UPDATE 1-Atlas Energy Q3 production up 18 pct

* Says Appalachian unit output up 53 pct

* Completed 12 wells in Marcellus in Q3

* Shares up as much as 4 pct

Oct 13 (BestGrowthStock) – Oil and natural gas explorer Atlas
Energy Inc (ATLS.O: ) reported higher third-quarter average
production helped by a 53 percent increase in output at its
Appalachian segment in the eastern United States.

Shares of the Pittsburgh, Pennsylvania-based company rose
over 4 percent to touch a high of $31.96 Wednesday morning on
Nasdaq.

While average net production at the company rose 18.4
percent to 118.3 million cubic feet of natural gas equivalent
per day (mmcfed) in the third quarter, its Appalachian unit’s
production averaged 63.3 mmcfed.

During the quarter, Atlas drilled 19 horizontal Marcellus
Shale wells and fractured and completed 12, it said. The
completed wells averaged 6.8 mmcfed of initial production, with
one well reaching as high as 21 mmcfed.

“Four of the other wells, which were completed, but not yet
turned into line during the third quarter, will be turned into
line during October, while the last well is also waiting on
pipeline and will be turned into line in 2011,” the company
said in a statement.

In July, Atlas had said it expected to achieve about 500
mmcfed of total net daily Marcellus shale production by the end
of 2014, driven mainly by its joint venture with India’s
Reliance Industries (RELI.BO: ). [ID:nSGE6660J5]
(Reporting by Arup Roychoudhury in Bangalore; Editing by
Roshni Menon)

UPDATE 1-Atlas Energy Q3 production up 18 pct