U.S. onshore exploration company XTO Energy has announced that it has laid down about U.S. $550 million in the acquisition of an additional 24,000 net acres in the Barnett Shale.
With estimates topping 200 billion cubic feet of gas equivalent, the company has added about 25 million cubic feet of natural gas equivalent per day to its production.
"Our position in the Barnett Shale play now includes about 240,000 net acres, with approximately 50% situated in the prolific core area, where the geology of the shale offers the best productivity potential," said Keith A. Hutton, president of XTO Energy. "We intend to operate about 20 drilling rigs to consistently and continuously develop our shale acreage."
XTO has identified another 300-350 drilling locations, which more than doubles the company's reserves.
In another announcement, the company revealed 2007 third quarter production increased 24% since the same quarter last year, to more than 1.9 billion cubic feet equivalent per day. Production increased 14% since the second quarter of 2007.
Hutton stated that Barnet Shale production was at a high of 341 million cubic feet equivalent per day for the third quarter of 2007, up 10% since the last quarter.
The new acquisition should only bolster those numbers.
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