Wednesday, March 4, 2009

Summary of Headlines

I put a link to the Regency Energy Partners presentation in a previous post, but since they did a good job of summarizing some of the highlights for a few notable companies, I thought I'd post their summary separately:

Petrohawk
- Estimated Ultimate Recovery (EUR) of 7.5 Bcfe per well
- Recently announced IP results on six new wells averaging 14.5 MMcfe/d, including two wells that experienced mechanical difficulties
- Current Haynesville gross operated production 160 MMcfe/d
- Expect to complete approximately 6 wells/month
- 75-80 gross operated wells will be completed in 2009
- Plans to average 12 Haynesville rigs in 2009
- $690 million budgeted in 2009 for investment in the Haynesville Shale

Exco Resources
- Completed first horizontal well in Q4 2008 with IP of 22.9 MMcfe/d; produced 1 Bcf/d in 64 days; currently producing in excess of 12 MMcfe/d
- Completed first horizontal well in Q1 2009 with IP of 24.2 MMcfe/d; producing 20 MMcfe/d in Q4 2008 and Q1 2009
- Producing 35 MMcfe/d from the play
- $313 million 2009 capital budget
- Plan to drill 34 wells in 2009; 27 operated
- EXCO is currently participating in 4 operated rigs and three non-operated rigs

Chesapeake
- Approximately $825 million budget for 2009 (~50% funded by JV partner PXP)
- Two recent wells tested at greater than 22 MMcf/day
- Current operated rig count is 22
- Current production of 70 MMcfe/d
- Will average 26 operated rigs in 2009

EnCana/Shell
- $305 million Haynesville budget for 2009
- Plan to drill 35 gross, 21.5 net wells in 2009
- First two horizontal wells flowed at initial two-day rates of 8 and 15 MMcfe/d

GMX
- $216 million budgeted toward Haynesville/Bossier 2009 capex
- Second Haynesville/Bossier well completed in January 2009 with IP rate of 7.6 MMcf/d
- Third Haynesville/Bossier well had IP rate of 8.7 MMcf/d
- Expect to announce completion results of three more wells in late April and one in late May

Questar
- 7 operated rigs in North Louisiana
- Plan to drill or participate in 35 Haynesville wells in 2009
- Third well flowed to an initial rate of about 23 MMcf/d and averaged 18 MMcf/d in the first three weeks on production
- Fourth well flowed to an initial rate of over 20 MMcf/d
- 4 wells currently being drilled

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