Southwestern Energy Company
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| A March, 2008 report indicated that a wholly-owned subsidiary of Southwestern, ''Southwestern Energy Production Co. (SEPCO)'', had drilled an exploratory well in Herrick Township, Susquehanna County, PA. | A March, 2008 report indicated that a wholly-owned subsidiary of Southwestern, ''Southwestern Energy Production Co. (SEPCO)'', had drilled an exploratory well in Herrick Township, Susquehanna County, PA. | ||
| - | In December, 2008 the company reported that it had invested $61 million in Pennsylvania Marcellus shale development in 2008 and planned to do another $42 million in 2009. The money was to be used to acquire additional land and for [[seismic testing]] and drilling two wells. | + | In December, 2008 the company reported that it had invested $61 million in Pennsylvania Marcellus shale development in 2008 and planned to do another $42 million in 2009. The money was to be used to acquire additional land as well as for [[seismic testing]] and drilling two wells. |
| A June, 2009 report found Southwestern had applied for withdrawal of 380,000 gallon/day from Tunkhannock Creek, Gibson Twp about thirty miles east of Montrose in Susquehanna County, PA. It had been approved by the [[Susquehanna River Basin Commission]] for a well on the Price farm. | A June, 2009 report found Southwestern had applied for withdrawal of 380,000 gallon/day from Tunkhannock Creek, Gibson Twp about thirty miles east of Montrose in Susquehanna County, PA. It had been approved by the [[Susquehanna River Basin Commission]] for a well on the Price farm. | ||
Revision as of 06:39, 20 December 2009
Houston, Texas-based Southwestern Energy Company (NYSE: SWN) is a domestic oil and gas exploration and development company.
During the first quarter of 2009, Southwestern had increased its leasehold from 110,000 acres to 137,000 net acres in Pennsylvania prospective for Marcellus shale. This increase resulted from the purchase of 21,715 net acres of drilling rights in the northeastern Pennsylvania county of Lycoming for $8.2 million. Update: The company web site, accessed in December, 2009 gives the acreage as 139,700.
In 2008 the company had drilled four wells in Bradford and Susquehanna counties--three were vertical and one had been horizontal. As of the end of 2008 three of these wells were in the process of being production tested, and a forth one was awaiting recompletion. The ratio of Susquehanna to Bradford acreage was 60/40% held in three main acreage blocks.
A March, 2008 report indicated that a wholly-owned subsidiary of Southwestern, Southwestern Energy Production Co. (SEPCO), had drilled an exploratory well in Herrick Township, Susquehanna County, PA.
In December, 2008 the company reported that it had invested $61 million in Pennsylvania Marcellus shale development in 2008 and planned to do another $42 million in 2009. The money was to be used to acquire additional land as well as for seismic testing and drilling two wells.
A June, 2009 report found Southwestern had applied for withdrawal of 380,000 gallon/day from Tunkhannock Creek, Gibson Twp about thirty miles east of Montrose in Susquehanna County, PA. It had been approved by the Susquehanna River Basin Commission for a well on the Price farm.
According to a Southwestern update provided in July, 2009, the company planned to begin drilling on its Marcellus shale acreage in earnest during 2010. The company's major emphasis during 2009 focused on obtaining drilling permits, getting water rights lined up, and evaluating pipeline right-of-way options.
A late October, 2009 company update stated that it was still in a holding pattern from a drilling standpoint, and depending upon a number of factors, planned to upgrade its Marcellus drilling program with three rigs operating in northeastern Pennsylvania during 2010. Drilling in Bradford County had first priority and the company intended to move out from there to other blocks. The Marcellus shale formation is very thick in Southwestern's leasehold--over 400 feet thick in some places with very little faulting. All of the company's future wells were planned to be horizontal.
By December, 2009 in a capital budget update, the company noted that it planned to field one rig in the Marcellus shale starting in January, 2010.
- Harold M. Korell is Southwestern's Chairman.
- Steven L, (Steve) Mueller is President and CEO.
- Greg D. Kerley is Executive Vice President and CFO.
- Gene A. Hammons is President of Southwestern Midstream Services Company.
- Elise Mitchell is a spokesperson.
