Today, 2/27/09, Southwestern Energy ( SWN ) has announced that they have acquired acreage through mineral rights leasing in Pennsylvania regarding the Marcellus Shale.
In the first quarter of 2009, the company purchased approximately 21,715 net acres in Lycoming County, Pennsylvania, for approximately $8.2 million. As a result, Southwestern currently has approximately 137,000 net undeveloped acres in Pennsylvania under which it believes the Marcellus Shale is prospective.
http://www.swn.com/operations/new.ventures.asp
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Showing posts with label southwestern energy. Show all posts
Showing posts with label southwestern energy. Show all posts
Friday, February 27, 2009
Saturday, December 20, 2008
Fayetteville Shale: Southwestern Energy SWN 2009
Southwestern Energy ( SWN ) has come out and given their drilling and budget update for the Fayetteville Shale in 2009.
“2008 has been an incredible year for Southwestern Energy. We have seen significant
improvements in our well performance in theFayetteville Shale over the past several
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.
For More Updates on the Fayetteville Shale...Click Here
“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.
For More Updates on the Fayetteville Shale...Click Here
Saturday, August 2, 2008
Haynesville Shale Extending - East Texas Drilling
The Haynesville Shale is starting to be tested in other counties in East Texas. Southwestern Energy ( SWN ), a newcomer to the Haynesville Shale, will be testing Shelby and San Augustine Counties of Texas in the coming months and 2009.
For those who do not know about Southwestern Energy....these guys were the very first in the Fayetteville Shale in Arkansas. SWN is producing 500 million cubic feet per day in the Fayetteville Shale play.
This is the first i've heard this part of Texas being looked at for the Haynesville shale......keep an eye on this!
For those who do not know about Southwestern Energy....these guys were the very first in the Fayetteville Shale in Arkansas. SWN is producing 500 million cubic feet per day in the Fayetteville Shale play.
This is the first i've heard this part of Texas being looked at for the Haynesville shale......keep an eye on this!
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