CONSOL Announces Exploratory Success in Utica Shale [Gulf Oil & Gas (Egypt)]

Al Bawaba Ltd.

CONSOL Energy drilled four Utica Shale wells in Ohio, completed two Utica Shale wells, and placed one well on line, during the quarter ended September 30, 2012. Hess Corporation drilled one well in the Utica Shale.

Ohio Utica Shale (CONSOL Energy-operated): In the Utica Shale joint venture with Hess Corporation, CONSOL Energy turned its first well, the TUSC 3A (17 stages, 4,915' completed lateral), online in the western portion of Tuscarawas County, Ohio. The well produced at a peak daily rate of 400 bbls of light crude, before it was shut in for dissipation of frac fluids and to be equipped with artificial lift at the end of May. The shut in lasted for approximately 10 weeks before being brought back online in early September and now has cumulative production of over 7,800 barrels of crude.

During the third quarter, CONSOL Energy drilled four horizontal wells to TD. The NBL 1A in Noble County was drilled with a cased lateral length of 4,306', the PORT 2A in Portage County was drilled with a cased lateral length of 4,762', the MAHN 2A in Mahoning County was drilled with a cased lateral length of 2,735', and the NBL 16A in Noble County was drilled with a cased lateral length of 4,793'. Completion operations are underway on all four wells.

CONSOL Energy is operating two horizontal rigs in the Utica Shale, one in Tuscarawas County drilling the TUSC 8A and one in Mahoning County drilling the MAHN 7A. In total for 2012, CONSOL Energy expects to drill 8 wells on its acreage in the Ohio Utica Shale.

Ohio Utica Shale (Hess-operated): Our joint venture partner, Hess Corporation, is operating two joint rigs in Harrison County, drilling the CNX HAR9N4W 1H-6 and the CNX HAR9N5W 1H-24 wells. In total for 2012, and ultimately depending on the actual timing of the drilling operations, Hess expects to have completed drilling operations on 2 wells on its JV acreage in the Ohio Utica Shale, and to have begun drilling on 2 others.

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