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TheStreet Open House

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

Stocks in this article: NFG

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.

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