Although its profits fell while production grew, Southwestern Energy Co. said its drilling programs in both the Fayetteville and Marcellus shales remain profitable. But the Houston-based company also plans to divert $50 million in midstream capital toward ventures in the Brown Dense formation and the Denver-Julesburg (DJ) Basin.
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USGS: Considerable Conventional Energy Resources Outside U.S.
An analysis of resources in 171 geologic provinces, including Canada and Mexico and several Arctic provinces — but excluding the United States — found that the world holds an estimated 5,606 Tcf of undiscovered, technically recoverable conventional natural gas, according to a new U.S. Geological Survey (USGS) report.
Consol Getting Wet in Shales in Early Drilling
Consol Energy Inc. began its shift toward liquids in the first quarter, moving into the wet-gas portions of the Marcellus and Utica shales of southwestern Pennsylvania, West Virginia and Ohio.
Supreme Court Sides with Property Owners in EPA Challenge
U.S. Supreme Court Justice Antonin Scalia, writing for a unanimous court on Wednesday in a decision that holds implications for natural gas and oil leaseholds, made clear that access to the courts is the proper response to the “strong-arming of regulated parties” by government agencies.
Supreme Court Sides with Property Owners in EPA Challenge
U.S. Supreme Court Justice Antonin Scalia, writing for a unanimous court in a decision that holds implications for natural gas and oil leaseholds, made clear last week that access to the courts is the proper response to the “strong-arming of regulated parties” by government agencies.
EQT: Earnings, Production, Proved Reserves Up in 2011
Just days after it announced that it would suspend drilling in the Huron Shale, EQT Corp. said Thursday that its 2011 earnings totaled $479.8 million and annual production increased more than 44% from a year ago, to 194.4 Bcfe.
Bakken Shale Latest Target for Breitling Oil and Gas
The Bakken Shale and underlying Three Forks formation in North Dakota are the latest targets for independent exploration and production company Breitling Oil and Gas Corp., which in 2011 reported progress in oil and gas projects in its focus areas in Texas, Oklahoma and Louisiana.
Victory Completes Prospect Well in New Mexico
Victory Energy Corp. said Thursday a carbonite formation well in southeastern New Mexico it holds an interest in has been successfully re-entered, five years after being plugged, and is now completed, fracked and producing oil and natural gas.
Carrizo Tops Production Goal in Eagle Ford
With recent production from the Eagle Ford Shale and Niobrara Formation, Carrizo Oil & Gas Inc. passed its target of 5,000 net b/d, the company announced Wednesday.
Industry Briefs
Magnum Hunter Resources Corp. is raising its production guidance for this year and next year based upon better-than-expected well results, according to the Houston-based company. Magnum Hunter is currently producing 12,500 boe/d, compared to its 10,000 boe/d guidance for the year. The company expects to close out 2012 producing 14,500 boe/d, up from its previous projection of 13,000 boe/d. Magnum Hunter operates in the Marcellus, Eagle Ford and Bakken shales. “We are very fortunate to have three resource plays within our portfolio that are now ‘hitting on all cylinders’ and providing an increase in our overall production levels well above expectations,” said CEO Gary C. Evans. “This is especially rewarding when our management team has been able to achieve these milestones while also staying within our original capital budget plan.”