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. These 1,800 lease acres are located in Westmoreland County of Western Pennsylvania. The company estimates that the value of the leases could be roughly $36 million. Westmont feels that an additional 30 wells could be drilled on the leased acreage which would increase the potential reserves for the project by an estimated $18 million.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Showing posts with label westmoreland county. Show all posts
Showing posts with label westmoreland county. Show all posts
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
Tuesday, August 31, 2010
Westmoreland County, PA - Marcellus Shale Update
By Andrea: http://oilshalegas.com
Rex Energy Corp. (REXX) announced today that it will sell roughly 22,100 net acres in it's Marcellus shale assets, half of those acres residing in Westmoreland County, PA:
In Rex Energy's Marcellus Shale joint venture project areas operated by Williams Production Appalachia, LLC, Rex Energy will sell 20% of its interests in approximately 44,200 gross (22,100 net) acres for $35.9 million, or $8,115 per net acre. One-half of the purchase price will be paid in cash at the time of closing, with the remaining fifty percent of the purchase price being paid in the form of a drilling carry of 80% of Rex Energy's drilling and completion costs in the areas. After the sale, Rex Energy will own approximately 6,700 net acres within the Westmoreland County AMI, and 11,000 net acres within the Central Pennsylvania AMI.
Additionally, Rex Energy will sell 20% of its interests in nineteen Marcellus Shale wells located in the Williams joint venture areas, including five wells in progress, for $5.7 million, and 20% of its interests in the Williams joint venture midstream assets for approximately $822,000.
Under the agreement, Rex Energy will sell 50% of its interests in approximately 4,600 net acres in Fayette and Centre Counties for $18.5 million, or $8,115 per net acre. One-half of the purchase price will be paid in cash at the time of closing, with the remaining fifty percent to be paid in the form of a drilling carry of 80% of Rex Energy's drilling and completion costs. Pursuant to the agreement, the drilling carry for these areas may be applied, at Rex Energy's discretion, to drilling and completion costs attributable to either the Butler County or Williams joint venture areas. After the sale, Rex Energy will own approximately 2,300 net acres in these areas.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Rex Energy Corp. (REXX) announced today that it will sell roughly 22,100 net acres in it's Marcellus shale assets, half of those acres residing in Westmoreland County, PA:
In Rex Energy's Marcellus Shale joint venture project areas operated by Williams Production Appalachia, LLC, Rex Energy will sell 20% of its interests in approximately 44,200 gross (22,100 net) acres for $35.9 million, or $8,115 per net acre. One-half of the purchase price will be paid in cash at the time of closing, with the remaining fifty percent of the purchase price being paid in the form of a drilling carry of 80% of Rex Energy's drilling and completion costs in the areas. After the sale, Rex Energy will own approximately 6,700 net acres within the Westmoreland County AMI, and 11,000 net acres within the Central Pennsylvania AMI.
Additionally, Rex Energy will sell 20% of its interests in nineteen Marcellus Shale wells located in the Williams joint venture areas, including five wells in progress, for $5.7 million, and 20% of its interests in the Williams joint venture midstream assets for approximately $822,000.
Under the agreement, Rex Energy will sell 50% of its interests in approximately 4,600 net acres in Fayette and Centre Counties for $18.5 million, or $8,115 per net acre. One-half of the purchase price will be paid in cash at the time of closing, with the remaining fifty percent to be paid in the form of a drilling carry of 80% of Rex Energy's drilling and completion costs. Pursuant to the agreement, the drilling carry for these areas may be applied, at Rex Energy's discretion, to drilling and completion costs attributable to either the Butler County or Williams joint venture areas. After the sale, Rex Energy will own approximately 2,300 net acres in these areas.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Thursday, August 12, 2010
Westmoreland County, PA : Marcellus Shale update
By Andrea: http://oilshalegas.com
Rexx Energy Corp. (REXX) released an update on the Marcellus shale in Westmoreland County, Pennsylvania. In their 2Q 2010 earnings call, they announced that their most recent horizontal well in the Marcellus shale tested at an initial production rate
of 4.9 million cubic feet per day over a 24-hour period; and its two most recent wells in Butler County, Pennsylvania tested at a combined rate of 6.7 million cubic feet of gas equivalent over a 24-hour period.
Marcellus shale is proving to be a strong asset to the company: Benjamin W. Hulburt, Rex Energy's President and CEO, commented, "Our 2010 second quarter production increased 21% compared to the second quarter or 2009. Driving this growth was a 113% increase in natural gas production from the Marcellus Shale and the addition of natural gas liquids into our production mix."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Rexx Energy Corp. (REXX) released an update on the Marcellus shale in Westmoreland County, Pennsylvania. In their 2Q 2010 earnings call, they announced that their most recent horizontal well in the Marcellus shale tested at an initial production rate
of 4.9 million cubic feet per day over a 24-hour period; and its two most recent wells in Butler County, Pennsylvania tested at a combined rate of 6.7 million cubic feet of gas equivalent over a 24-hour period.
Marcellus shale is proving to be a strong asset to the company: Benjamin W. Hulburt, Rex Energy's President and CEO, commented, "Our 2010 second quarter production increased 21% compared to the second quarter or 2009. Driving this growth was a 113% increase in natural gas production from the Marcellus Shale and the addition of natural gas liquids into our production mix."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Wednesday, November 19, 2008
Marcellus Shale: Rex Energy Drilling Update 11/19/08
Rex Energy ( REXX ) recently reported earnings and gave an operational update regarding the Marcellus Shale.
Rex Energy ( REXX ) has drilled three vertical test wells in Westmoreland County, Pennsylvania, two of which were fractured stimulated during October and are currently flowing back and undergoing initial testing. The third is expected to be fracture stimulated during November. The company anticipates drilling an additional two vertical test wells in Clearfield County, Pennsylvania during the fourth quarter of 2008, and participating for 50% with its partner in two vertical wells in Butler County, Pennsylvania.
Rex Energy has been active in acquiring mineral rights over the past year.
http://blackberrystocks.blogspot.com/
Rex Energy ( REXX ) has drilled three vertical test wells in Westmoreland County, Pennsylvania, two of which were fractured stimulated during October and are currently flowing back and undergoing initial testing. The third is expected to be fracture stimulated during November. The company anticipates drilling an additional two vertical test wells in Clearfield County, Pennsylvania during the fourth quarter of 2008, and participating for 50% with its partner in two vertical wells in Butler County, Pennsylvania.
Rex Energy has been active in acquiring mineral rights over the past year.
http://blackberrystocks.blogspot.com/
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