors Drilling rig to initiate development drilling in northern Pennsylvania. The rig is expected to commence drilling on a multi-well pad located in Forest Lake Township, Susquehanna County, PA in late October 2010.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Tuesday, September 28, 2010
Garret County, MD: Marcellus Shale Update
By Andrea: http://oilshalegas.com
On August 23, 2010, Enerplus Resources Fund (ERF) closed the acquisition of 58,500 net acres of undeveloped land in the Marcellus shale natural gas play in northwest West Virginia and Maryland. The acreage is predominantly located in Preston County in West Virginia and Garret County in Maryland creating a new, concentrated land position that Enerplus will operate with an average 90% working interest. Enerplus has now invested over $150 million in the Marcellus shale gas play in 2010 acquiring two key operated areas comprised of approximately 70,000 net acres in addition to the 127,000 net acres of non-operated land that has been acquired since 2009.
These new lands in West Virginia and Maryland are in emerging areas with limited existing development however we believe that the geologic characteristics are similar to Fayette and Somerset counties of Pennsylvania. Early results from offset operators including those of our joint venture interests have been encouraging. While no proved or probable reserves have been acquired, we estimate original gas in place on this acreage of approximately 50 to 60 Bcf per 640 acres.
The concentrated nature of this operated position, together with the long tenure of the leases provides Enerplus the opportunity to control the pace of development and spending. A majority of the leases have two to three years remaining on the original five-year term with an additional five-year extension option at nominal cost. Our initial plans are to shoot seismic and begin the permitting process this fall and we expect to begin drilling in 2011.
Enerplus has captured a meaningful position in one of the best shale gas plays in North America that we believe will provide us with significant production growth over the next four years. To date, we are encouraged by the results of our development plans and current production is approximately 15 MMcf/day. We intend to continue to manage the commodity and asset mix of our portfolio to ensure we have flexibility in our capital spending. We are evaluating the possibility of reducing our non-operated acreage position given the addition of our new operated acreage and in order to maintain a desired level of exposure.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
On August 23, 2010, Enerplus Resources Fund (ERF) closed the acquisition of 58,500 net acres of undeveloped land in the Marcellus shale natural gas play in northwest West Virginia and Maryland. The acreage is predominantly located in Preston County in West Virginia and Garret County in Maryland creating a new, concentrated land position that Enerplus will operate with an average 90% working interest. Enerplus has now invested over $150 million in the Marcellus shale gas play in 2010 acquiring two key operated areas comprised of approximately 70,000 net acres in addition to the 127,000 net acres of non-operated land that has been acquired since 2009.
These new lands in West Virginia and Maryland are in emerging areas with limited existing development however we believe that the geologic characteristics are similar to Fayette and Somerset counties of Pennsylvania. Early results from offset operators including those of our joint venture interests have been encouraging. While no proved or probable reserves have been acquired, we estimate original gas in place on this acreage of approximately 50 to 60 Bcf per 640 acres.
The concentrated nature of this operated position, together with the long tenure of the leases provides Enerplus the opportunity to control the pace of development and spending. A majority of the leases have two to three years remaining on the original five-year term with an additional five-year extension option at nominal cost. Our initial plans are to shoot seismic and begin the permitting process this fall and we expect to begin drilling in 2011.
Enerplus has captured a meaningful position in one of the best shale gas plays in North America that we believe will provide us with significant production growth over the next four years. To date, we are encouraged by the results of our development plans and current production is approximately 15 MMcf/day. We intend to continue to manage the commodity and asset mix of our portfolio to ensure we have flexibility in our capital spending. We are evaluating the possibility of reducing our non-operated acreage position given the addition of our new operated acreage and in order to maintain a desired level of exposure.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Sunday, September 26, 2010
Preston County, WV - Marcellus Shale Update
By Andrea: http://oilshalegas.com
On August 23, 2010, Enerplus Resources Fund (ERF) closed the acquisition of 58,500 net acres of undeveloped land in the Marcellus shale natural gas play in northwest West Virginia and Maryland. The acreage is predominantly located in Preston County in West Virginia and Garret County in Maryland creating a new, concentrated land position that Enerplus will operate with an average 90% working interest. Enerplus has now invested over $150 million in the Marcellus shale gas play in 2010 acquiring two key operated areas comprised of approximately 70,000 net acres in addition to the 127,000 net acres of non-operated land that has been acquired since 2009.
These new lands in West Virginia and Maryland are in emerging areas with limited existing development however we believe that the geologic characteristics are similar to Fayette and Somerset counties of Pennsylvania. Early results from offset operators including those of our joint venture interests have been encouraging. While no proved or probable reserves have been acquired, we estimate original gas in place on this acreage of approximately 50 to 60 Bcf per 640 acres.
The concentrated nature of this operated position, together with the long tenure of the leases provides Enerplus the opportunity to control the pace of development and spending. A majority of the leases have two to three years remaining on the original five-year term with an additional five-year extension option at nominal cost. Our initial plans are to shoot seismic and begin the permitting process this fall and we expect to begin drilling in 2011.
Enerplus has captured a meaningful position in one of the best shale gas plays in North America that we believe will provide us with significant production growth over the next four years. To date, we are encouraged by the results of our development plans and current production is approximately 15 MMcf/day. We intend to continue to manage the commodity and asset mix of our portfolio to ensure we have flexibility in our capital spending. We are evaluating the possibility of reducing our non-operated acreage position given the addition of our new operated acreage and in order to maintain a desired level of exposure.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
On August 23, 2010, Enerplus Resources Fund (ERF) closed the acquisition of 58,500 net acres of undeveloped land in the Marcellus shale natural gas play in northwest West Virginia and Maryland. The acreage is predominantly located in Preston County in West Virginia and Garret County in Maryland creating a new, concentrated land position that Enerplus will operate with an average 90% working interest. Enerplus has now invested over $150 million in the Marcellus shale gas play in 2010 acquiring two key operated areas comprised of approximately 70,000 net acres in addition to the 127,000 net acres of non-operated land that has been acquired since 2009.
These new lands in West Virginia and Maryland are in emerging areas with limited existing development however we believe that the geologic characteristics are similar to Fayette and Somerset counties of Pennsylvania. Early results from offset operators including those of our joint venture interests have been encouraging. While no proved or probable reserves have been acquired, we estimate original gas in place on this acreage of approximately 50 to 60 Bcf per 640 acres.
The concentrated nature of this operated position, together with the long tenure of the leases provides Enerplus the opportunity to control the pace of development and spending. A majority of the leases have two to three years remaining on the original five-year term with an additional five-year extension option at nominal cost. Our initial plans are to shoot seismic and begin the permitting process this fall and we expect to begin drilling in 2011.
Enerplus has captured a meaningful position in one of the best shale gas plays in North America that we believe will provide us with significant production growth over the next four years. To date, we are encouraged by the results of our development plans and current production is approximately 15 MMcf/day. We intend to continue to manage the commodity and asset mix of our portfolio to ensure we have flexibility in our capital spending. We are evaluating the possibility of reducing our non-operated acreage position given the addition of our new operated acreage and in order to maintain a desired level of exposure.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
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