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- Anadarko Petroleum APC - Anadarko Petroleum (APC) Marcellus Shale:
In responding to the current weak natural gas price environment, we are planning
rig reductions in the Marcellus Shale and Greater Natural Buttes assets and are evaluating opportunities to direct some of
those rigs to areas like the Wattenberg Field that offer exceptional liquids-related returns. More on APC
- Southwestern Energy SWN - Southwestern Energy SWN is active in the Marcellus Shale - Marcellus
Shale – To date, Southwestern has participated in a total of 94 operated horizontal wells in northeast Pennsylvania,
of which 24 were producing at March 31, 2012. Net production from the area was 9.3 Bcf in the first quarter of 2012, compared
to 2.8 Bcf in the first quarter of 2011. At March 31, 2012, the company's gross operated production from the area was approximately
122 MMcf per day and was limited by high line pressures. The company's marketing subsidiary also increased its firm transportation
capacity in the Marcellus Shale area during the first quarter by entering into a precedent agreement with Constitution Pipeline
Co. LLC for a proposed 121-mile pipeline connecting to the Iroquois Gas Transmission and Tennessee Gas Pipeline systems in
Schoharie County, New York. Subject to the receipt of regulatory approvals and satisfaction of other conditions, the subsidiary
agreed to enter a fifteen year firm transportation agreement with a total capacity of 150 MMcf per day. The project is expected
to be in-service by the second quarter of 2015. The graph below provides normalized average daily production data through
March 31, 2012, for the company's horizontal wells in the Marcellus Shale. The "purple curve" indicates results
for 10 wells with more than 12 fracture stimulation stages, the "orange curve" indicates results for 13 wells with
9 to 12 fracture stimulation stages and the "green curve" indicates results for 1 well with less than 9 fracture
stimulation stages. The normalized production curves are intended to provide a qualitative indication of the company's Marcellus
Shale wells' performance and should not be used to estimate an individual well's estimated ultimate recovery. The 4, 6, 8
and 10 Bcf typecurves are shown solely for reference purposes and are not intended to be projections of the performance of
the company's wells.
- Range Resources RRC - Range Resources (RRC) Marcellus
Shale Division - Current Marcellus Shale production is approximately 460 Mmcfe per day net with roughly 80% of
the production coming from the liquid-rich area of the play. We are on track to meet our 600 Mmcfe per day net production
target by year-end 2012. During the first quarter, 28 horizontal wells were brought online in southwest Pennsylvania, all
of which are located in the wet area of the play. The initial 24-hour production rates of the new wells averaged 6.6 Mmcf
per day of natural gas and 252 barrels of NGLs and condensate per day or 8.2 (7.0 net) Mmcfe per day. Two wells in the wet
area utilized the new reduced cluster spacing ("RCS") completion technique and produced at approximately twice the
initial rate of non-RCS wells on the same pad. Due to the capacity limitations of the production facilities, many of the 28
newly connected wells are producing at constrained rates. Of significance at quarter-end there were three wells producing
into sales at a combined rate of 45 (37.1 net) Mmcfe per day. Subsequent to the end of the quarter, three additional wells
on the same pad were turned to sales with total production now at approximately 75 (61.8 net) Mmcfe per day. At quarter-end,
in southwest Pennsylvania there were 57 Marcellus Shale wells waiting on completion and 43 additional wells waiting on pipeline.
