Mitchell Energy announced that follow-up drilling in two TexasGulf coast exploratory plays has increased natural gas productionby 30 MMcf/d and oil production by 550 b/d. For November, thecompany’s overall daily production averaged 344 MMcf of gas and5,400 bbl of oil, excluding the effect of a two-day shutdown of itsBridgeport plant to complete connections that will increase theplant’s throughput capacity by 50% in late December. “Discovery ofthe Lower Wilcox and Lake Creek area wells is another example ofour ability to combine 3-D seismic technology with our extensiveknowledge in core field areas to add new reserves,” said CEO GeorgeP. Mitchell. “While the Barnett shale play in North Texas isclearly the driver for much of the company’s volume growth,drilling in our other core areas can also be quite attractive andadd significant production as well.”
Gothic Energy stockholders approved the company’s merger withChesapeake Energy. Of the outstanding shares of Gothic stock, 72.8%voted in favor of the proposal. The closing of the merger isexpected to occur on Jan 15 at which time Gothic shareholders willbe entitled to receive 0.1908 shares of Chesapeake common stock foreach share of Gothic common stock, subject to possible adjustment.
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