Completions

Ahead of the annual shareholder meeting on Friday, Chesapeake Energy Corp. acquiesced to demands of major shareholder groups and Carl Icahn, who now holds 7.8% of the stock, and said four existing independent directors would resign from the board. The company also has put up for sale 337,481 net acres in its prized Utica/Point Pleasant Shale, which would give it less than one million acres in the play.

Kodiak Oil & Gas Corp. has agreed to acquire from an undisclosed private seller Bakken/Three Forks leasehold and producing properties in the Williston Basin for about $85.5 million, the company said Monday.

More efficient development plans, speedier drilling completions and falling service costs helped some key North American independents build their natural gas reserves in 2Q2007 including EnCana Corp., XTO Energy Corp., Range Resources and Newfield Exploration Co., which all delivered impressive gas volume results last week.

More efficient development plans, speedier drilling completions and falling service costs pushed EnCana Corp.’s natural gas production to strong gains in 2Q2007, with output in six of its nine North American gas resource plays showing double-digit growth led by the Deep Bossier at 49%, Cutbank Ridge 31%, and the Jonah Field 16%.

The domestic natural gas-directed rig count is at a two-decade high, gas well completions are at a record high, and the number of seismic crews searching for gas onshore has increased, but the production of dry gas in the United States has remained essentially flat at 50 Bcf/d since early 2002, an official with the Natural Gas Supply Association (NGSA) said last Monday.

The domestic natural gas-directed rig count is at a two-decade high, gas well completions are at a record high, and the number of seismic crews searching for gas onshore has increased, but the production of dry gas in the United States has remained essentially flat at 50 Bcf/d since early 2002, an official with the Natural Gas Supply Association (NGSA) said Monday.

The Texas Railroad Commission reported that a record-high 830 natural gas wells were completed during July, breaking the previous all-time high set in March of this year. The numbers are the highest on record in more than 30 years.

The Texas Railroad Commission reported this week that a record-high 830 natural gas wells were completed during July, breaking the previous all-time high set in March of this year. The numbers are the highest on record in more than 30 years.