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It’s no understatement to say the development of the Fayetteville Shale’s natural gas has been the most significant driver of Southwestern Energy's expansion and growth over the past five years. Here’s how it happened:
2002
Southwestern Energy makes an interesting discovery while analyzing data from its wells in the Arkoma Basin. After considerable research and study, experts at Southwestern Energy realize the Fayetteville Shale is the source of the extra gas.
2003
Southwestern Energy invests $11 million to purchase 343,000 net undeveloped acres in an undisclosed area.
2004
Southwestern Energy invests about $28 million for leases and the drilling of 21 test wells in the new project area. The company acquires 575,000 net acres in a new shale play it is testing on the Arkansas side of the Arkoma Basin called the Fayetteville Shale play.
That fall, a well near Jerusalem, 72 miles northwest of Little Rock, becomes the first to tap natural gas from the Fayetteville Shale. John D. Thaeler, a petroleum geologist and Southwestern Energy Senior Vice President, shares the good news with the executive leadership team at the corporate headquarters: “Houston,” he tells them, “we have gas!”
2005
Fayetteville Shale area development continues to ramp up as the company invests about $155 million in the play and drills 67 wells.
2006
Southwestern Energy’s gross operated gas production from the Fayetteville Shale play area reaches 100 MMcf per day, the first of many milestones to come.
2007
Southwestern Energy’s gross operated gas production surpasses 300 MMcf per day from the Fayetteville Shale play.
2008
The company’s investment in the Fayetteville Shale tops $2.5 billion. In July, its gross operated production rate from the Fayetteville Shale play reaches 500 MMcf per day. By year end, production reaches approximately 670 MMcf per day.
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