Petrohawk to Lay Rigs Down Due to $4.00 Gas
From E&P Magazine - http://www.epmag.com/2010/August/item66242.php
"Big players step up in big games, and at Enercom’s The Oil and Gas Conference in Denver on Tuesday, Floyd Wilson, chairman and CEO of Petrohawk Corp., tried for a big save in the low-natural-gas-price game: he announced the company would lay down one to two rigs in the Haynesville shale through the remainder of 2010, and more in 2011."
However, the Haynesville is still #1 for them...
“In my opinion, you’re not going to see another field like the Haynesville. The Marcellus is big, but in the Haynesville on a regular basis you get 20- and 30 million cubic feet per day wells, all over the place. It’s gone from zero to 2.5 billion a day in two and a half years—it’s quite a field."
Wilson added, “Business 101 says it’s time to slow down. I hope the industry will take a similar tack.”
"Big players step up in big games, and at Enercom’s The Oil and Gas Conference in Denver on Tuesday, Floyd Wilson, chairman and CEO of Petrohawk Corp., tried for a big save in the low-natural-gas-price game: he announced the company would lay down one to two rigs in the Haynesville shale through the remainder of 2010, and more in 2011."
However, the Haynesville is still #1 for them...
“In my opinion, you’re not going to see another field like the Haynesville. The Marcellus is big, but in the Haynesville on a regular basis you get 20- and 30 million cubic feet per day wells, all over the place. It’s gone from zero to 2.5 billion a day in two and a half years—it’s quite a field."
Wilson added, “Business 101 says it’s time to slow down. I hope the industry will take a similar tack.”
Tags: petrohawk
Views: 67
Replies to This Discussion
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Permalink Reply by adubu on
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I hope they all lay 50% down like 2008 and maybe prices of NG will get stable in 6-7 range long term, especially if Boone Picken Plan to convert 18 Wheeler to NG get passed.
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Permalink Reply by True Texan on
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I hope they don't drill my lease before it expires next year. I would love for them to have to pay me some more signing bounes money. Thank god we signed a three year lease with on option.
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