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Saturday, November 20, 2010

Barnett Shale Rig Report | Barnett Shale | Dallas Business, Texas Business, Fort Worth B...

Barnett Shale Rig Report | Barnett Shale | Dallas Business, Texas Business, Fort Worth B...

Pittsburg has No desire to become the Fort Worth of the North

NOVEMBER 16, 2010

Pittsburgh says "no" to drilling

Pittsburgh has made it emphatically clear that it has no desire to become the Fort Worth of the North.

The western Pennsylvania city became the first in natural gas-rich Pennsylvania to prohibit drilling after city council members, voicing health and environmental concerns, unanimously approved the ban on Tuesday, the Associated Press reported. The council received a standing ovation after voting 9-0 to ban the search for gas within city limits.

Pittsburgh's decision is in sharp contrast to Fort Worth, the nerve center of drilling in North Texas' Barnett Shale, the biggest gas-producing area in the nation. Fort Worth City Councilman Joel Burns, speaking at a recent shale gas conference in Grapevine, said that Cowtown, with 1,200 producing gas wells in the city and more drilling planned, is "running out of places to put these wells."

Pittsburgh sits atop part of the Marcellus Shale, which underlies large chunks of Pennsylvania, West Virginia, Ohio and New York and has become the scene of frenzied drilling and leasing activity. Major participants in the play include Fort Worth-based Range Resources, Fort Worth-based XTO Energy (now a subsidiary of Irving-based Exxon Mobil) and Oklahoma City-based Chesapeake Energy, which all have substantial operations in the Barnett Shale. Range announced recently, however, that it plans to sell its Barnett assets.

--Jack Z. Smith

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Monday, November 08, 2010

Quicksilver posts $21.8 million in earnings, record production

Fort Worth-based Quicksilver Resources reported a net income of $21.8 million, or 13 cents per share, on revenues of $237.7 million in the third quarter and achieved record production despite weak natural gas prices that have discouraged drilling activity.

Quicksilver said its third-quarter production averaged the equivalent of 362 million cubic feet of natural gas per day, up 16.4 percent from the third quarter of 2009.
In the Horn River Basin of northeast British Columbia in Canada, Quicksilver'sC-29-D well produced at initial rates of 14.4 million cubic feet of gas per day and averaged more than 12 million cubic feet per day during the first 22 days of production. 
For a complete report, see Tuesday's Star-Telegram.

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