I think we are beating a dead horse here, I don’t mean to go on and on. Right or wrong our developed view is the lack of decline common  in SE Bradford wells isn’t sourced from magical rock that will go on an on, rather 1. implies the rock in this area is super good and CHK is tempering flows. And for either a lack of take-out capacity or in the belief long term EURs (expected ultimate recovery) are more optimal with early constraints. Other cos, namely Southwestern have stated the later being their reasoning behind hold backs. 

Which brings up the question of is SWN’s & CHK’s skill or rock that mush less than Cabot 35 miles away with wells doing 20 IP, vs SWN/CHK’s 8-10. Our theory is the Susque rock is somewhat better but COG is going all-out in the completion phase and eating into long end EUR.

We won’t know for 5 + yrs. 

Repeating as well nd we are told by industry folks that this is common in other plays, CHK seems slower to experiment with spacing and other metrics until well into the play. UPL, Talisman, Seneca, and now SWN to some degree have been experimenting. We hear 3^rd hand that SWN does not plan to go way down in spacing, i.e. 80 acres yes but maybe not even 60. In their Fayetteville I think they are down to 40 or under. All say each shale has different physical rock properties and the ultimate completion formulas will differ play to play. 

Others will disagree but therefore we expect perhaps 10 wells in an 800 acre unit, not the 25 bandied about.

Much of this is mute, the area has super rock, among the best in the whole 50 million acres of Marcellus. And anyone with O&G rights here should be over thrilled and feel blessed. 

Mr Duffy- We see the DEP figures have a DAVE well (what twp is that?) producing 1^st 12 days at ~8.5 mmcf/d. That is the highest we recall for SE Bradford to date. 

Also re your reference to Terry Twp, Shirley I think you said, we were given numbers of Sept 2010, 2H 240,000 mcf, 5H 230,000 mcf and June 2012   2H 130,442 and 5H 244,991. 

2H is viewed as positive, down less than 505 in 24 months, 5H unchanged, amazing. Might that imply it is a 12 or 14 mmcf IP well without choke? 

Chesapeake June 2012 price, 2.35, better than 1.85 but still stinko.

Melissa Humphrey