Wednesday, XTO Energy Inc. (XTO) updated its price hedges for future sales of production in 2010. In addition, the company noted that it now hedged around 55% of its projected 2010 production at $9.62 Per Mcfe. Bob Simpson, chairman and founder stated, "These prices secure robust cash margins and cash flow for our liquids-rich natural gas company, while still allowing us to participate in an improving natural gas market next year."
Moreover, the Three Forks/Sanish well was completed at an initial daily production rate of 2,700 barrels of oil equivalent, at a flowing casing pressure of 1,700 pounds. As the company moves into 2010, it expects to double its rig count to six in the Bakken.
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