Mitchell Energy announced that follow-up drilling in two Texas Gulf coast exploratory plays has increased natural gas production by 30 MMcf/d and oil production by 550 b/d. For November, the company's overall daily production averaged 344 MMcf of gas and 5,400 bbl of oil, excluding the effect of a two-day shutdown of its Bridgeport plant to complete connections that will increase the plant's throughput capacity by 50% in late December. "Discovery of the Lower Wilcox and Lake Creek area wells is another example of our ability to combine 3-D seismic technology with our extensive knowledge in core field areas to add new reserves," said CEO George P. Mitchell. "While the Barnett shale play in North Texas is clearly the driver for much of the company's volume growth, drilling in our other core areas can also be quite attractive and add significant production as well."
Gothic Energy stockholders approved the company's merger with Chesapeake Energy. Of the outstanding shares of Gothic stock, 72.8% voted in favor of the proposal. The closing of the merger is expected to occur on Jan 15 at which time Gothic shareholders will be entitled to receive 0.1908 shares of Chesapeake common stock for each share of Gothic common stock, subject to possible adjustment.
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