Exploration & Production | Operational Updates
National Fuel Reports EOG Reducing Drilling Operations in The Marcellus Shale JV
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Seneca Resources Corporation (“Seneca”), the wholly owned exploration and production subsidiary of National Fuel Gas Company (NYSE: NFG) (“National Fuel” or the “Company”) today provided an update on the status of its Marcellus Shale joint venture with EOG Resources, Inc. (“EOG”), as well as anticipated changes to capital expenditures and production forecasts for its 2013 fiscal year.
Under a joint venture agreement (“JV”) between EOG and Seneca, EOG has the opportunity to earn an interest in Seneca acreage by drilling a minimum number of wells per year in a defined area of mutual interest.
EOG has advised Seneca that it does not expect to meet the minimum drilling target for calendar 2012 specified in the JV. Should it not meet that minimum, EOG would no longer have the right to earn…
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