Unit
Corp (UNT) made the following comments during its first quarter of 2009
conference call held on May 5, 2009.
“In the Marcellus Shale, we have now participated in two vertical wells located in Somerset County, Pennsylvania….these wells came in as expected and completion work on these two wells should begin mid to late May. In addition, we'll participate in one more vertical well and two horizontal wells during the remainder of 2009 at approximate net cost of about $8 million. Anticipated first gas wells from these wells should occur later this year,” said Brad Guidry, a VP of exploration.
Unit Corp has
180,000 gross acres under lease (55,000 net) in the Somerset area of the
Marcellus Shale.