A few days ago, we commenced flowback operations on one well at the edge of the super-rich area. The peak one-day production
was 108 barrels per day condensate, 501 barrels per day NGLs, and 7.1 Mmcf per day gas. If ethane was extracted, we estimate
that the well would have made 6 Mmcf per day and over 1,300 barrels per day of liquids. (Range's net revenue interest in this
well is 83.75%.) The well's lateral length is 2,752 feet and was completed with 14 stages using the RCS method. Based on its
initial results, the new targeting methods combined with the RCS completion have significantly improved the well's performance
and we believe that this could be impactful in both the wet and super-rich areas. During the quarter, our first Upper Devonian
test in the super-rich area of southwest Pennsylvania was drilled and is currently being completed. A second Upper Devonian
test in the super-rich area is currently drilling. Rotary sidewall cores have been taken on both Upper Devonian wells. The
preliminary core analysis is very encouraging from both wells. During the first quarter, 10 horizontal wells were drilled
in northeast Pennsylvania and five horizontal wells were turned to sales in the Lycoming County area. First quarter results
include four wells that had outstanding 24-hour initial test rates. The average test rate for the four wells was 22 (18.9
net) Mmcf per day and the wells had an average lateral length of 3,000 feet with 10 stages. At the end of the first quarter,
there were 8 wells waiting on pipeline and 21 wells waiting on completion in northeast Lycoming area. In Bradford County on
our non-operated position, 10 (2.5 net) horizontal wells were drilled and 7 (1.8 net) wells were turned to sales. At the end
of the quarter 15 (3.8 net) wells were waiting on pipeline and 22 (5.5 net) wells were waiting on completion. Range has no
non-operated rigs running in Bradford County. More on RRC
Chevron (CVX) - Chevron Corporation (NYSE: CVX) Marcellus Shale Update - I'll
highlight some of our recent activities in the Marcellus Shale. In February of this year, we
closed on the acquisition of Atlas Energy and are currently working to complete the integration of these assets into our North
America business. In May, we announced the acquisition of assets from Chief Oil and Gas and Tug Hill. Through
these transactions, we added another 228,000 net acres of high-quality Marcellus Shale to our existing
footprint. Largely focused in Southwestern Pennsylvania, the acreage includes over 30,000 acres of rich gas Marcellus
in Marshall County, West Virginia. This expansion of our shale gas portfolio gives us additional high-quality resources, as
well as strong synergies with existing operations.
Talisman Energy TLM - Talisman Energy (TLM) Pennsylvania Marcellus Shale
Update - In the Pennsylvania Marcellus, gas production was 529 mmcf/d, up 51% over
the prior year with 36 wells coming onstream this quarter. We have reduced the number of rigs from 10 at the end of December
to one in April, reflecting the company's shift away from dry gas to higher-value liquids projects. In February, Pennsylvania
introduced a retroactive impact fee. This increased our operating costs in the quarter by $21 million, $18 million of which
reflected a non-recurring, one-time impact for wells that were drilled pre-2012.
Penn Virginia PVA - Penn Virginia (PVA) Marcellus Shale Update - Marcellus Shale - During the second quarter of 2011, we
drilled three (2.3 net) wells in the Marcellus Shale in Potter County, PA, including two (1.8 net) operated wells and one
(0.5 net) non-operated well. One (1.0 net) operated well was completed and two (1.3 net) wells are WOC. We have reduced our
2011 guidance for the Marcellus Shale by six (5.5 net) horizontal wells. As previously disclosed, our recently completed wells
failed to meet our expectations, but we plan to test the eastern portion of our acreage position in Potter and Tioga Counties,
initially anticipated with vertical wells, commencing in the second half of 2011
Ultra Petroleum UPL - Ultra Petroleum (UPL) is very active in the Marcellus Formation - Pennsylvania -
Operational Highlights
Ultra and
its partners drilled 36 gross (15 net) horizontal Marcellus wells during the first quarter of 2012. In addition, 3 gross (1.5
net) horizontal wells were drilled in the Geneseo, a slightly shallower formation above the Marcellus. Also, the company and
its partners initiated production from 39 gross (16 net) new horizontal Marcellus wells during the first quarter, maintaining
a flat inventory of wells waiting on completion or pipeline connection. On a sequential basis, Ultra's daily average net production
increased 32 percent to 197 MMcfe per day, as compared to 149 MMcfe per day in the fourth quarter of 2011. Year-over-year,
Ultra's first quarter Marcellus production grew 114 percent. Ultra Petroleum achieved a new Pennsylvania
net production record of 223 MMcfe per day, a 19 percent increase over the previous record of 188 MMcfe per day established
in the fourth quarter 2011. Furthermore, the company's new record is double the peak daily production rate of 110 MMcfe per
day achieved during the first quarter 2011. In Tioga County, the IP rates for the
21 wells brought online during the first quarter averaged 7.9 MMcfe per day. This compares to a 7.1 MMcfe per day average
IP rate for the wells brought online in the same area during the fourth quarter 2011. The IP rates for the 18 wells brought
online in Clinton and Lycoming counties averaged 6.3 MMcfe
per day under a restricted flow back program. This compares to an average of 6.1 MMcfe per day for the wells brought online
under similar conditions during the fourth quarter 2011. Well performance in both areas consistently delivers results that
equal or exceed the company's type curve expectations. The graph below provides normalized average daily production
for Ultra's horizontal wells in the Marcellus. The grey dashed lines represent three, five and seven Bcfe type curves. The
solid black line illustrates well performance in the company's Clinton and Lycoming
County areas. The black dotted line charts well performance results from Ultra's activity in Potter
and Tioga County. Production data from 202 wells is plotted on the chart.
