Atlas Energy today increased its estimate of gross undeveloped potential reserves in the Marcellus Shale in southwestern Pennsylvania to 9.125 trillion cubic feet of natural gas equivalents (“Tcfe”) from a previous estimated range of 4 to 6 Tcfe.
The Company has identified approximately 3,900 drillable Marcellus Shale locations.
Over the past several months, Atlas Energy embarked on a process to evaluate in detail its entire Marcellus Shale leasehold in southwestern Pennsylvania, which as of June 30, 2009 totaled approximately 266,000 acres.
The Company’s fourth horizontal completion, which was drilled in eastern Greene County, Pennsylvania, had an initial 24-hour peak rate of production into a pipeline of 3.2 Mmcfe per day. The Company has drilled five additional horizontal Marcellus Shale wells that are waiting on upgrades to two natural gas processing plants owned by Laurel Mountain Midstream, LLC. (click here for complete announcement.)