- With natural gas prices plummeting alongside oil prices, industry leaders say producers in the San Juan Basin in northwestern New Mexico could soon be forced to shut thousands of wells.
- That translates into less than $1 per Mcf for producers on New Mexico's side of the basin, given the additional costs to get product to market, said George Sharpe, investment manager with Merrion Oil and Gas Corp. in Farmington.
- About 80% of the 26,000-plus gas wells now pumping on New Mexico's side are marginal, producing less than 90 Mcf per day.
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