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
Showing posts with label chattanooga shale. Show all posts
Showing posts with label chattanooga shale. Show all posts
Thursday, October 28, 2010
Friday, September 3, 2010
Westmont Resources Inc. - Marcellus Shale Update
By Andrea: http://oilshalegas.com
Westmont Resources Inc. (WMNS.ob) recently announced that they have completed an agreement that will extend Westmont's reach and resources with the acquisition of 1,800 acres and 60 existing wells in the Marcellus Shale region in the southwest tier of Pennsylvania.
Preliminary estimates indicate that the value of the reserves associated with these 1,800 lease acres in Westmoreland County of Western Pennsylvania from the existing 60 wells located on the leases could amount to nearly $36 million. Westmont believes that with additional exploration an additional 30 wells could be drilled on the leased acreage increasing the potential reserves for the entire project by an estimated $18 million, or a combined estimated value for the new Pennsylvania leases of $54 million USD. This is based on the company's review of other assessments and production in the immediate area.
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 one of the richest natural gas fields in the World. In early 2008, geoscientists 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.
Westmont's portfolio, in addition to this most recent acquisition in the Pennsylvania Marcellus Shale region, includes development of two significant blocks in the Chattanooga Shale region in northern Tennessee consisting of 92 wells, and an additional 1,650 lease acres in West Virginia. "Our specialty is applying 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. These new Pennsylvania assets are an excellent fit with our existing core areas and will expand our portfolio," said Glenn McQuiston, Westmont's President.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Westmont Resources Inc. (WMNS.ob) recently announced that they have completed an agreement that will extend Westmont's reach and resources with the acquisition of 1,800 acres and 60 existing wells in the Marcellus Shale region in the southwest tier of Pennsylvania.
Preliminary estimates indicate that the value of the reserves associated with these 1,800 lease acres in Westmoreland County of Western Pennsylvania from the existing 60 wells located on the leases could amount to nearly $36 million. Westmont believes that with additional exploration an additional 30 wells could be drilled on the leased acreage increasing the potential reserves for the entire project by an estimated $18 million, or a combined estimated value for the new Pennsylvania leases of $54 million USD. This is based on the company's review of other assessments and production in the immediate area.
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 one of the richest natural gas fields in the World. In early 2008, geoscientists 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.
Westmont's portfolio, in addition to this most recent acquisition in the Pennsylvania Marcellus Shale region, includes development of two significant blocks in the Chattanooga Shale region in northern Tennessee consisting of 92 wells, and an additional 1,650 lease acres in West Virginia. "Our specialty is applying 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. These new Pennsylvania assets are an excellent fit with our existing core areas and will expand our portfolio," said Glenn McQuiston, Westmont's President.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Wednesday, October 22, 2008
CNX Gas ( CXG ) Operations Update 10/22/08
CNX Gas (CXG ) has come out with really good earnings this morning to kick off the earnings season for the Oil & Gas drillers.
In the Marcellus Shale during the third quarter, CNX Gas drilled its first and second horizontal wells in southwestern Pennsylvania. The first horizontal well cost $6 million and was stimulated with a five-stage slickwater frac. An open flow test was not conducted on this well. It came online October 2, and is producing 1.2 MMcf per day with 4,000 pounds of backpressure. The daily flow rate is expected to increase dramatically over the next few weeks as the backpressure is gradually eased. The nearby coalbed methane gathering system has the capacity to handle up to 2.5 MMcf per day from this horizontal well and is being expanded within the next two weeks to handle additional volumes.
Also," Mr. Albert continued, "the vertical Marcellus Shale well that we turned online in July 2008 is currently producing 450 Mcf per day. We believe that the well has some sand issues, and could return to a daily production rate of 700-800 Mcf after cleaning."
CNX Gas will keep one horizontal rig and one vertical rig running in the Marcellus Shale for the remainder of the year.
In the Chattanooga Shale, CNX Gas drilled three horizontal wells in the quarter, bringing the yearly total to seven, and the project total to eight. No wells were connected during the September quarter, although the fifth well was connected last week. The first four wells are seeing current daily production rates of 230, 160, 100, and 230 Mcf per day, for a total of 720 Mcf per day. The daily rates for the better wells have been stable.
In the Huron Shale during the third quarter, CNX Gas drilled one additional horizontal well in eastern Kentucky. A total of two Huron wells have been drilled in 2008. The rig performing this drilling has returned to Tennessee to drill Chattanooga Shale wells for the remainder of the year. CNX Gas is building out gathering and compression in this area, with an expected in-service date of March 2009.
For more on Natural Gas Shales in the USA and Canada - visit - http://oilshalegas.com
In the Marcellus Shale during the third quarter, CNX Gas drilled its first and second horizontal wells in southwestern Pennsylvania. The first horizontal well cost $6 million and was stimulated with a five-stage slickwater frac. An open flow test was not conducted on this well. It came online October 2, and is producing 1.2 MMcf per day with 4,000 pounds of backpressure. The daily flow rate is expected to increase dramatically over the next few weeks as the backpressure is gradually eased. The nearby coalbed methane gathering system has the capacity to handle up to 2.5 MMcf per day from this horizontal well and is being expanded within the next two weeks to handle additional volumes.
Also," Mr. Albert continued, "the vertical Marcellus Shale well that we turned online in July 2008 is currently producing 450 Mcf per day. We believe that the well has some sand issues, and could return to a daily production rate of 700-800 Mcf after cleaning."
CNX Gas will keep one horizontal rig and one vertical rig running in the Marcellus Shale for the remainder of the year.
In the Chattanooga Shale, CNX Gas drilled three horizontal wells in the quarter, bringing the yearly total to seven, and the project total to eight. No wells were connected during the September quarter, although the fifth well was connected last week. The first four wells are seeing current daily production rates of 230, 160, 100, and 230 Mcf per day, for a total of 720 Mcf per day. The daily rates for the better wells have been stable.
In the Huron Shale during the third quarter, CNX Gas drilled one additional horizontal well in eastern Kentucky. A total of two Huron wells have been drilled in 2008. The rig performing this drilling has returned to Tennessee to drill Chattanooga Shale wells for the remainder of the year. CNX Gas is building out gathering and compression in this area, with an expected in-service date of March 2009.
For more on Natural Gas Shales in the USA and Canada - visit - http://oilshalegas.com
Monday, July 7, 2008
Chattanooga Shale - Tennessee Shale Field
The Chattanooga Shale is a natural gas reservoir located in Tennessee. Many companies have been drilling here and striking lots of natural gas. The Chattanooga Shale extends into the following states: Georgia, Tennessee, Alabama, Kentucky.
You can find more on the Chattanooga Shale at the following website, which includes a map of the shale and other shale plays in the USA
http://www.oilshalegas.com/chattanoogashale.html
You can find more on the Chattanooga Shale at the following website, which includes a map of the shale and other shale plays in the USA
http://www.oilshalegas.com/chattanoogashale.html
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