First National's Focus on Appalachian Basin Pays Off Early

First National Entertainment Corp. reported it is focusing its initial efforts in oil and gas in the Appalachian Basin, concentrating in Tennessee.

The Scott, Morgan, and Fentress Counties of upper east Tennessee are well known for shallow oil and gas production, some with high rates of flow. The area is known for multiple pay zones, including the Monteagle Limestone, the Ft. Payne Limestone, the Chattanooga Shale as well as the deeper Trenton-Black River and Knox groups.

"Our initial plan is to build a lease position in Morgan, Scott and Fentress counties for future drilling as well as acquiring well bores in which the Chattanooga Shale is exposed," said a First National representative. "We believe the Chattanooga Shale is destined to become a major source of natural gas for the eastern seaboard. One recently drilled horizontal well in Morgan County had an open flow of 3.9 MMCF per day."