press release

East Texas - At December 31, 2009, Southwestern had approximately 330 Bcfe of reserves in East Texas, representing approximately 9% of total reserves, compared to 351 Bcfe at year-end 2008. In 2009, the company
invested approximately $167 million in East Texas and participated in 46
wells, of which 33 were successful and 13 were in progress at year-end,
resulting in a 100% success rate and adding new reserves of 94 Bcfe.
This area recorded negative revisions of approximately 55.3 Bcfe
primarily due to a comparative decrease in the average 2009 gas price
from the year-end 2008 gas price and 25.5 Bcfe due to negative
performance revisions. Net production from East Texas was 34.9 Bcfe in
2009, compared to 31.6 Bcfe in 2008.

The company's 2009 drilling program was primarily focused on developing the James Lime formation in its Jebel prospect area located in Shelby
County, Texas, and it initiated drilling in the Haynesville Shale in
Shelby and San Augustine Counties with good success. At December 31,
2009, Southwestern had participated in 77 James Lime horizontal wells,
51 of which were operated. Of those, 43 wells that were operated were
placed on production at an average gross initial production rate of 9.8
MMcfe per day, resulting in net production from the James Lime of
approximately 48 MMcf per day at December 31, 2009.

In the second quarter of 2008, the company signed a 50/50 joint venture agreement with a private company targeting the Haynesville and Middle
Bossier Shale intervals in Shelby and San Augustine Counties. Since that
time, the company has drilled six wells with initial production rates
shown below. In total, Southwestern has approximately 42,300 net acres
it believes are prospective for the Haynesville and Middle Bossier
Shales and the company's average gross working interest is approximately
61%.

                                                                       Average
                                                Completion   Lateral   IP Rate
    Well Name        County       Formation        Date       Length  (MMcf/d)
    ---------        ------       ---------     ----------   ------- --------
    Red River
     877 #1          Shelby      Haynesville   1st Qtr 2009    2,765     7.2
    Red River
     164 #1      San Augustine   Haynesville   2nd Qtr 2009    3,892    13.4
    Red River
     619 #1      San Augustine   Haynesville   3rd Qtr 2009    4,144    16.7

    Burrows GU
     #1-H        San Augustine   Haynesville   4th Qtr 2009    3,828    21.0
    Red River
     257 #1      San Augustine   Haynesville   4th Qtr 2009    4,728    18.1
    Red River
     257 #2      San Augustine Middle Bossier  4th Qtr 2009    4,062    11.3

In 2010, Southwestern expects to invest approximately $230 million and participate in approximately 50 to 60 gross wells in East Texas, 22 to
27 of which will be operated. Of the wells planned in 2010, 21 to 26
wells will be targeting the Haynesville or Middle Bossier Shales and 29
to 34 wells will be targeting the James Lime, Pettet or Cotton Valley
formations.

http://www.marketwatch.com/story/southwestern-energy-announces-2009...