Home | Business News | Browse by Publication | B | Business Wire

Atlas Energy, Inc. Reports Operating and Financial Results for the Third Quarter 2009.

Article Excerpt
PHILADELPHIA -- Atlas Energy, Inc. (NASDAQ: ATLS) ("Atlas Energy" or "the Company") today reported operating and financial results for the third quarter 2009.

Highlights of Atlas Energy's operations (as previously reported) and financial results include the following:

* Atlas Energy successfully drilled and completed two additional horizontal Marcellus Shale wells in southwestern Pennsylvania: one in western Fayette County and another in eastern Greene County. The Fayette County well, which is the first horizontal Marcellus Shale well drilled and completed in the county, has produced into a pipeline an average of 3.3 million cubic feet per day ("Mmcf/d") for its first 30 days. This well inclined for most of its first 30 days and is showing very little decline after 40 days. The Company's second horizontal Marcellus Shale well drilled during 2009 in Greene County is exhibiting a similar flat production profile after an initial peak rate of 3.5 Mmcf/d. Both of these wells are producing at rates that exceed the Company's assumed 4 billion cubic feet ("Bcf") type curve. Atlas's last four horizontal Marcellus Shale wells that were turned into line in southwestern Pennsylvania had an average peak 24-hour rate of 5.1 Mmcfe/d;

* During the first nine months of 2009, Atlas successfully drilled 14 horizontal Marcellus Shale wells. Four of these wells are online, one is flowing but not yet online, three will be returned to production as a gas processing plant has been brought back onto production this week, and six are yet to be frac'd;

* Adjusted earnings before interest, income taxes, depreciation and amortization ("adjusted EBITDA"), a non-GAAP measure, was $56.2 million for the Company's Exploration and Production operations ("E&P Operations") for the third quarter 2009, as compared with $75.9 million for the prior year comparable quarter. The decrease from the prior year comparable quarter was primarily related to 1) lower commodity prices, partially offset by higher natural gas production volumes and strong hedge protection, and 2) the comparable year over year timing of the offering of direct investment programs (funds received in the fourth quarter 2009 are already five times higher than funds received...

View this article FREE - Now for a Limited Time, try Goliath Business News
Free for 3 Days!