CNX Gas (CXG) is an exploration and production company with nearly one million acres under net lease in various shale plays in North America. CNX Gas has 244,000 net acres under lease in the Chattanooga Shale, and the company estimates that its net unrisked resource in its Chattanooga Shale acreage to be in a range of 1.1-2.5 Tcf. Its proved reserves are currently 11 Bcf.
CNX Gas is currently developing its acreage in the Chattanooga Shale in Tennessee. The company’s first horizontal well in the Chattanooga Shale had an initial production (IP) rate of 3.9 Mmcf per day. CNX gas has drilled a total of 20 horizontal wells in the Chattanooga Shale through June 2009.
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