EQT Corporation

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Equitable Resources Inc. (NYSE:EQT) is a Pittsburgh, Pennsylvania-based integrated energy company focusing on natural gas operations in the Appalachian Basin. The company's name was changed to EQT Corporation in February, 2009. It holds a huge 2.2 million acre leasehold prospective for the Huron shale in West Virginia, eastern Kentucky and western Virginia.

The company also controls drilling rights to roughly 400,000 acres of land prospective for Marcellus shale gas in western Pennsylvania and northern West Virginia.

As of October, 2008 EQT had drilled thirteen Marcellus wells. Nine are vertical wells and four are horizontal ones.

The same report mentioned that EQT had also drilled a couple of Utica shale wells: one vertical and one horizontal in Wetzel County, West Virginia. A 3rd Quarter, 2008 company update mentioned that these two wells have been at least temporarily sidelined.

An April, 2009 update from EQT noted that during the first quarter of 2009 the company had completed its first fractured horizontal Huron shale well. It also drilled 52 horizontal Huron wells that were not fractured. Also during the first quarter it drilled four vertical and four horizontal Marcellus shale wells.

        EQT Partial 1st Quarter 2009 Drilling Program Results
                                     Length         Initial        Well
                          Target    of Test      Production        Cost   
  Location     Type        Shale     (Days)        (MMcf/d)      ($mil)
Greene Co PA   Hor.      Marcellus     30             2.2          5.5
Wash. Co PA      "           "        <30            unkwn.         "
   (WV?)     Multi/frac    Huron       30             0.85         1.8
same bore      Multi     Cleveland     30             0.75         0.9
 

The company specializes in horizontal air drilling and has pioneered this approach with Marcellus shale drilling. All but two of EQT's thirteen Marcellus wells were drilled using air.

According to a July, 2009 report, EQT planned to build up the capacity of its Equitrans Pipeline in the Marcellus shale region. It also expected to drill 41 Marcellus wells by the end of 2009.

According to a news article that appeared in August, 2009, EQT Production Co. had filed a notice with the Susquehanna River Basin Commission for withdrawal of up to 75,000 gallons per day from BCI Municipal Authority in Clearfield County, PA. It had also applied to withdraw up to 30,000 gallons per day from Burnside Borough for drilling a well at its Hurd drilling pad site.

A September, 2009 report found EQT receiving permits for drilling in northwest Pennsylvania's Clarion County. The company had obtained DEP permits for two horizontal wells in Elk Township on Knight Town Road located between Pine City and Shippenville. A permit was also approved for one vertical well in Toby Township. At the time of the report, heavy equipment had already been brought in and was in the process of preparing the well sites.

• Murry S. Gerber is Chairman and CEO of EQT Corporation.
• Randall Crawford is President of EQT's Midstream & Distribution.
• Kevin West is an EQT spokesman.