- EQT Corportation EQT - Geologists familiar with the Appalachian Basin have known for years about
the Devonian black shale called the Marcellus. The Marcellus Shale is organically rich shale that lies nearly a mile or more
beneath the surface throughout much of Ohio, West Virginia, Pennsylvania and New York. The Marcellus Shale has in recent
years emerged as a potential major contributor to the natural gas supply of the United States - large enough to be spoken
of as a "super giant" gas field. With approximately 500,000 acres, more than 3.9 Tcfe 3P reserves and 11Tcfe of
unrisked reserve potential in the Marcellus Fairway, EQT is a leading player in the Marcellus Shale.
February 2012 Update - The company drilled (spud) 222 gross wells during 2011; 105 targeted the Marcellus play with an average length of
pay of 4,730 feet; and 115 targeted the Huron play with an average length of pay of 4,750 feet. As detailed in a separate
press release issued today, proved reserves increased by 145 Bcfe to 5.4 Tcfe for 2011, resulting in a reserve to production
(R/P) ratio of 27 years. More on EQT
Cabot Oil & Gas COG - Cabot Oil & Gas (COG) has land in the Marcellus Shale development field particularly
in West Virginia & Pennsylvania. Late
in the first quarter, Cabot commenced free-flowing Marcellus gas in the Zick area that represents
a 7-mile step-out to the east from the nearest production. The five wells averaged 78 million cubic feet (Mmcf) per day for
the last 20 days. "The results of these wells have de-risked another substantial portion of our acreage position in Susquehanna,"
said Dan O. Dinges, Chairman, President and Chief Executive Officer. "If there was concern
about the productivity of our eastern acreage, those concerns should be mitigated. The five wells were completed in 92 frac
stages and will have additional productive capacity once compression is operational." Also in the Marcellus during
the first quarter, a two-well pad site with longer laterals was completed resulting in a 30-day average production level of
40 Mmcf per day. The wells were drilled with 4,500' and 5,000' laterals and completed with 19 and 21 frac stages, respectively.
"The results from these completions indicate the efficiency to be gained with longer laterals," commented Dinges.
"This is simply another example of the productivity and additional opportunities on our acreage.".
More on COG
- Hess Corp - HES - Marcellus Shale Update - If I turn to the Marcellus
again, we're continuing to build our position in the Marcellus.
We're at about 80,000 net acres now in the Marcellus,
primarily in Wayne County, Pennsylvania. About 50,000 of that is Hess operated and the balance is part of this joint venture
we have with Newfield. Our plan this year are to drill five to 10 wells during the second half of 2010 in order to evaluate
the resource potential on the acreage.
- Atlas Energy ATLS - Atlas Energy ATLS Marcellus Shale - ATLS
expects to connect 16 Marcellus horizontal wells, drilled through the partnership management business, during the first quarter
2012. Eleven of these wells were drilled in 2011, and five of these Marcellus wells have been previously drilled and completed
and are awaiting pipeline connection.
EXCO Resources XCO - Exco Resources (XCO) 2012 Update Marcellus shale - Marcellus Shale Our current gross Marcellus shale production
is approximately 116 Mmcf per day (20.2 Mmcf per day net), which represents an increase of more than 7% since the end of 2011.
