GMX Resources Inc. announced a capital program of $175 million for 2010. The company will use the capital to drill 22 horizontal wells into the Haynesville Shale, Bossier Shale and Cotton Valley Sand in East Texas.

GMX Resources Inc. also provided production guidance of 17.5 billion cubic feet equivalent for 2010, a 30% increase over 2009 levels.

GMX Resources Inc. announced the completion results of two horizontal wells drilled recently into the Haynesville Shale. The company said that the Mia Austin #1H well had an initial production rate of 14.1 million cubic feet equivalent per day during a 24-hour test, and a 30-day average production rate of 7.5 million cubic feet equivalent.

GMX Resources Inc. said that the Verhalen E#1H well had an initial production rate of 8.3 million cubic feet equivalent per day during a 24-hour test. The company plans two additional Haynesville Shale well completions

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What would you do if someone offered you $1 million for the right to drill for natural gas under your land? Thatrsquo;s the sort of Jed Clampitt scenario playing out in the piney woods of north Louisiana, under which lies the Haynesville Shale, perhaps the largest natural gas field in North America. What happens when cash-poor landowners hit the natural resources lottery is a theme in the documentary Haynesville, which make its North American premiere as the main feature at next weekrsquo;s South by Southwest (SXSW) Film Festival in Austin. Along with the social aspects, the film also discusses the environmental and financial impacts that the Haynesville and similar shale deposits may have while supplying the U.S. with desirable clean energy in the decades ahead. Haynesville may contain as much as 250 trillion cubic feet of gas. The documentary pegs its regional economic impact at $1.75 trillion over its lifetime ndash; as one person ...

Anadarko Petroleum Corp. (APC) announced its capital spending plans for 2010 in the $5.3 to $5.6 billion range, up from $4.6 billion in 2009. This represents an increase of about 15% to 22% over 2009.  For 2010, the company has allocated approximately $2 billion (36%) of its capex to near-term projects and expects to increase sales volumes in 2010 by up to 5% over the 2009 total of 220 million BOE.  Approximately 22% of the 2010 capital budget is allocated to the ongoing development of its oil-weighted and sanctioned mega projects, which remain on time and on budget.  Andarko’s mega projects include – the Jubilee Phase I development, offshore Ghana and the Caesar/Tonga complex, deepwater Gulf of Mexico. In addition, the company is progressing with its El Merk development in Algeria with first production is anticipated in late 2011. By 2012, the company expects these ...

With a growing need to transport its increasing Marcellus Shale production into the prominent natural gas market in the U.S., Chesapeake Energy Corp. (CHK) has entered into a definitive agreement with Spectra Energy Corp. (SE). The agreement provides that Chesapeake will be the largest shipper for Spectra’s new natural gas pipeline project.

Spectra Energy will expand its Algonquin Gas Transmission and Texas Eastern Transmission pipeline systems, including approximately 16 miles of 30-inch pipeline from Staten Island to Manhattan. The expansions are expected to be completed by the end of 2013.

Following the completion, these facilities will be able to deliver up to 800 million cubic feet per day (MMcf/d) of additional natural gas. Chesapeake is the largest capacity holder with a commitment of up to 425 MMcf/d.

Chesapeake has been concentrating its focus on key plays such as the Fayetteville, Haynesville and Marcellus shales to monetize these assets more effectively and

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St. Mary Land & Exploration Co. (SM) reported third-quarter earnings of 23 cents per share, beating the Zacks Consensus Estimate of 19 cents but down from the year-earlier earnings of $1.20. Non-cash charges and impairments result in a reported net loss of 7 cents per diluted share.   The results were driven by the company’s production performance and reduced costs. Revenues for the quarter were $185.8 million, down nearly 43% from the year-earlier level.   St. Mary reported quarterly production of 26.4 billion cubic feet equivalent (Bcfe), down 5% year over year. However, volumes were within the company’s guidance range of 25.5 to 27.0 Bcfe. Production would have been down 2% year over year without accounting for the last year’s asset sale. Production was also sequentially down as a result of lower levels of capital investment.  Of the total production, gas was 65% and the rest was ...

