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National Fuel Announces Significant Marcellus Shale Well Results

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”), has announced initial results from six recently completed Marcellus Shale wells within its DCNR 100 tract in Lycoming County, Pa.

Seneca has completed six new Marcellus Shale wells on a pad located within its DCNR 100 tract in Lycoming County, Pa. These six wells had 24-hour peak production rates averaging 17.8 million cubic feet (“MMcf”) of natural gas per day, five of which represent the highest peak production rates of any wells operated by Seneca in the Marcellus. Treatable lateral lengths on these wells ranged between 4,292 and 5,101 feet and they were completed with 14 to 18 frac stages per well. All six wells are expected to be flowing into National Fuel Gas Midstream Corporation’s Trout Run Gathering System by the end of January.

David F. Smith, Chairman and Chief Executive Officer of National Fuel, stated, “The success we are achieving in Lycoming County validates the prolific nature of the Marcellus in this area. With three wells reaching peak production rates above 20 MMcf of natural gas per day, and all six reaching a combined 24-hour peak production rate of 107 MMcf of natural gas per day, these wells represent some of the most productive wells ever drilled in the Marcellus by any operator. With two drilling rigs running in Lycoming County, and without the production infrastructure constraints facing many other operators in the Marcellus, we anticipate this acreage will be a key driver of Seneca’s production growth over the next two to three years.”

Well Name   Treatable Lateral Length   Number of Stages   24-Hour Peak Production
DCNR 100 3H 5,101’ 18 21.4 MMcf
DCNR 100 6H 4,807’ 17 20.9 MMcf
DCNR 100 7H 4,840’ 17 18.8 MMcf
DCNR 100 8H 5,054’ 18 20.2 MMcf
DCNR 100 9H 4,292’ 14 8.0 MMcf
DCNR 100 66H 4,845’ 17 17.7MMcf

Including these six wells, Seneca expects to have a total of 15 wells producing into the Trout Run Gathering System by the end of January. Additionally, 16 more wells on the DCNR 100 tract will be completed this fiscal year, with approximately 25 more scheduled for completion in Fiscal 2014. The Company plans to provide further details on its Appalachian operations during its scheduled earnings teleconference on February 8, 2013.

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