Haynesville Shale

Southwestern Energy Comments On Haynesville Shale Operations

Southwestern Energy (SWN) reported its earnings for the second quarter of 2010, and updated investors on the company’s operations in the Haynesville Shale. The company recently closed on the sale of some of its acreage in the Haynesville Shale, but still has more than 10,000 net acres.

“On June 30, we closed the sales of certain oil and gas properties, leases and gathering equipment in Shelby and San Augustine counties for $355.8 million. The sale included only the producing rights to the Haynesville and Middle Bossier Shale intervals in approximately 20,000 net acres. We retained the drilling and producing rights, covered all the depths in the acreage including our James Lime and Pettet drilling programs. We still have approximately 10,500 net acres with Haynesville and Middle Bossier potential and drilled two wells on this acreage in the second quarter.”

“The Timberstar Blackstone A1-H well targeting the Haynesville Shale formation has been drilled and is currently being completed, and the Harris B-1H well, targeting the Middle Bossier Shale formation, has been drilled and is scheduled to be completed later this year. A third well, the Crest C-1H is currently drilling and will be completed in December.”

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EXCO Resources Buys Haynesville Assets From Southwestern Energy

Southwestern Energy Company (SWN) announced the sale of 20,063 net acres of properties in the Haynesville Shale area in East Texas to EXCO Resources (XCO).

Southwestern Energy Company said that the sale covered only the rights to production from the Haynesville and Mid Bossier formations, and the company retained its rights to the James Lime and Pettet formations.

EXCO Resources paid $355 million for the properties, which had 10 million cubic feet per day of production and proved reserves of 31 Bcfe. The properties are located in Shelby, San Augustine and Nacogdoches Counties, in Texas.

Southwestern Energy Company still has 10,500 acres after the sale that is prospective for the Haynesville Shale, and plans an active development program on that acreage in 2010.

Southwestern Energy Updates Haynesville Shale Operations

Southwestern Energy (SWN) reported earnings for the first quarter of 2010, and issued an operational update on its activities in the Haynesville Shale in Texas. The company is at an early stage of its development program in the Haynesville Shale.

Southwestern Energy drilled 3 Haynesville Shale wells the first quarter of 2010, and total production from all its properties in East Texas was 9.9 Bcfe during the first quarter of 2010.