Chestnut Petroleum Hits Big in the Barnett Shale

August 18, 2010

DALLAS, Aug. 18 /PRNewswire/ — Chestnut Petroleum is pleased to announce the recent completion of the Crowley Teeter #1H, a horizontal well drilled in the sweet spot of the massive Newark, East gas field in the Barnett Shale. Completed in May 2010, the Tarrant County well started production at a rate of 5,866 MCF of natural gas per day after a massive 4-stage fracture stimulation procedure. In the first 60 days of production, the Crowley Teeter #1H has sold 254,552 MCF of natural gas down the pipeline.

“I am thrilled with the performance of this monster well,” says Mark Plummer, President and Founder of Chestnut Petroleum.

The Newark, East field is located primarily in Wise, Denton, and Tarrant counties in North Central Texas and is considered the core producing area of the Barnett Shale. As of May 10, 2010, Railroad Commission of Texas records show 13,902 gas wells in the Newark, East gas field, up from a total well count of just 150 in 1993. However, while the number of permits has held steady over the past fourteen months, the number of Newark, East well completions has declined from 135 wells in June 2009 to just six wells in June 2010. According to Tobin Map Data Trends, the Crowley Teeter #1H is just one of eight wells completed in May 2010 in the Newark, East field. Tobin Trends tracks lease and well activity in the Barnett Shale Play, Eagle Ford Shale Play and Haynesville Shale play.

About Us

Chestnut Petroleum is a privately owned independent owner-operator that conducts drilling, recompletion and reentry, and general operations in proven producing oil and natural gas fields primarily in Texas and Louisiana. Led by founder and President, Mark A. Plummer, Chestnut Petroleum has followed a philosophy of buying smart, managing costs, and improving production since its inception in 1994. Chestnut Petroleum applies a no-nonsense approach to asset management that drives its ability to create value throughout all of its operations. The Company’s current asset portfolio encompasses approximately 250 wells in the following fields: Gillis English Bayou Unit (GEB), Calcasieu Parish, LA; East Texas Field, Gregg County, TX; Signal Hill East Unit, Long Beach, CA; Hardeman County, TX; Barnett Shale, Hood & Tarrant Counties, TX; Lea County, NM; and Eliasville Field, TX.

Chestnut Energy Partners is the exclusive broker-dealer for Chestnut Petroleum; and is a registered broker-dealer and member of the Financial Industry Regulatory Authority (FINRA, formerly the NASD).

To learn more, visit the company’s web site at http://www.chestnutpetroleum.com

SOURCE Chestnut Petroleum

Source: newswire

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