We have more than 35 Mmcf per day (7.4 Mmcf per day net) of production shut in due primarily to offset drilling and completion
activities. We have implemented a development program within our acreage in northeast Pennsylvania and are concluding an appraisal
program in central Pennsylvania. We plan to drill 49 gross (12.4 net) operated wells in the Marcellus shale play in our Appalachia
region during 2012. Of the 49 wells, 46 gross (11.5 net) will be development wells and 3 gross (0.9 net) will be appraisal
wells. Most of our drilling activity will be in Lycoming County, Pennsylvania where we are realizing our best returns in the
Marcellus shale. We are currently drilling with three operated rigs in the play. Our net drilling dollars are reduced by the
effect of the carry we receive from BG Group. Approximately $29.7 million of the carry remains available to us from BG Group
as of March 31, 2012. We expect that the remaining carry will be used in 2012. During the first quarter 2012, we spud 11 new
operated wells and drilled and completed 3 gross (1.2 net) operated wells in the Marcellus shale. These three completed wells
included two appraisal wells in Central Pennsylvania and one delineation well in Northeast Pennsylvania. The two Central Pennsylvania
appraisal wells are currently awaiting pipeline connections. We are also focused on building our field infrastructure in support
of our expected levels of activity. Along with efficiency gains derived from our drilling and completion program, these infrastructure
investments are expected to be the primary drivers to reduce our average development well costs. Carrizo Oil & Gas CRZO - Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) Marcellus Shale 2012 - The pace of development drilling
activity in the Marcellus Shale is planned to slow in response to low gas prices to a level sufficient to hold the Company's
leases. The Company expects to drill in northeast PA with the two current rigs until April when one rig will be released.
In addition to the northeast PA development drilling, the Company expects to drill and complete 4 gross evaluation wells in
central PA in the first half of the year. In Susquehanna County, the Company currently has 2 gross wells producing, 3 gross
wells that are shut in to allow the completion of an adjacent pad, and 8 gross wells (located on 2 pads) that are undergoing
completion. All 13 wells are expected to be on production in March.
- Dominion Resources D - Dominion Energy also made considerable progress in its infrastructure growth program. Dominion's Natural Gas Pipeline and
Storage business has a significant list of projects intended to relieve existing congestion within its market area, as well
as facilitating the development of the Marcellus
Shale formation. For example, on May 20, Dominion Transmission signed a binding precedent agreement with CONSOL Energy to
provide 200,000 decatherms per day of firm transportation service for Marcellus Shale volumes to the market hub at Leidy, Pennsylvania. This is referred to by us as the Marcellus Northeast Project and is expected to be in service by November 2012. We
had also recently signed an agreement to provide 150,000 decatherms per day to move Marcellus Shale volumes to Craigs, New York. This project, too, is expected to be in service by November 2012.
- Continental Resources CLR - Continental Resources ( CLR ) now has exposure to the Marcellus Shale. We now own 88,000 net acres in the Lower Huron, Rhinestreet Marcellus plays and continue to build on our position. The bulk for this acreage is
located West Virginia, Ohio, and New York where the shales have at found debts of 1000 to 5400 feet. We're currently drilling
our first-four wells targeting Rhinestreet, then Lower Huron shales in Southeast, Ohio. . -
Marathon Oil MRO - Marathon Oil ( MRO ) is building a position in the Marcellus Shale ( Seeking Alpha ) - And
we’ve got four wells down in the Marcellus.
We’ll drill probably a dozen more this year. We got our first crack away. And we’re looking at well casts. And
I think you’ll see us pursue that play very similar to how we did the Bach, in terms of being measured, getting our
technical data before we get serious about it. But early indications are in terms of what we’ve seen from the
jobs, we like it. We have 70,000 acres there and I think we’ll continue to play against that. So we feel very good about
where we are.
Newfield Exploration NFX - Newfield Enters the Marcellus Shale - On October 14, 2009, Newfield announced the signing of a joint exploration
agreement with Hess Corporation in the Marcellus Shale play. The agreement covers up to 140,000 gross acres primarily in Susquehanna
and Wayne Counties, Pennsylvania. Newfield will operate the new venture with each company having a 50 percent interest. The
2009 portion of Newfield's Marcellus Shale activities will be funded within the Company's existing $1.45 billion capital budget.
Drilling operations are not expected to commence until 2010.
