CONSOL Energy (CNX) issued an update on its operations in the Appalachian Basin, where the company has 752,336 acres prospective for the Marcellus Shale.
CONSOL Energy reported that it has drilled a total of 24 horizontal wells into the Marcellus Shale in 2010, and expects the average well to have an estimated ultimate recovery (EUR) of 5.5 Bcf and an average cost of $4.1 million to drill and complete.
CONSOL Energy reported that the average lateral length on its Marcellus Shale wells totaled 3,400 feet, and production averaged 3.4 million cubic feet per day during the first 30 days. The company said that average daily production was 14 million cubic feet per day at the start of 2010 and ended the year at 40 million cubic feet per day.
CONSOL Energy plans to drill 70 horizontal wells in the Marcellus Shale in 2011. The company also released its Marcellus Shale reserves by category as of 12/31/2010:
140 Bcfe - Proved developed reserves
719 Bcfe - Proved undeveloped reserves
859 Bcfe - Total proved reserves
1.156 Tcfe - Probable reserves
1.907 Tcfe - Possible reserves
3.922 Tcfe – Proved, possible and probable reserves