Step One in Floyd Wilson’s [former Petrohawk CEO] new oil and gas business venture was the $500 million recapitalization of RAM Energy Resources, Inc. (formerly ticker: RAM) late in 2011 to form Halcón Resources (ticker: HK). Step Two for the company (after cleaning up the RAM assets) was to accelerate Halcón’s growth by adding a strategic acquisition. HK and GeoResources,
A strategic inflection point was taken today by BPZ Energy (NYSE: BPZ). Joint Venture with Pacific Rubiales at Block Z-1 On April 27, 2012, BPZ formally announced a much anticipated joint venture with Pacific Rubiales Energy Corp. (TSX: PRE) to explore and develop offshore Block Z-1. Pacific Rubiales will pay BPZ $150 million in cash and has committed $185 million
Sanchez Energy (ticker: SN) issued common shares in its December 2011 initial public offering at $22 per share. The shares opened for trading on December 15, 2011, at $18.42 per share. Since the stock reached a low of $16.96 during trading on January 13, 2012, SN’s share price rallied as much as 48.8% reaching $25.23 per share during trading on February 24, 2012.
Resolute Energy Corporation (NYSE: REN) announced a $250 million notes offering. The notes will be general unsecured obligations of the Company and guaranteed on a senior basis by the Company’s existing subsidiaries. Resolute intends to use the net proceeds from the Senior Notes offering to repay indebtedness under its revolving credit facility, which matures in April 2017, to fund a
Core Laboratories (NYSE: CLB) describes itself as “a leading provider of proprietary and patented reservoir description, production enhancement and reservoir management services for the global petroleum industry. These services enable the company’s clients to optimize reservoir performance and maximize hydrocarbon recovery from their producing fields. The company has over 70 offices in more than 50 countries and is located in
On April 10, 2012, John Schiller, chairman and chief executive officer at Energy XXI (NASDAQ: EXXI) was interviewed on CNBC’s Mad Money with Jim Cramer. In an exclusive interview on the show’s Executive Decision segment, John highlights: EXXI’s realized oil prices averaging $2.00 to $3.00 per barrel above Brent Crude Oil prices (March 2012: the company averaged $125 per barrel
Magnum Hunter Resources (MHR) is engaged in the exploration for and the exploitation, acquisition, development and production of crude oil, natural gas and natural gas liquids, in three unconventional shale resource plays in North America: the Marcellus Shale, Utica Shale, Eagle Ford Shale and Williston Basin/Bakken Shale. In total, the company owns approximately 560,072 net acres, with 170,000 net acres
Set aside that we’re in the season of rhetoric, half-truths and innuendos, and that the oil and gas industry is being kicked around like a football and POTUS prefers basketball (what did U.K. Prime Minister David Cameron really think about President Obama taking him to a play-in college game in Dayton in March? I would expect the Prime Minister would
Equal Energy Ltd. (TSX, NYSE: EQU) signed an agreement with Atlas Resource Partners, L.P. (NYSE: ARP) to sell 50% of its interest in approximately 14,500 net undeveloped acres prospective for Mississippian light oil for total cash consideration of approximately US$18 million, or approximately $2,482 per acre. OAG360 has seen per-acre amounts paid ranging between $1,331 to $4,425 for Mississippian-aged prospective
The U.S. Environmental Protection Agency’s (EPA) credibility is being called into question after it dropped its water contamination claims against Range Resources (NYSE: RRC) on Friday. In December 2010, EPA issued an imminent and substantial endangerment order to protect drinking water in Parker County. EPA alleged RRC was responsible for methane contamination in water wells (effecting two Parker County homes) and
In a rhetoric-filled campaign speech on March 29, President Obama sought to pit one American against another when he told members of Congress that they could “stand with big oil companies, or they can stand with the American people.” Oil & Gas 360® says: “Come on, Man! Can’t we find a way to work (stand) together?” On January 26, 2012,
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