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CONSOL Energy Announces Operational And Financial Update; Company Expects To Report A Third Quarter Loss Due To Combination Of Marketing And Operational Issues; Gas Division Reports Exploratory Success In Utica Shale

Stocks in this article: CNX

Northern W. Va.: CONSOL Energy did not drill any horizontal wells in Northern W. Va. during the third quarter, as the 2012 drilling program was concluded in the second quarter. There were, however, some completions. The three-well Philippi 4 pad was completed in its entirety during the third quarter with 69 stages. The pad has completed lateral lengths ranging between 6,333' to 6,719'.  All three wells were brought onto production during the month of August with individual well peak 24-hour rates ranging from 6.5 MMcfd to 9.2 MMcfd, the latter being a new CONSOL Energy record for Northern West Virginia.  The six-well Alton 2 pad in Upshur County, drilled during the first quarter of 2012, was completed late in the second quarter with 135 stages.  Completed lateral lengths ranged from 3,545' (12 stages) to 5,941' (25 stages).  All six wells had been turned into production by the end of July with individual well peak 24 hour rates ranging from 3.5 MMcfd to 6.7 MMcfd. These flow rates represented significant improvements over the initial Alton 1 pad, which was drilled and completed in 2011. 

Marcellus Shale Wet Gas (Noble Energy-operated):



In the wet gas portion of the Marcellus Shale, Noble Energy has begun producing from its first pad, the SHL-1 pad. As reported in early September, the first four wells from this 5-well pad achieved an IP rate of 18.6 MMcfd. For each MMcf of gas, the four wells were also producing 22 bbls of condensate and 56 bbls of NGLs. Assuming $3 per Mcf for dry gas, the realized flowstream was approaching $8 per Mcf. This exceeded company expectations. Recently, some production from this area has been curtailed due to a force majeure issue from MarkWest.

For the year-to-date, Noble Energy has drilled 15 wells, including four in the third quarter. Noble Energy has turned 9 wells into line so far this year, all of which were in the third quarter.

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