Houston-based Petrohawk Energy Corp. has acquired more leasehold in the emerging Haynesville Shale area of northwest Louisiana and the Elm Grove and Cotton Valley formations in Texas from several private parties. Financial details were not disclosed. The additions bring Petrohawk’s acreage position in the Haynesville Shale play to more than 70,000 net acres, including 30,000 net acres in Elm Grove field, historically the company’s largest producing property. Chesapeake Energy Corp. CEO Aubrey McClendon said in March that the Haynesville Shale could hold more natural gas reserves than the Barnett or Fayetteville gas shales (see Daily GPI, March 26).

Marathon Oil Corp. said its estimated average liquid hydrocarbon and natural gas production sold in 1Q2008 was 375,000 boe/d, up from 354,000 boe/d sold in 4Q2007. The Houston-based producer had previously said it would produce 360,000-380,000 boe/d in the first three months of 2008. Domestic average gas prices realized for January and February increased 75 cents/Mcf over the company’s 4Q2007 prices; average Henry Hub bidweek prices for the same two-month period were up 60 cents/MMBtu. Exploration expenses in 1Q2008 are estimated to be $135-145 million, within its guidance of $120-145 million. U.S. exploration expenses are expected to be $55-60 million. The producer’s share of liquefied natural gas sales from operations in Equatorial Guinea and Alaska are estimated to be 6,900 metric tons/d in 1Q2008, slightly higher than previous guidance. Marathon is scheduled to report its quarterly results on May 1.

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