PITTSBURGH, March 29 /PRNewswire-FirstCall/ -- Equitable Resources,
Inc. (NYSE: EQT) has posted a revised analyst presentation on the Company's
web site, http://www.eqt.com. The presentation will be used and periodically
updated in conjunction with analyst meetings throughout the year.
Reserve Estimates
2006 Reserves Drilling Locations
(Tcfe) (gross)
Proved Developed 1.7
Proved Undeveloped 0.8 3,000
Total Proved 2.5 3,000
Probable 1.1 5,000
Possible 2.1 10,000
TOTAL 5.7 18,000
In addition to the revised reserve estimates, there are significant
changes to the presentation content from the presentation posted on
February 6, 2007. Highlights of the changes relating to horizontal drilling
include:
-- a more detailed description of horizontal drilling program
opportunities, including multi-lateral wells, re-entry of existing
wells, Marcellus shale, Berea sandstone, and coal bed methane
-- five of 11 Kentucky prospect areas have been tested to date and the
initial results in four are promising
-- an update on engineering progress, including reduction in cost per
horizontal foot drilled, longer laterals, more frac stages, and
alternative completion methods.
In addition, the presentation describes:
-- the potential to increase the production sales volume cumulative
average growth rate from 5% to 9% through 2012 due to the horizontal
drilling program, the infill drilling program and acceleration of
vertical drilling
-- an expansion of the infill drilling pilot program in the Nora field,
with a target of 50 - 70 additional wells planned for 2007.
Equitable Resources is an integrated energy company, with emphasis on
Appalachian area natural gas supply, transmission and distribution. For
information on Equitable, visit http://www.eqt.com.
Forward-Looking Statements
Statements that relate to the plans of the company are forward-looking.
A variety of factors could cause the company's actual results to differ
materially from the anticipated results. The risks and uncertainties that
may affect the results of the company's forward-looking statements include,
but are not limited to, those set forth under Item 1A, "Risk Factors", of
the company's Form 10-K for the year ended December 31, 2006. Estimates of
"probable" and "possible" reserves are more speculative than estimates of
proved reserves, and would not be permitted to be disclosed in an SEC
filing.
SOURCE Equitable Resources, Inc.
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Related links:
http://www.eqt.com/
CONTACT:
Analysts, Patrick Kane of Equitable Resources
Inc., +1-412-553-7833
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