Petrohawk Energy’s (HK-$22.78) experienced significant growth in production and reserves in 2009, chairman and chief executive officer Floyd Wilson said. Proved reserves (98% natural gas) grew 122 percent to 2.75trillion cubic feet equivalent (Tcfe), most of which was added through drill-bit activity in its Haynesville Shale. The company exited 2009 producing 600 Mmcfe per day, up from an approximate exit rate of 366 Mmcfe per day in 2008.The volume of gas resources claimed by operators is not in dispute. Evidence presented at the 2009 meeting of the Gulf Coast Association of Geological Societies (GCAGS) held in September 2009 suggests, however, that formation damage during fracture stimulation treatment, in effect, reduces reservoir performance and resultant valuations.
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Editor David J Phillips does not hold a financial interest in any stocks mentioned in this article. The 10Q Detective has a Full Disclosure Policy.
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