Pennsylvania

By OGJ editors
HOUSTON, Aug. 24
– SM Energy Co., Denver, formerly St. Mary Land & Exploration Co., plans to raise at least $300-500 million by divesting nonstrategic assets or through joint venture agreements in the coming year.

Part of what is planned involves the potential sale or joint venture of the company’s roughly 43,000-net acre Marcellus shale position in McKean and Potter counties, Pa.

SM Energy said its second Marcellus well in McKean County, the Potato Creek-3H, began producing to sales in early August at a facility constrained initial gas production rate of over 7 MMcfd of gas equivalent.

The company will also offer a package of noncore, primarily proved developed properties now producing 13 MMcfe/d.

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