Two successful drilling programs in Texas and the Arkoma Basin have given Houston-based Southwestern Energy Co. impetus to revise upward its gas-rich production forecast for this year to a range of 48.5-50.5 Bcfe.

CEO Harold M. Korell said Wednesday that the company’s production volumes are growing “nicely” in the Overton Field in Smith County, TX and the Ranger Anticline area of the Arkoma Basin. In the second quarter, he said Southwestern should reach the high end of its previous guidance of 11.6-12.1 Bcfe.

“We are revising our production guidance for the full year…and are hopeful that we may approach the high end of that range as well,” said Korell in a statement. “As for 2005, we believe that our production will have double-digit growth over 2004 levels,” but he said the company would not release a targeted production range until later this year.

©Copyright 2004 Intelligence Press Inc. All rights reserved. The preceding news report may not be republished or redistributed, in whole or in part, in any form, without prior written consent of Intelligence Press, Inc.