Current rigs generating 3x more production than Jan 2014 rigs EnerCom released its monthly EnerCom Effective Rig Count today. The Effective Rig Count reports an equivalent of 1,939 rigs active in the U.S. in May, up from 1,854 last month. Launched in January, the EnerCom Effective Rig Count seeks to account for improved productivity in recent field development. This is
Highest rig count since April 2015 U.S. rigs, driven by shale activity, continued their relentless climb this week, according to Baker Hughes’ Weekly Rig Count. The total number of rigs active in the U.S. increased by 11, bringing the U.S. total to 927 rigs. This is 513 more than were active at this point last year, and is the highest
Summit Midstream Partners, LP (ticker: SMLP) said its subsidiary Summit Midstream Holdings, LLC has executed an amendment and extension of its $1.25 billion revolving credit facility. The maturity date of the revolving credit facility was extended by approximately 3.5 years, from November 2018 to May 2022. The facility includes a $250.0 million accordion, and has the same pricing and a
Yuma Energy, Inc. (ticker: YUMA) said it has sold its wholly owned subsidiary’s El Halcón property for $5.5 million. The assets are located in Brazos County, Texas, and Yuma held an average working interest of approximately 10% (1,557 net acres) producing approximately 140 Boe/d net from 50 Eagle Ford wells and one Austin Chalk well. Yuma also announced that on May 19, 2017 the lenders under its
U.S. added the most land rigs since April 2015 The U.S. rig count has finally exceeded 900 rigs, according to Baker Hughes’ (ticker: BHI) most recent weekly rig count. American land rigs added 14 for a total of 878 rigs online. This is the highest number of land rigs active in the U.S. since April 2015, a few months after
Nationwide EERC higher than ever at 1,873 EnerCom released its monthly EnerCom Effective Rig Count today. Launched in January, the EnerCom Effective Rig Count seeks to account for improved productivity in recent developments. The downturn forced companies to innovate and develop new technologies and techniques to remain economic. These advancements have allowed companies to drill better, faster wells than they
Northern anticipates more production growth in 2H 2017 Northern Oil and Gas, Inc. (ticker: NOG) reported total production of 1.2 million BOE for the first quarter, averaging 13,299 BOEPD. Northern’s business model is as a non-operator franchise in the Bakken and Three Forks plays in the Williston Basin of North Dakota and Montana. Northern operates under a capital allocation model that calls
Parsley has full borrowing capacity available for Permian development Permian driller Parsley Energy (ticker: PE) said it has amended its revolving credit agreement, increasing the borrowing base by 60% to $1.4 billion, with a company-elected commitment amount of $1.0 billion. The amendment also adds five new lenders under the credit agreement: Canadian Imperial Bank of Commerce, New York Branch; Capital One, National Association; Citibank, N.A.; PNC Bank, National
99% HBP by 220 producing vertical wells EnCap-backed PetroLegacy Energy II, LLC closed on the acquisition of roughly 20,000 net acres in northeastern Martin County, Texas, from Pioneer Natural Resources Company (ticker: PXD) for $266 million. PetroLegacy said the Northern Midland Basin assets are currently producing approximately 1,500 BOEPD and will provide PetroLegacy with horizontal drilling locations across the property
Utica rigs have seen largest productivity increase EnerCom released its EnerCom Effective Rig Count today. Launched in January, the Effective Rig Count seeks to account for improved productivity from recent development. New technologies and techniques have allowed wells to be drilled faster and produce more hydrocarbons. Each rig yields greater production now than it did before the downturn. Based on
Registration is open for Netherland Sewell’s 2017 Oil & Gas Property Evaluation Seminars Each year since 1994, Netherland Sewell & Associates, Inc. (NSAI), one of the industry’s most highly regarded petroleum consulting firms, has conducted its popular Oil & Gas Property Evaluation Seminars for non-technical financial professionals whose work relates to the petroleum industry. The seminars are designed to help
Energy companies will have access to debt in 2017 Haynes and Boone, LLP released its spring 2017 survey of oil and gas borrowers and lenders this week, demonstrating a modestly improved outlook for the oil and gas market. In its “Borrowing Base Redeterminations Survey: Spring 2017,” the firm polled a broad cross-section of the industry, including executives at oil and gas
