Posted by
theoilpatchplug on Tuesday, October 21, 2008 4:01:03 PM
Oct 21 (Reuters) - Shares of Petrohawk Energy Corp rose 17 percent on Tuesday, after the company announced a new natural gas field discovery in Eagle Ford Shale in South Texas and its third well in the Haynesville Shale was placed in production at a rate similar to the first two wells.
The oil and natural gas producer said the discovery well in the Eagle Ford Shale was placed on production at a rate of 9.1 million cubic feet of natural gas equivalent per day (Mmcfe/d), and that it has leased over 100,000 net acres in the area.
In a separate statement, Petrohawk said its third operated well in the Haynesville Shale was placed on production at a rate of about 17.0 Mmcfe/d.
The company's first well in the Haynesville Shale had an initial production rate of 16.8 Mmcfe/d and second well tested at a rate of 16.7 Mmcfe/d.
The stock was trading up 13.27 percent at $16.99 in morning trade on the New York Stock Exchange. It had earlier touched a high of $17.55.