Consol Energy CNX - Consol Energy (CNX) Marcellus Shale Update - For drilling in the Marcellus and Utica shales, Central PA: During the first quarter, CONSOL Energy drilled
eight Marcellus wells, including four from the Gaut pad, one from the DeArmitt pad and three from the Bowers Unit. Gaut and
DeArmitt are in CONSOL's development field in northwestern Westmoreland County, PA. Bowers
is the first horizontal development for CONSOL in Jefferson County, PA. The eight Marcellus
wells from the Aikens pad, which were drilled in late 2011, are currently being completed. Full production from the Aikens
pad is expected by June 1, 2012. In Central Pennsylvania,
CONSOL Energy currently has one rig drilling. Southwest PA: CONSOL continues its full-scale development
drilling at several pads in Greene County. During the first quarter, CONSOL drilled 10 wells
and brought four wells online at several pads with (perf-to-perf) laterals averaging 3,445 feet. These wells came on line
in the last week in March, so EURs have yet to be calculated and had minimal impact to production in the first quarter. One
well, the Morris 9-D, had peak production on April 9 of 10.5 MMcf. In Southwest
Pennsylvania, CONSOL currently has three rigs drilling. Northern WV: CONSOL Energy drilled four
wells during the quarter. Three were Alton wells in Upshur County
and one was a Phillipi well in Barbour County. These wells will be completed in the second quarter. CONSOL Energy currently
has one rig drilling in Northern West Virginia. Noble Energy-Operated:
Noble Energy drilled five wells on the SHL-3 pad in Marshall County, W. Va. None has been
turned online. Noble Energy has one rig drilling in the liquids-rich area of the Marcellus Shale.
- Petroleum Development Corp PETD - Petroleum Development PETD Marcellus Shale - PDC's Marcellus joint venture recently initiated its second-half 2011 drilling
program of nine horizontal Marcellus wells. Completions are expected to begin in September and will continue throughout the
remainder of 2011. Production growth in the Appalachian Basin from this nine well program is expected to be significant as
the Company moves through the third and fourth quarters of 2011. Based on results of the initial six wells in this play, the
Company anticipates reserves from its Marcellus drilling program to increase from a range of 3 to 5 Bcfe per well, to a range
of 3 to 6 Bcfe per well. Operating plans for the nine well program in the second-half of 2011 are to drill 4,000 to
6,000 foot horizontal laterals with 12 to 18 stages per well, for a total drill and complete cost of approximately $5.2 to
$6.4 million. Overall, the most recent horizontal completions contributed to a 118% improvement in Appalachian production
in the second quarter of 2011 compared to second quarter 2010. Barton R. Brookman, Senior Vice President — Exploration
and Production, commented, "We are very pleased with our operating team's execution in the development of both the horizontal
Niobrara and Marcellus Shale programs.
Noble Energy (NBL) - Noble Energy (NBL) enters the Marcellus Shale Natural Gas Field - And finally, we announced and closed in the quarter
the acquisition of a very significant position in the Marcellus
Shale to the formation of a joint venture with CONSOL Energy. As a result, we now find ourselves rapidly speeding toward a
significant inflection point in our growth profile. An inflection point that's driven by accelerating Niobrara drilling, the
new and rapidly growing Marcellus production,
as well as the pending startups of Aseng in West Africa, as well as Raton South in Galapagos in the Deepwater Gulf of Mexico.
- Trans Energy TENG - Trans Energy is very active in the Marcellus Shale and has announced in Jan 2009 a Marion County, WV well. TENG announced
that its Blackshere #101 well in Marion County, West Virginia was successfully fraced on December 29th and is currently
awaiting connection to a sales line. The Blackshere #101 is completed in the Marcellus shale, a prolific new “resource
play” in Appalachia, similar to the Barnett, Fayetteville and Haynesville shales which have grown to become a significant base of hydrocarbon reserves in the United States.
James K. Abcouwer,
President and CEO of Trans Energy, said “This fourth Marcellus well is located in Marion County which is the county
to the east of our existing Marcellus wells and is a step out of what we consider our proven area. We are delighted
with its initial indications. We are optimistic that the positive results from our three vertical wells in Wetzel
County and now with our most recent completion in Marion County can be replicated throughout our acreage position in northern
West Virginia. We’re now beginning a horizontal well program in yet another significant step forward for Trans
Energy to properly develop its acreage position. We’re pleased to have achieved this sizeable acreage position
centered on the Wetzel-Marion-Doddridge Counties area, which looks to be one of the most – if not the most
– prolific part of the Marcellus resource in Appalachia.”
Encana ECA - Encana has recently entered the Marcellus Shale
- More to come in the following months ahead.
