This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

National Fuel Gas Company Provides Updates On Its Appalachian Operations And Announces Crude Oil Property Acquisitions

Seneca Resources Corporation (“Seneca”), the wholly owned exploration and production subsidiary of National Fuel Gas Company (NYSE: NFG) (“National Fuel” or the “Company”) today provided an update on recent well results within the Marcellus Shale. Also, Seneca announced a pending farm-in agreement on properties near its existing crude oil assets in California, as well as its initial entry into the Mississippian Lime crude oil play in Kansas.

In the Marcellus Shale, Seneca has brought on three more wells on its DCNR Tract 100 acreage in Lycoming County, Pa., two of which utilized a reduced cluster spacing (RCS) completion design. The two RCS wells had peak 24-hour production rates of 13.4 and 14.9 million cubic feet (“MMcf”) per day of natural gas and the third well had a peak rate of 11.3 MMcf per day. To date, Seneca has tested eight wells on Tract 100, with IP rates ranging from 10.5 to 16.1 MMcf per day. In Seneca’s Rich Valley prospect in its Western Development Area in Cameron County, Pa., one horizontal well was drilled and tested utilizing the RCS completion design and reached a peak 24-hour rate of 6.3 MMcf per day of natural gas.

In the Utica Shale, Seneca has recently finished the completion of two horizontal wells, one each in McKean and Forest counties, Pa. The Tionesta well in Forest County had all stages successfully completed. As a result of an operational challenge, unrelated to the quality of the reservoir, the Mt. Jewett well in McKean County was only partially completed with three frac stages. Currently, both Utica wells are shut-in for a period of 60 days and are expected to begin production in November.

In California, Seneca has reached an agreement in principle with Chevron U.S.A. (“Chevron”) for a portion of Chevron’s assets in the East Coalinga Field. As part of the agreement, Seneca would gain operatorship of the field in early 2013, while Chevron would retain a royalty on incremental development and full interest in the existing production.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,940.54 -94.39 -0.52%
S&P 500 2,098.26 -2.14 -0.10%
NASDAQ 5,017.3290 +22.7270 0.46%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs