Pad drilling will continue to drive new efficiencies into the future.
Challenging fundamentals are forecast to make an incremental change for the better.
Panhandle has reserves and production primarily in the Arkansas Fayetteville shale, the Southeastern Oklahoma Woodford shale, the Anadarko Basin (Cana) Woodford shale and several Western Oklahoma liquid-rich plays, including the Granite Wash.
The majority of the Barnett volume reduction occurred on Crestwood's Alliance and Lake Arlington dry gas gathering systems due to delayed completions of new wells, modest amounts of economic shut-ins and the temporary shut-in of nearby wells for producer fracking operations.
Also at mid-year 2012, 73% of the Company's proved reserves were in the Marcellus Shale and 27% were in the Piceance Basin.
The Company funded this acquisition with borrowings under its existing reserve-based credit facility.
Updated 2012 production and financial results guidance will be included in the second quarter results press release which is expected to be issued on August 2, 2012.
Antero Resources will spend $695 million for drilling and completion, $442 million for leasehold acquisitions and $63 million for the construction of gathering pipelines and facilities.
With an estimated 50% of perforation clusters and 25% of stages not contributing to production from wells in all of the major shale plays, Schlumberger is focused on reducing the number of defective wells and improving completion quality.