Denver-based Carbon Natural Gas Co. has acquired 2,300 gas wells and more than 900 miles of gathering pipelines and associated compression facilities in West Virginia for $9 million. Carbon, which targets mostly shallower formations in the Appalachian and Illinois basins, said those wells are producing 9.3 MMcfe/d. In a regulatory filing, Carbon said it purchased the assets from Exco Resources Inc. subsidiaries and the BG Production Co. Carbon acquired a 95% working interest in the wells, boosting its position to 487,000 net acres company-wide. The company said its average production would increase to 15.3 MMcfe/d with the acquisition. Carbon is traded over-the-counter. It entered a new $100 million credit facility to fund the purchase.
Executives with Poland's state-controlled PGNiG SA and PKN Orlen SA said they will abandon shale gas development plans in the country after disappointing results. According to Reuters, PGNiG CEO Piotr Wozniak and Miroslaw Kochalski, deputy head of PKN Orlen, confirmed the projects would end. Since 2012, Chevron Corp., ConocoPhillips, ExxonMobil Corp., Talisman Energy Inc. and France's Total SA have each abandoned similar plans to develop shale gas in Poland (see Shale Daily, March 14, 2013; June 19, 2012).