Atlas Energy drills 4 wells in E. Tennessee, says it can bore more for $1.1 million apiece
Atlas Energy Resources LLC said Friday it has drilled four successful horizontal wells in the Chattanooga Shale of Eastern Tennessee.
The results suggest wells can be drilled in the deposit at a cost of about $1.1 million apiece, and that they are capable of producing the equivalent of 300,000 to 500,000 cubic feet of gas per day.
Atlas has acquired 105,000 net acres in the region over the past 18 months, and said it believes its holdings contain up to 500 potential drilling sites.
Atlas shares jumped $1.81, or 4.7 percent, to close at $40.60.
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