Alpha Natural Starts Drilling for Nat Gas
In general, we doubt that ANR has the nat gas expertise so this move could be questioned, but anything in the Marcellus Shale is very valuable to have in your portfolio. Something worth watching in the future.
- The company announced a joint venture Tuesday with driller Rice Energy. The companies are investing a combined $20 million in four wells this year and could drill as many as 100 in the Marcellus, a rock bed the size of Greece that lies about 6,000 feet beneath New York, Pennsylvania, West Virginia and Ohio.
- Alpha, based in Abingdon, Va., acquired approximately 20,000 acres in the Marcellus shale when it bought Foundation Coal last July. Besides the new wells, Alpha also is doubling the capacity of a gas processing plant it owns to 10 million cubic feet a day, Crutchfield said.