XTO Energy (XTO) updated its drilling operations in the Marcellus Shale when it released earnings for the second quarter of 2009. XTO Energy has 280,000 net acres under lease, and is at a very early stage of its development in the Marcellus Shale.
The company has only one rig drilling with a second expected in the third quarter of 2009. The company has completed two horizontal wells and is currently waiting on pipeline. XTO Energy plans to drill up to 12 horizontals in 2009 into its Marcellus acreage.
During the second quarter earnings conference call, Keith Hutton, the CEO of XTO Energy, said, “I wish I had some wells to tell you about on IPs. We do not. We do have three horizontals down, two of them are completed, but we're waiting on a pipeline. And I would rather wait and tell you about how good those wells are once we have them on line and know exactly what they'll flow into the pipeline. That should happen during this quarter.” ___________________________________________________________________
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