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  "documentTitle": "PJT Partners | Investment Banking Pitch Book | 23 slides",
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  "authorName": "PJT Partners",
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      "text": "The potential exists to create significant value in the Utica if the Company is able to fund its drilling operations and potentially prove contingent reserves.",
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      "text": "Range Resources – Claysville S.C. 9H: 59 Mmcf/d",
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      "text": "D&C costs are declining with Consol expecting the recently drilled Aiken appraisal wells to be $15mm; targeting development costs of $12.5mm for 7000' laterals",
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      "text": "Consol's Gaut well IP'd at 60+ Mmcf/d and cumulative production of 8.4 Bcf through 18 months of production as of Q1 2017",
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      "text": "EXCO has drilled and completed 500+ wells in the Haynesville at similar pressures and depths as the Utica",
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      "text": "EXCO holds 40,000 net acres prospective for Utica dry gas with up to 860 gross locations (670 Op/190 OBO); Contingent Net Reserves of ~4 TCF based on 3.0 Bcf/1000' type curve",
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      "text": "TESTING IN THE UTICA COULD RESULT IN PROVING OF CURRENT CONTINGENT, UNDER-EXPLOITED RESERVES",
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