Haynesville Shale

Plains Exploration and Production Company - Haynesville Shale Update

Plains Exploration and Production Company (PXP) reported a 23% increase in proved reserves in 2009, on the back of increased development of its acreage in the Haynesville Shale.

The company produced an average of 75 million cubic feet of natural gas equivalents per day during the fourth quarter of 2009 from the Haynesville Shale. This was an increase of 436% from the first quarter of 2009.

Plains Exploration and Production Company said that net production would reach 125 million cubic feet of natural gas equivalents per day by the end of 2010. The company is engaged in a joint venture with Chesapeake Energy Corporation (CHK) in the Haynesville Shale and is currently operating 37 rigs, and plans to average 40 rigs in 2010.

Forest Oil Announces Haynesville Shale 2010 Capital Plan

Forest Oil Corporation (FST) announced its capital spending plan for 2010. The company will spend between $600 million and $700 million, and devote part of this capital toward developing the Haynesville Shale in Louisiana and Texas.

If the capital plan is execute successfully, Forest Oil will have production growth of 10-12% in the fourth quarter of 2010 over the fourth quarter of 2009. Forest Oil has 154,000 net acres prospective for the Haynesville Shale and Bossier Shale, and is currently operating one rig in the play.

The company plans on increasing its rig count there to four. Forest Oil is currently operating a total of 12 rigs across all its acreage, and will increase that total to 20 by the end of the first quarter of 2010.

Goodrich Petroleum Reports Haynesville Shale Completion

Goodrich Petroleum Corporation (GDP) reported the completion of a Haynesville Shale well. The Billy Harris No. 1H was completed with a 24 hour peak production rate of 12.2 million cubic feet per day of natural gas. The horizontal well was drilled with a 5,000-foot lateral and 20 fracturing stages.

Goodrich Petroleum Corporation has a 100% working interest in this Haynesville Shale well. The company has 85,000 acres under net lease that are prospective for the Haynesville Shale.

The Beckville Field is located in Panola and Rusk Counties in Texas. The company has 97 Bcfe of proved reserves here as of the end of 2008, all of which is located in the Cotton Valley formation. Goodrich Petroleum Corporation believes that it has 147 net well locations in the Haynesville Shale in the Beckville Field.