Here is more information on Petrohawk Energy Corp.'s drilling activity in our area.
Bernie Tull
Petrohawk Energy Corporation Reports Haynesville Shale Result and Leasehold Update
HOUSTON, June 30, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Petrohawk Energy Corporation (Petrohawk or the Company) (NYSE: HK) today announced that it has completed its initial horizontal well in the Haynesville Shale. On June 27, 2008, the Elm Grove Plantation #63 (100% working interest) was placed on production. On June 29, 2008, the well produced at an average rate of approximately 16.8 million cubic feet of natural gas per day with 5,600 pounds flowing casing pressure on a 26/64 choke. The pilot hole drilled on the well encountered approximately 212 net feet of Haynesville Shale. The targeted interval in the reservoir was at 11,005 feet true vertical depth, and a lateral of 3,880 feet in length was drilled. The completion of the well included eleven stages of fracture stimulation. The Elm Grove Plantation #63 is located in Section 9 - Township 16 North - Range 11 West, Bossier Parish, Louisiana.
Petrohawk has leases or commitments for approximately 275,000 net acres in the Haynesville Shale and Bossier Shale of Northwest Louisiana and East Texas. Its position is built around its anchor property in the Haynesville Shale, Elm Grove field. Petrohawk continues to increase its acreage position in this area.
The Company is currently drilling three horizontal Haynesville Shale wells and expects to have six operated rigs drilling Haynesville Shale wells by mid- September, 2008. Petrohawk further intends to bring its total number of operated Haynesville Shale rigs to ten by the end of 2008. In anticipation of increased activity in the area, the Company has evaluated and planned for additional access to equipment, services, gathering and takeaway capacity. Petrohawk is currently utilizing existing infrastructure at Elm Grove to deliver new production from the Haynesville Shale to sales.
Petrohawk Energy Corporation is an independent energy company engaged in the acquisition, production, exploration and development of natural gas and oil with properties concentrated in North Louisiana, Arkansas, East Texas, Oklahoma and the Permian basin.
For more information contact Joan Dunlap, Vice President - Investor Relations, at 832-204-2737 or jdunlap@petrohawk.com. For additional information about Petrohawk, please visit our website at www.petrohawk.com.
