Southwestern Energy (SWN) reported its earnings for the second quarter of 2010, and updated investors on the company’s operations in the Haynesville Shale. The company recently closed on the sale of some of its acreage in the Haynesville Shale, but still has more than 10,000 net acres.
“On June 30, we closed the sales of certain oil and gas properties, leases and gathering equipment in Shelby and San Augustine counties for $355.8 million. The sale included only the producing rights to the Haynesville and Middle Bossier Shale intervals in approximately 20,000 net acres. We retained the drilling and producing rights, covered all the depths in the acreage including our James Lime and Pettet drilling programs. We still have approximately 10,500 net acres with Haynesville and Middle Bossier potential and drilled two wells on this acreage in the second quarter.”
“The Timberstar Blackstone A1-H well targeting the Haynesville Shale formation has been drilled and is currently being completed, and the Harris B-1H well, targeting the Middle Bossier Shale formation, has been drilled and is scheduled to be completed later this year. A third well, the Crest C-1H is currently drilling and will be completed in December.”