Barnett Shale

Chesapeake Energy Issues Barnett Shale Update For The Second Quarter Of 2010

Chesapeake Energy Corporation (CHK) issued its regular operational update for the second quarter of 2010, and provided new information on its operations in the Barnett Shale.

Chesapeake Energy has 220,000 net acres in the Barnett Shale, with proved reserves of 2.9 Tcfe (using the 10 year average strip pricing as of 6/30/2010). The company recently raised its estimated ultimate recovery (EUR) per well in the Barnett Shale from 2.65 to 3.0 Bcfe.

Chesapeake Energy reported average daily production from the Barnett Shale of 535 million cubic feet equivalent per day in the second quarter of 2010. The company is currently operating 22 rigs in the Barnett Shale, and plans to operate an average of 23 rigs in the Barnett Shale in 2010. These rigs will drill a total of 245 net wells.

Chesapeake Energy reported three recent well completions in the Barnett Shale:

The Brown 7H, located in Johnson County, Texas, produced at a peak 24-hour production rate of 8 million cubic feet of natural gas per day.

The Fellowship 5H, located in Dallas County, Texas, produced at a peak 24-hour production rate of 7.9 million cubic feet of natural gas per day.

The Greenbriar 2H, located in Tarrant County, Texas, produced at a peak 24-hour production rate of 9.2 million cubic feet of natural gas per day.

Range Resources Continues Barnett Shale Development In Second Quarter Of 2010

Range Resources (RRC) reported earnings for the second quarter of 2010, and updated investors on its activities in the Barnett Shale. The company completed four wells in the Barnett Shale during the second quarter of 2010.

Tarrant County – Two wells with a combined gross production rate of 10 million cubic feet equivalent per day.

Johnson County - Two wells with a combined gross production rate of 6 million cubic feet equivalent per day.

Range Resources Reports Completion Of Five Barnett Shale Wells

Range Resources (RRC) reported earnings for the first quarter of 2010, and provided an update on its operations in the Barnett Shale in Texas. The company reduced its rig count in the Barnett Shale to 1-2 rigs currently operating compared to as many as 8 last year at this time. Range Resources completed 5 wells in the Barnett Shale during the quarter.

Range Resources reported the completion of a well in Hood County that produced at an initial production rate of 4.6 million gross cubic feet equivalent per day.

Range Resources reported the completion of a well in Parker County that produced at an initial production rate of 6.0 million gross cubic feet equivalent per day.

Range Resources reported the completion of 3 wells on the Tarrant and Dallas County border that produced at combined initial production rate of 12.0 million gross cubic feet equivalent per day.