Southwestern Energy Company

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During the first quarter of 2009, Houston, Texas-based Southwestern Energy Company (NYSE: SWN) increased its leasehold from 110,000 acres to 137,000 net acres in Pennsylvania prospective for Marcellus shale. This increase resulted from the purchase of 21,715 net acres of drilling rights in the northeastern Pennsylvania County of Lycoming for $8.2 million. In 2008 the company drilled four wells in Bradford and Susquehanna Counties, PA--three are vertical and one is horizontal. As of the end of 2008 three of these wells were being production tested, and a forth one was awaiting recompletion. The ratio of Susquehanna to Bradford acreage was 60/40% held in three main acreage blocks.

A March, 2008 report indicated that a subsidiary of Southwestern, Southwestern Energy Production Co. (SEPCO), had drilled an exploratory well in Herrick Township, Susquehanna County, PA.

In December, 2008 the company reported that it had invested $61 million in Pennsylvania Marcellus shale development in 2008 and planned to do another $42 million in 2009. The money will be used to acquire additional land, and for seismic testing and drilling two wells.

A June, 2009 report found Southwestern had applied for withdrawal of 380,000 gallon/day from Tunkhannock Creek, Gibson Twp about thirty miles east of Montrose in Susquehanna County, PA. It was approved by the Susquehanna River Basin Commission for a well on the Price farm.

According to a Southwestern update provided in July, 2009, the company planned to begin drilling on its Marcellus shale acreage in earnest during 2010. The company's major emphasis during 2009 had focused on obtaining drilling permits, getting water rights in line, and evaluating pipeline right-of-way options.

A late October, 2009 company update stated the it was still in a holding pattern from a drilling standpoint, and depending upon a number of factors, planned to upgrade its Marcellus drilling program with three rigs operating in northeastern Pennsylvania during 2010. Drilling in Bradford County had first priority and the company intended to move out to other blocks from there. The Marcellus shale formation is very thick in Southwestern's leasehold--over 400 feet thick in some places with very little faulting. All of the company's future wells were planned to be horizontal ones.

By December, 2009 in a capital budget update, the company stated that it planned to field one rig in the Marcellus shale beginning in January, 2010.

• Harold M. Korell is Southwestern's Chairman and CEO.
• Steven L, (Steve) Mueller ia President and COO.
• Greg D. Kerley is Executive Vice President and CFO.
• Elise Mitchell is a spokesperson.