Marcellus Shale

Hess Corp Updates Marcellus Shale Operations

Hess Corp (HES) reported earnings for the first quarter of 2010, and held a conference call on April 28, 2010, to discuss the quarter. The company updated its operations in the Marcellus Shale in Pennsylvania.

The company is continuing to build its position in the Marcellus Shale, and has a total of 80,000 net acres in its own portfolio and in a joint venture with Newfield Exploration (NFX)

Hess Corp disclosed that the majority of its acreage is in Wayne County, Pennsylvania, in the extreme northeast corner of the state where there has been very little drilling activity so far.

“We’re continuing to build our position in the Marcellus. We're at about 80,000 net acres now in the Marcellus, primarily in Wayne County, Pennsylvania. About 50,000 of that is Hess operated and the balance is part of this joint venture we have with Newfield. Our plan this year are to drill five to 10 wells during the second half of 2010 in order to evaluate the resource potential on the acreage.”

Source: Seeking Alpha

Newfield Exploration Company Comments On the Marcellus Shale

Newfield Exploration Company (NFX) discussed the Marcellus Shale during its third quarter earnings conference call held on October 22, 2009.

Marcellus Shale Joint Venture

“Entered the Marcellus Shale through a new agreement with Hess covering up to 140,000 gross acres primarily in Susquehanna and Wayne Counties, Pennsylvania. This is a ground-floor agreement, which Newfield will operate. Each company will have a 50% interest.”

Acreage Location

“Northeast Pennsylvania and Susquehanna and Wayne Counties, the thing that attracted us to that area and if you looked at the maps, it is the area where the Marcellus is thickest. We think it has got all the right attributes to be a major significant resource.”

Source: Seeking Alpha ___________________________________________________________________

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