Tuesday, October 21, 2008

Petrohawk Announces Results of Third Haynesville Well

Petrohawk has hit another gusher in the Haynesville Play. In a press release today, the company announced results from its third Haynesville well, the Hunt Plywood 36 #11H, located in Section 36, Township 15 North, Range 13 West. The well was placed on production at a rate of approximately 17.0 Mmcfe/d, on a 22/64" choke with 7,225 pounds flowing casing pressure. The well has averaged 15.4 Mmfe/d over the first 30 days of production. That compares favorably with the company's results on two previous wells.

More from the Petrohawk press release: "The Company's first operated Haynesville Shale well, the Elm Grove Plantation (EGP) #63H, has produced for approximately 100 days and has averaged 8.8 Mmcfe/d over this period. Petrohawk's second operated well, the Hutchinson 9 #5H, has been on production for approximately 67 days and has averaged 14.6 Mmcfe/d over that time period. Several additional Haynesville Shale wells are currently being completed.

"The Company has instituted a "pre-drill", or spudder rig, program in the Haynesville Shale designed to accelerate the pace of drilling. Ten operated horizontal rigs are currently drilling in the play as well as five spudder rigs. Petrohawk expects to exit 2008 with twelve operated horizontal rigs drilling in the play. To date, the Company has drilled through the Haynesville Shale in a total of 16 wells. The added well control has shown the Shale to be consistently thick and with excellent reservoir quality in all of these wells. With the drilling program currently in place, Petrohawk estimates that approximately 18 wells will be on production prior to the end of the fourth quarter out of a total of 26 wells drilled through the Shale section by the end of the year."

The company also announced the discovery of a new shale find in south Texas called the Eagle Ford Shale in LaSalle County. They have drilled two wells there, one producing the other soon to go on line.

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