Stone Energy SGY - Stone Energy (SGY) Appalachian Basin (Marcellus Shale Play). During the first quarter of 2012, the Caiman pipeline constraints
from the Mary field were addressed allowing eleven Mary field wells from two pads to flow (at a slightly constrained rate)
by the end of the first quarter. Total first quarter net production from the Marcellus shale including volumes from the Mary,
Heather, Buddy and Katie fields was approximately 29 MMcfe per day. Drilling continues on the liquid rich Mary and Heather
fields in West Virginia with a total of seven horizontal wells drilled year to date. Stone
has fracture-stimulated six more wells at its Mary field with first production from this new pad scheduled by early third
quarter of 2012. Additionally, fracture-stimulations have commenced on seven more wells in the Mary field, with first production
anticipated by early fourth quarter of 2012. Stone expects to drill between 22 and 27 horizontal wells and complete 20 to
26 wells in the Mary and Heather fields during 2012.
Pioneer Drilling PDL - During the second quarter, we established an Appalachian
drilling division to focus on operations in the Marcellus Shale. We currently have one drilling rig
operating in our Appalachian division, with a second rig expected to begin operating by late August
2009. In addition, we launched wireline operations in the Marcellus Shale play.
StatOil STO - On 26 March Statoil signed an agreement with Chesapeake which added approximately 59 thousand net acres to Statoil's current
600 thousand net acre position in the Marcellus shale gas play.
Williams Company WMB - Williams Company WMB Marcellus Shale - In the Marcellus shale, the company is currently operating four rigs and expects
to increase its level of drilling activity to eight or nine rigs by the end of 2012. In Susquehanna County, the company has
approximately 70 MMcf/d of production waiting on the expected September 2011 completion of the
Laser pipeline.
Gastar Exploration GST - Gastar Exploration (GST) Marcellus Shale - In Marshall County, West Virginia, we currently
have two drilling rigs working in our Marcellus West area. By year-end 2011, we expect to have
nine horizontal Marcellus wells on sales and 10 horizontal Marcellus wells drilled and awaiting completion. All of our Marcellus
Shale wells drilled in Marshall County are part of our joint venture with Atinum Partners
Co, Ltd. (the "Atinum Joint Venture"). After all drilling and completion costs have been incurred, our working interest
in these wells will range from 40% to 50%. In mid-August 2011, we began producing the Wengerd
1H and 7H horizontal wells at an initial combined 30-day average gross sales rate of approximately 7.1 MMcf per day of natural
gas, 176 barrels of condensate and 347 barrels of natural gas liquids (“NGLs”). On September
23, 2011, the pipeline operator shut in the pipeline due to weather-related damage to the natural gas and condensate
gathering system. While the pipeline was being repaired, we installed tubing into the two Wengerd wells that would enable
us to improve NGLs and condensate recovery and returned them to production on October 21, 2011.
Initially, production was restricted due to excessively high line pressures following the pipeline repair, but this matter
was recently resolved. The two wells’ most recent combined four day average gross sales rate is 8.1 MMcf per day of
natural gas, 200 barrels of condensate per day and 490 barrels of NGLs per day. Also in Marshall
County, we have completed fracture stimulation operations on the Corley pad (four
horizontal wells), with first sales anticipated in mid-November 2011. Currently, we are commencing
fracture stimulation operations on the three-well Simms pad with first production anticipated
mid-December 2011. As of September 30, 2011, drilling operations
have been completed on the Hendrickson 1H, 2H and 4H wells, and we completed drilling operations on the Hendrickson 3H and
5H wells in late October 2011. Fracture stimulation operations on all five Hendrickson wells
are anticipated to commence in March 2012, and first sales are anticipated in the second quarter
of 2012. Currently, we have commenced drilling operations from the Hall pad (three wells) and the Burch Ridge pad (five wells),
and we expect to commence drilling operations on the Accettolo pad (three wells) prior to year end. On our Marcellus
East position in Preston County, West Virginia, we have drilled one horizontal well to test
this acreage, which is 100% owned by Gastar. In August 2011, we completed the Hickory Ridge
2H horizontal Marcellus well, a 2,500-foot lateral completed with a 10-stage fracture stimulation, and we are currently flowing
back completion fluids. First sales from the Hickory Ridge 2H are anticipated by year end. Our focus for the remainder of
2011 and through 2012 in the Marcellus East acquisition area is to perform a 3-D seismic survey over a portion of the acreage,
with no additional wells currently planned during that time frame. In Butler County, Pennsylvania,
Gastar and Atinum have been participating in seven wells with Rex Energy as operator. Three wells are expected to be on sales
by year-end, with the remaining four wells expected to go online in early 2012.
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