CNX Provides Information on Successful Remediation of Shaw 1G Utica Well
PITTSBURGH, Feb. 5, 2019 /PRNewswire/ -- CNX Resources Corporation (NYSE: CNX) today released the following statement regarding its Shaw 1G Utica shale well in Washington Township, Westmoreland County, PA:
Over the weekend, we commenced efforts to remediate the Shaw 1G well in order to arrest the subsurface flow of gas. The remediation process was successful and the well has been contained. There were no injuries and no impact to the environment.
As previously announced, we observed a pressure anomaly during hydraulic fracturing operations on the Shaw 1G well. While we continue to evaluate the cause of the initial pressure anomaly, we believe it is isolated to this well. All frac operations on the 4-well Shaw pad remain suspended while we assess the incident. As a precaution, we will continue to monitor the well for the next several days.
Company personnel and our consultants also continue to monitor existing nearby gas wells and manage any residual gas communication with those wells.
We continue to work in close coordination with the Municipal Authority of Westmoreland County (MAWC) and all appropriate state and local stakeholders to ensure the situation was and continues to be addressed in a safe and environmentally compliant manner.
About CNX Resources Corporation:
CNX Resources Corporation (NYSE: CNX) is one of the largest independent natural gas exploration, development and production companies, with operations centered in the major shale formations of the Appalachian basin. The company deploys an organic growth strategy focused on responsibly developing its resource base. As of December 31, 2017, CNX had 7.6 trillion cubic feet equivalent of proved natural gas reserves. The company is a member of the Standard & Poor's Midcap 400 Index. Additional information may be found at www.cnx.com.
Cautionary Statements
We are including the following cautionary statement in this press release to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any forward-looking statements made by us. Forward-looking statements (as defined in 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) involve risks and uncertainties that could cause actual events to differ materially from anticipated events, and investors should not place undue reliance on forward-looking statements. These forward-looking statements include, without limitation, statements concerning the timing and success of our remediation activities and our efforts to provide updates with respect to future events. The forward-looking statements in this press release speak only as of the date of this press release; we disclaim any obligation to update these statements. Factors that could cause actual events to differ materially from anticipated events include those described under "Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2017 filed with the Securities and Exchange Commission, as supplemented by our quarterly reports on Form 10-Q.
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SOURCE CNX Resources Corporation
