CNX Gas (CXG) is one of the few publicly traded companies that are developing the Chattanooga Shale. The company made the following comments in its third quarter earnings press release.
“CNX Gas continues to be encouraged by its early Chattanooga Shale results. The company has been pursuing a delineation program across its position, which now stands at 268,000 mostly contiguous acres. One well, which came online on October 21, 2008, has produced over 140 MMcf, and is now producing at a daily rate of 861 Mcf, plus a few barrels of oil. A four-stage nitrogen foam frac was employed on this well. CNX Gas continues to acquire acreage in the Chattanooga Shale.”
___________________________________________________________________Do you use technical analysis to find the proper entry point before you buy a stock? Then Click Here for a free Trend Analysis.
Comments