A subsidiary of CenterPoint Energy Inc. (CNP) and NextEra US Gas Assets LLC, an affiliate of FPL Group Inc. (FPL) signed an agreement to explore the construction of a pipeline in north Louisiana. The new pipeline will transport natural gas from the Haynesville Shale area. The expected capacity of the potential new pipeline is up to 2.0 billion cubic feet per day. The pipeline would connect Haynesville Shale natural gas production to markets in north Louisiana and CenterPoint Energy's Perryville Hub. The companies announced that an open season will be held to gauge market interest in the proposed new pipeline. With the development of the new pipeline, CenterPoint and FPL Group expect to enhance the existing infrastructure in the rapidly expanding Haynesville Shale area. Gas production in north Louisiana, including the rapidly developing Haynesville Shale, remains robust. The new pipeline would assist producers with ...

EnCana Corporation (ECA) – a major Canadian oil and gas exploration and production (E&P) company – reported weak third quarter results, hit by lower prices and volumes. Operating earnings per share, excluding hedging and foreign exchange effects, came in at $1.03. This fell short of the Zacks Consensus Estimate of $1.11 and way behind the year-ago profit of $1.92.  Revenues were down 64.2% year over year to $3.9 billion. During the quarter, total production was down 7.0% to 4,387 million cubic feet equivalent per day (MMcfe/d), of which 81% was natural gas. Natural gas production decreased roughly 9.3% year-over-year to 3,551 million cubic feet per day (MMcf/d), while oil and natural gas liquids (NGLs) production was up 3.7% to 139 thousand barrels per day (MBbls/d).  Key Resource Plays  Production of natural gas from key resource plays was down approximately 6.5% year-over-year to 3,410 MMcfe/d, primarily ...

Headquartered in Calgary, Alberta, American Exploration has developed a solid and experienced management team with the mission to exploit oil and gas opportunities that remain undeveloped. The young company took a major step towards enhancing their future with the addition of Guggenheim Energy Opportunities to drill and develop the Haynesville acreage in Mississippi.

Guggenheim now joins forces with American Exploration and Mainland Resources, which was previously aligned with American, for the Haynesville Project. American and Mainland pooled their mineral leases, collectively totaling 13,225 acres. Guggenheim joins Mainland with an 8 percent working interest in the drilling and development of this project.

When asked what the addition of Guggenheim will mean to American Exploration, Company President and CEO Steve Harding was quoted as saying, “Guggenheim brings a great deal of technical depth and experience into the project and we look forward to working closely with their experienced principals. They have

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Oil and natural gas firm Comstock Resources Inc. (CRK) reported weaker-than-expected third quarter results as low commodity prices more than offset the rise in production volumes. Loss from continuing operations came in at 28 cents per share, 2 cents wider than the Zacks Consensus Estimate of 26 cents. In the year-ago period, the company earned $1.18 per share. Oil and gas sales were down 58.8% year-over-year to $67.4 million.  Volume Growth  The company’s operational performance during the quarter continued to reflect the success of its enhanced onshore drilling programs and property acquisitions, resulting in quarterly volume growth of 13.2% year-over-year to 17.0 billion cubic feet equivalent (Bcfe), of which 94% was natural gas. Production in the East Texas/North Louisiana operating region increased 33.7% to 10.7 Bcfe, while production from the South Texas properties came in at 5.0 Bcfe, an approximately 6.7% decrease from the year-earlier level. ...

GMX Resources Inc. (GMXR) recently agreed to sell a 40% interest in its gas gathering and compression business to Kinder Morgan Energy Partners L.P. (KMP) for $36 million. The closing of the transaction is subject to customary closing conditions and is expected to conclude in early November. This transaction will fund GMX’s addition of a second rig to the Haynesville/Bossier Shale horizontal drilling program. The salt water disposal assets and other poly pipelines will not be part of the transaction and will continue to be wholly owned by Endeavor Pipeline Inc., a wholly owned subsidiary of GMX Resources. The gas gathering and compression business provides gathering services to the company in its Cotton Valley Sands and Haynesville/Bossier Shale horizontal developments in East Texas. It will provide funding for future infrastructure needs to support GMX's anticipated production growth. Separately, GMX said its second FlexRig 3 ...