EQT Press Release

PITTSBURGH, Jul 30, 2015 (BUSINESS WIRE) -- EQT Corporation EQT, +1.07% today announced completion of the flow-back operation on its Scotts Run 591340 dry Utica well located in Greene County, Pennsylvania. Last week, EQT Corporation announced the well’s 24-hour deliverability test of 72.9 MMcf per day, with an average flowing wellhead pressure of 8,641 psi. Following the 24-hour deliverability test, the well produced an average of 27.0 MMcf per day for a period of seven days under restricted choke, with an average flowing pressure of 9,563 psi.

The well is currently shut-in for installation of permanent production facilities that the Company expects to complete next week, after which a choke restricted rate of 25-30 MMcf per day is expected. The BTU content of the well is 1.018 MMBtu/Mcf with 98.5% methane.

The Company will drill a second dry Utica well on an existing Marcellus pad in Greene County in August. Located approximately five miles northeast of the Scotts Run pad, this well is expected to have a 13,400 foot vertical depth and a 4,000 – 4,500 foot lateral. In order to reduce overall well costs, the Company intends to apply lessons learned from drilling its first Greene County Utica well. As previously announced, EQT will spud a dry Utica well in Wetzel County, West Virginia in September. This well is expected to have a 12,700 foot vertical depth and a 3,000 – 3,500 foot lateral.

“Given the extraordinary initial results of our first dry Utica well, we are accelerating our efforts in Greene County,” stated Steve Schlotterbeck, Executive Vice President and President, Exploration & Production. “Our focus is on creating a capital-efficient, dry Utica development plan that leverages existing pads, existing gathering infrastructure, and takeaway capacity. Consequently, we have re-evaluated our competing investment opportunities, and made a strategic decision to phase out our Upper Devonian drilling program.”