National Fuel Gas Company (NFG) issued an update for investors on its operations in the Appalachian Basin where the company is developing the Marcellus Shale formation.
National Fuel Gas Company is continuing to look for a joint venture partner to help in the development of the Marcellus Shale, and is reviewing offers from several potential partners. The deadline of June 2011 was not met and the company will keep evaluating potential offers.
National Fuel Gas Company estimates that the company’s net production of natural gas from the Marcellus shale will be 150 million cubic feet per day by 9/30/2011 and 240 million cubic feet per day by 9/30/2012.
National Fuel Gas Company conducts its exploration and production operations through Seneca Resources Corporation.