Seneca Resources, a wholly-owned subsidiary of National Fuel Gas, has affirmed its production guidance following the temporary suspension of Pennsylvania drilling and completion operations by its joint-venture partner, EOG Resources. The temporary suspension will have no impact on Seneca's production guidance of 46-51 billion cubic feet equivalent (Bcfe) for fiscal 2010.
Matthew D. Cabell, President of Seneca, stated, "The contribution to our overall production for the year from the EOG wells was expected to be small. The EOG joint-venture covers only a portion of our acreage and this temporary suspension will not have any material effect on our fiscal 2010 production. We continue to have good success on our Seneca-operated wells, with our median IP rate at over 7 million cubic feet per day (Mmcfd). We are affirming our production guidance of 46-51 Bcfe and expect to finish the year near the high end of that range."
National Fuel is an integrated energy company with $5.0 billion in assets comprised of the following four operating segments: Exploration and Production, Pipeline and Storage, Utility, and Energy Marketing. Seneca, the exploration and production segment of National Fuel Gas Company, explores for, develops and purchases natural gas and oil reserves in California, the Appalachian region and in the Gulf Coast region of Texas and Louisiana.
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