Energen Resources (EGN) reported its second quarter of 2009 earnings and updated its exploration and development activity in the Chattanooga Shale.
The company said it plans to drill a new well targeting the Chattanooga Shale formation in Alabama before the end of 2009.
Energen Resources obtained its acreage in the Chattanooga Shale through a farm out agreement with Chesapeake Energy Corporation (CHK). Energen Resources received a 50% interest in 660,000 acres but is obligated to drill a well into both the Chattanooga and Conasauga Shales.
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