CNX Will Drill Near Wadestown, WV Through 2029; $525M in Royalties

CNX Resources isn't going anywhere in north-central West Virginia. At a community event at the Blacksville Volunteer Fire Department social hall, CNX Chief Operating Officer Navneet Behl laid out a drilling calendar for the company's Wadestown operation in western Monongalia County through 2029. CNX has 24 wells already producing on three pads there, is working on six more wells on those same pads, and is building a brand-new pad slated for 13 more wells. The company says it expects to pay about $525 million in royalties on those 19 new wells. That's the good news. The not-so-good news came from the same guy: Behl admitted CNX can only drill so much in Appalachia because there still aren't enough pipelines to haul the gas away.

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