By Andrea: http://oilshalegas.com
Range Resources Corp. (RRC) announced that they are combining 14,000 net acres in the Marcellus shale in Bradford County, PA with Talisman Energy Inc. (TLM) current acreage. The two companies will combine technical teams and drilling rigs in the joint acreage. Range Resources estimates that the joint venture will add $25 million to their 2010 capital spending. Talisman Energy is currently producing more than 190 million cubic feet a day from the Marcellus shale.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Showing posts with label bradford county. Show all posts
Showing posts with label bradford county. Show all posts
Wednesday, August 18, 2010
Monday, August 9, 2010
Bradford County, PA - Marcellus Shale Update
By Andrea: http://oilshalegas.com
Range Resources Corp. (RRC) released an update on the Marcellus Shale in the 2Q 2010 Earnings Call. They are increasing their acreage in the Marcellus Shale in Bradford County, PA. They plan to add 210 million in the Marcellus to their capital budget for 2010:
One other way that we're fast forwarding our Marcellus program, is that we are combining about 14,000 net acres in Eastern Bradford County with Talisman's acreage there. Talisman will operate and we'll have about a 33% working interest in this industry joint venture. Talisman has done a good job of operating here and has a dominant acreage position in this area. Combining with them will allow us to more efficiently develop this part of the play, utilizing their technical team and their drilling rigs. We're estimating that this joint venture add $25 million to our 2010 capital spending.
In total, we'll be adding 210 million in the Marcellus to our capital budget for 2010, all of which is for faster, more efficient development of our Marcellus acreage position. 80% of the company's 2010 budget is now targeted for the Marcellus. I want to make it clear, that even at today's gas price, the returns on the additional capital are very attractive.
Given the increased capital, we are revising our 2010 Marcellus exit rate from 180 million to 200 million per day net to $200 to 210 million per day net. We'll also revise on our expected 2011 Marcellus exit rates from 360 million to 400 million per day net to 400 million to 420 million per day net. We have a first-class team of 220 people located in Pennsylvania focused on this project. In addition, we now have a focused, very experienced and talented Barnett team on this project as well. Given our team, our acreage and the infrastructure we have in place or in the works, we are well positioned to meet or exceed our plans for the Marcellus.
For more shale updates, visit: http://blackberrystocks.blogspot.com
Fore more stock updates, visit: http://daytradingstockblog.blogspot.com
Range Resources Corp. (RRC) released an update on the Marcellus Shale in the 2Q 2010 Earnings Call. They are increasing their acreage in the Marcellus Shale in Bradford County, PA. They plan to add 210 million in the Marcellus to their capital budget for 2010:
One other way that we're fast forwarding our Marcellus program, is that we are combining about 14,000 net acres in Eastern Bradford County with Talisman's acreage there. Talisman will operate and we'll have about a 33% working interest in this industry joint venture. Talisman has done a good job of operating here and has a dominant acreage position in this area. Combining with them will allow us to more efficiently develop this part of the play, utilizing their technical team and their drilling rigs. We're estimating that this joint venture add $25 million to our 2010 capital spending.
In total, we'll be adding 210 million in the Marcellus to our capital budget for 2010, all of which is for faster, more efficient development of our Marcellus acreage position. 80% of the company's 2010 budget is now targeted for the Marcellus. I want to make it clear, that even at today's gas price, the returns on the additional capital are very attractive.
Given the increased capital, we are revising our 2010 Marcellus exit rate from 180 million to 200 million per day net to $200 to 210 million per day net. We'll also revise on our expected 2011 Marcellus exit rates from 360 million to 400 million per day net to 400 million to 420 million per day net. We have a first-class team of 220 people located in Pennsylvania focused on this project. In addition, we now have a focused, very experienced and talented Barnett team on this project as well. Given our team, our acreage and the infrastructure we have in place or in the works, we are well positioned to meet or exceed our plans for the Marcellus.
For more shale updates, visit: http://blackberrystocks.blogspot.com
Fore more stock updates, visit: http://daytradingstockblog.blogspot.com
Sunday, August 8, 2010
Susquehanna County, PA: Marcellus Shale
By Andrea: http://oilshalegas.com
Chesapeake Energy Corp. (CHK) released an update on the Marcellus Shale early last week. Chesapeake completed the 3 following wells in the Marcellus Shale:
-The Mowry 1H in Bradford County, PA achieved a peak 24-hour rate of 9.9 million cubic feet of natural gas (mmcf) per day;
-The Przybyszewski 4H in Susquehanna County, PA achieved a peak 24-hour rate of 9.7 mmcf per day; and
-The White 2H in Susquehanna County, PA achieved a peak 24-hour rate of 9.0 mmcf per day.
Chesapeake Energy Corp. (CHK) released an update on the Marcellus Shale early last week. Chesapeake completed the 3 following wells in the Marcellus Shale:
-The Mowry 1H in Bradford County, PA achieved a peak 24-hour rate of 9.9 million cubic feet of natural gas (mmcf) per day;
-The Przybyszewski 4H in Susquehanna County, PA achieved a peak 24-hour rate of 9.7 mmcf per day; and
-The White 2H in Susquehanna County, PA achieved a peak 24-hour rate of 9.0 mmcf per day.
For more shale updates visit: http://blackberrystocks.blogspot.com
For more updates on the stock market 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
Friday, December 25, 2009
Marcellus Shale - Bradford, Tioga, Lycoming, Potter, Clinton PA
The Marcellus Shale is growing fast as we enter 2010. Natural Gas driller Ultra Petroleum Corp. (UPL) announced earlier this week that the company will be expanding in Northern Pennsylvania soon.
Ultra Petroleum Corp. (NYSE: UPL) today announced that it has signed a purchase and sale agreement to acquire approximately 80,000 (net) acres in the Pennsylvania Marcellus Shale, from a private company. Following the acquisition, Ultra Petroleum will hold approximately 250,000 net acres in this region, with the potential for 1,800 net drilling locations. Ultra Petroleum expects to pay roughly $400.0 million for the assets which will be financed using debt.
The company started 2009 with 288,000 gross (152,000 net) acres in the Marcellus. Through a combination of land acquisitions and swaps, including today’s announcement, Ultra Petroleum has added over 192,000 gross acres, nearly doubling its position to approximately 480,000 gross (250,000 net) acres. The company’s expanding core position is concentrated around Tioga, Bradford, Lycoming, Potter, Clinton and Centre counties in north central Pennsylvania.
Link - http://www.ultrapetroleum.com/pressreleases/12212009.pdf
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Ultra Petroleum Corp. (NYSE: UPL) today announced that it has signed a purchase and sale agreement to acquire approximately 80,000 (net) acres in the Pennsylvania Marcellus Shale, from a private company. Following the acquisition, Ultra Petroleum will hold approximately 250,000 net acres in this region, with the potential for 1,800 net drilling locations. Ultra Petroleum expects to pay roughly $400.0 million for the assets which will be financed using debt.
The company started 2009 with 288,000 gross (152,000 net) acres in the Marcellus. Through a combination of land acquisitions and swaps, including today’s announcement, Ultra Petroleum has added over 192,000 gross acres, nearly doubling its position to approximately 480,000 gross (250,000 net) acres. The company’s expanding core position is concentrated around Tioga, Bradford, Lycoming, Potter, Clinton and Centre counties in north central Pennsylvania.
Link - http://www.ultrapetroleum.com/pressreleases/12212009.pdf
For my latest updates, visit http://blackberrystocks.blogspot.com/ or Subscribe for Free
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