Atlas Energy Resources, LLC Announces Horizontal Marcellus Shale Well with Initial Rate of Production of 10.1 Mmcfe Per Day
06 Mayo 2009 - 9:16AM
Business Wire
Atlas Energy Resources, LLC (NYSE: ATN) (�Atlas Energy� or
�the Company�) announced today that its third horizontal
Marcellus Shale well had achieved an initial 24-hour rate into a
pipeline of 10.1 million cubic feet of natural gas equivalents
(�Mmcfe�). Company Chief Executive Officer Edward E. Cohen noted
that �I am very proud of our greatly-strengthened Marcellus
drilling and completion teams which have achieved this incredible
result so early in our now greatly expanded horizontal Marcellus
program. We were pleased by our first two Marcellus horizontal
wells, whose results were quite satisfactory as initial efforts,
but the present success --- coming so early in our program ---
augurs, I believe, Atlas's emergence as a major player in the
horizontal development of the Marcellus Shale. We now look forward
to early announcement of the results from our next 5 horizontal
wells already drilled and cased�we are truly excited.�
Atlas Energy has now successfully drilled and cased eight
horizontal Marcellus Shale wells in southwestern Pennsylvania since
commencing its horizontal drilling program in the fourth quarter of
2008. Three of these wells have been turned into line and have
achieved an average initial rate of production of approximately 5
Mmcfe over a 24-hour period. During the remainder of 2009, the
Company plans to turn into line an additional 12 horizontal
Marcellus Shale wells, including the five horizontal wells already
drilled and cased. All of these wells will be drilled as joint
ventures, through the Company�s drilling programs or with industry
partners. Upon closing of the recently announced merger with Atlas
America, Inc. (NASDAQ: ATLS), Atlas Energy intends to commence a
horizontal drilling program in the Marcellus Shale solely for its
own account. The Company intends to drill at least 24 horizontal
Marcellus Shale wells for its own account during 2010.
Richard D. Weber, President and Chief Operating Officer, noted
that Atlas' success in horizontal drilling complements its
industry-leading position in vertical Marcellus production: �After
pioneering the two-stage frac technique for vertical wells, we now
lead the industry with an average initial 24-hour rate of
production of 2 Mmcfe per day. With one of the leading technical
and operating teams in the Marcellus Shale and 546,000 Marcellus
acres, 274,000 of which are largely delineated in the sweet spot of
southwestern Pennsylvania, we now expect the same leading results
from our horizontal program.�
Atlas Energy Resources, LLC is one of the largest
independent natural gas producers in the Appalachian and Michigan
Basins. The Company is also the country�s largest sponsor and
manager of tax-advantaged energy investment partnerships that
finance the exploration and development of the Company�s acreage.
For more information, visit Atlas Energy�s website at
www.atlasenergyresources.com or contact investor relations at
InvestorRelations@atlasamerica.com.
Atlas America, Inc. owns approximately 48% of the Class B
common unit interests and all of the management incentive interests
in Atlas Energy Resources, LLC. Atlas America, Inc. also owns 1.1
million common units in Atlas Pipeline Partners, L.P. (NYSE: APL)
and a 64% interest in Atlas Pipeline Holdings, L.P. (NYSE: AHD), a
limited partnership which owns the general partner interest, all
the incentive distribution rights and 5.8 million common units of
Atlas Pipeline Partners, L.P. For more information, please visit
our website at www.atlasamerica.com, or contact Investor Relations
at InvestorRelations@atlasamerica.com.
Cautionary Note Regarding
Forward-Looking Statements
This document contains forward-looking statements that involve a
number of assumptions, risks and uncertainties that could cause
actual results to differ materially from those contained in the
forward-looking statements. Atlas Energy cautions readers that any
forward-looking information is not a guarantee of future
performance. Such forward-looking statements include, but are not
limited to, statements or assumptions regarding whether the
proposed merger between Atlas America and Atlas Energy will occur,
statements about the benefits of such proposed merger, including
future financial and operating results, the combined company�s
plans, objectives, expectations and intentions and other statements
that are not historical facts. Risks, assumptions and uncertainties
that could cause actual results to materially differ from the
forward-looking statements include, but are not limited to, those
associated with general economic and business conditions; well
production and acreage potential; changes in commodity price; the
possibility that the proposed merger might not occur; inability to
obtain capital needed for operations; the level of indebtedness;
changes in government environmental policies; tax consequences of
business transactions; and other risks, assumptions and
uncertainties detailed from time to time in either company�s
reports filed with the U.S. Securities and Exchange Commission (the
�SEC�), including each company�s report on Form 10-K for the year
ended December 31, 2008. There can be no assurance that the
transactions described in this document will be consummated.
Forward-looking statements speak only as of the date hereof, and
each company assumes no obligation to update such statements.
Additional Information About
the Merger
In connection with the proposed merger between Atlas America and
Atlas Energy, Atlas America expects to file with the SEC a
Registration Statement on Form S-4 that will include a joint proxy
statement of Atlas America and Atlas Energy, which will also
constitute a prospectus of Atlas America. Each of Atlas America and
Atlas Energy will mail the joint proxy statement/prospectus to
their respective equity holders.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE JOINT PROXY
STATEMENT/PROSPECTUS REGARDING THE PROPOSED MERGER IF AND WHEN IT
BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT
INFORMATION.
Investors may obtain free copies of the joint proxy
statement/prospectus when it becomes available, as well as other
filings containing information about Atlas America and Atlas
Energy, without charge, at the SEC�s website at www.sec.gov. In
addition, the documents filed with the SEC by Atlas America may be
obtained free of charge by directing such request to: Investor
Relations, Atlas America, Inc., Westpointe Corporate Center One,
1550 Coraopolis Heights, Moon Township, PA 15108, (412) 262-2830.
These documents may also be obtained for free from Atlas America�s
Investor Relations website at www.atlasamerica.com. The documents
filed with the SEC by Atlas Energy may be obtained free of charge
by directing such request to: Investor Relations, Atlas Energy
Resources, LLC, Westpointe Corporate Center One, 1550 Coraopolis
Heights, Moon Township, PA 15108, (412) 262-2830. These documents
may also be obtained for free from Atlas Energy Resource�s Investor
Relations website at www.atlasenergyresources.com.
Atlas America, Atlas Energy and their respective directors and
executive officers and other members of management and employees
may be deemed to participate in the solicitation of proxies in
respect of the proposed transaction. Information regarding Atlas
America�s directors and executive officers is available in Atlas
America�s proxy statement for its 2008 annual meeting of
shareholders, which was filed with the SEC on April 30, 2009, and
information regarding Atlas Energy�s directors and executive
officers is available in Atlas Energy�s proxy statement for its
2008 annual meeting of shareholders, which was filed with the SEC
on April 30, 2009. Additional information regarding the interests
of such potential participants will be included in the joint proxy
statement/prospectus and the other relevant documents filed with
the SEC if and when they become available.
This document shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the U.S.
Securities Act of 1933, as amended.
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