CNX Provides Information on Shaw 1G Utica Well
PITTSBURGH, Feb. 1, 2019 - CNX Resources Corp. (NYSE: CNX) tonight released the following information regarding its Shaw 1G Utica shale well in Washington Township, Westmoreland County, PA:
As part of our ongoing investigation into a pressure anomaly that was recently observed on the Shaw 1G well, CNX has begun preparations to remediate the well and arrest the subsurface flow of gas.
We have and 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 is addressed in a safe and environmentally compliant manner. There have been no injuries and no impact to the local community or the environment. We immediately activated appropriate resources and continue taking measures to safeguard Beaver Run Reservoir and surrounding communities. Public health and safety are our top priorities.
Company personnel and specialized consultants are monitoring existing nearby gas wells and are continuing to manage any potential gas communication to those wells.
All frac operations on the Shaw pad remain suspended. We will provide further updates as appropriate.
About CNX Resources Corporation:
CNX Resources Corp. (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.
Contacts:
Media
Brian Aiello
(724) 485-3078
brianaiello@cnx.com
Investors
Tyler Lewis
(724) 485-3157
tylerlewis@cnx.com
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SOURCE CNX Resources Corp.