Shale Discoveries Help Drive U.S. Natural Gas Reserves to 35-year High

SUGAR LAND--April 8, 2010--Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--U.S. natural gas inventories reached 245 trillion cubic feet at the end of 2009, the highest level in 35 years, the American Gas Association (AGA) (Arlington, Virginia) reported on April 6. Unconventional gas--found in shales, coal seams, and tight formations--significantly contributed to the gain in reserves, the trade group said, adding "Something is obviously positive in the domestic reserves and production story." Among the companies reporting the largest net reserve gains last year (2009 reserves plus adjustments less 2009 production) were:

• Chesapeake Energy Corporation (NYSE:CHK) (Oklahoma City, Oklahoma), 4.2 trillion cubic feet
• Petrohawk Energy Corporation (NYSE:HK) (Houston, Texas), 1.9 trillion cubic feet
• Equitable Resources, a division of EQT Corporation (NYSE:EQT) (Pittsburgh, Pennsylvania), 1.9 trillion cubic feet
• Southwestern Energy Company (NYSE:SWN) (Houston), 1.7 trillion cubic feet