Exploration and Production (E&P)

Parex Operational Update

Parex Operational Update

Parex Operational Update: Q1 Production 26,700 bopd and Plans for Drilling Activity Increase in 2015

Parex Resources Inc. (“Parex” or the “Company“) (PXT.TO), provides an operational update that confirms Q1 2015 production of …

April 6, 2015 - 7:11 pm Canada, Exploration and Production (E&P)
Natural Gas Roundup for the Week Ended March 27, 2015

Natural Gas Roundup for the Week Ended March 27, 2015

NATURAL GAS INVENTORY (Week Ended 3/27/15)roundup2

Current: 1,461 Bcf

Actual Injection/(Withdrawal) per EIA: (18) Bcf

Economist Average Estimate per Bloomberg: (10) Bcf

Previous: 1,479 Bcf

Click here for the chart with five year averages.

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A Better View of the Marcellus

A Better View of the Marcellus

EIA releases new maps detailing the structure of the Marcellus Shale

The Energy Information Administration (EIA) today released updated geologic maps of the Marcellus formation. Well data was used to construct maps showing the formation, extent and structure of …

DeeThree Exploration Ltd. Announces Significant EOR Supported Alberta Bakken Well Test

DeeThree Exploration Ltd. Announces Significant EOR Supported Alberta Bakken Well Test

CALGARY, ALBERTA–(Marketwired – April 1, 2015) – DEETHREE EXPLORATION LTD. (“DeeThree” or the “Company“) (TSX:DTX)(OTCQX:DTHRF) is pleased to announce results from its latest Alberta Bakken horizontal well 11-20-3-16 W4M. This is the first well designed specifically …

April 1, 2015 - 4:13 pm Canada, Exploration and Production (E&P)
Breitburn Energy Receives $1 Billion Investment Following Borrowing Base Adjustment

Breitburn Energy Receives $1 Billion Investment Following Borrowing Base Adjustment

Breitburn Energy Partners (ticker: BBEP), a master limited partnership (MLP) E&P with operations throughout the United States, announced a $1 billion investment from EIG Global Energy Partners (EIG) in a press release on March 29, 2015. The agreements include …

Rig Counts in North Dakota Fall Below 100

Rig Counts in North Dakota Fall Below 100

The rig count for the week ended March 27, 2015, shows rigs declining at a slower rate

The total number of active rigs drilling for oil and gas in the United States fell again this week to 1,048 from 1,069, …

Chevron Moves Forward on Divesture Goal, Exits Australia Shareholding Venture

Chevron Moves Forward on Divesture Goal, Exits Australia Shareholding Venture

Chevron Corporation (ticker: CVX), the world’s third largest E&P by market capitalization, is selling its 50% shareholding in Caltex Australia Limited. The deal is reportedly worth about US$3.6 billion, according to the Sydney Morning Times Herald, and is the biggest …

Whiting Petroleum – Done Funded, Drilling Ahead

Whiting Petroleum – Done Funded, Drilling Ahead

Whiting Petroleum (ticker: WLL), the largest E&P producer in the Williston Basin, shored up its balance sheet this week with a series of debt and equity raises. The deals include:

Will the Drilling Slowdown Allow Williston Infrastructure to Catch Up?

Will the Drilling Slowdown Allow Williston Infrastructure to Catch Up?

North Dakota has been the poster child of the United States shale boom, boasting skyrocketing production, high economic growth rates and miniscule unemployment numbers. The discovery and exploitation of the Williston Basin has increased crude output in the state by …

Dana Gas Iraq Operations

Lukoil Looks to Increase Production in Iraq

Lukoil confirms plans to increase oil production in the West Qurna-2 oil field in Iraq

Lukoil (ticker: LKOH) President Vagit Alekperov visited Iraq to discuss further development in the West Qurna-2 field. Iraqi Prime Minister Haider al-Abadi and Minister of …

Cushing Inventory Still has Room, for Now

Cushing Inventory Still has Room, for Now

Oil inventories are at an all-time high at the Cushing delivery point in Oklahoma. Fortunately, working storage capacity is also at its highest on record, but the available space is filling up fast.

In the Energy Information Administration’s (EIA) Today

Chinese Oil Majors Hit Hard by Price Downturn

Chinese Oil Majors Hit Hard by Price Downturn

Sinopec announces FY 2014 results

China’s Oil major Sinopec (ticker: SNP) released its full-year 2014 results over the weekend, showing lower revenues despite continued growth in production. According to the company’s release, this was due to the dramatic fall …

Oil & Gas 360 Energy News

Southwestern Sells Non-Core Assets, Bumps 2015 Divesture Totals to $718 million

*Update*

Just one day after selling select gathering assets in the Appalachia for $500 million, Southwestern Energy (ticker: SWN) announced the $218 million sale of conventional operations in East Texas and the Arkoma Basin. Both deals were completed with private …

Another Drop in Weekly Rig Counts

Another Drop in Weekly Rig Counts

Rig count for the week ended March 20, 2015

Rig counts in the United States fell for the fifteenth straight week, according to the latest weekly report from Baker Hughes (ticker: BHI). Fifty-six wells were laid down this past week, …

Market Conditions Affect Latest BOEM Lease Sale

Market Conditions Affect Latest BOEM Lease Sale

Lease Sale 235 Generates Less than Half of Previous Sales in the Central GOM

The Bureau of Ocean Energy Management (BOEM), an energy arm of the Department of the Interior, concluded its Lease Sale 235 in the Central Gulf of …

VAALCO Announces Q4, FY 2014 Results

VAALCO Announces Q4, FY 2014 Results

VAALCO Energy Announces Fourth Quarter And Full-Year 2014 Results

HOUSTON, March 16, 2015 /PRNewswire/ — VAALCO Energy, Inc. (NYSE: EGY) today reported results for the fourth quarter and full-year 2014.

For the 2014 fourth quarter, VAALCO reported Adjusted …

March 17, 2015 - 5:36 pm Exploration and Production (E&P)
ConocoPhillips Trims Capital Budget thru 2017

ConocoPhillips Trims Capital Budget thru 2017

Updated 2015 Guidance is 31% Below 2014 Expenditures

ConocoPhillips (ticker: COP) has revised its capital plan to $11.5 billion per year through 2017, according to a news release issued on March 17, 2015. COP had originally set its 2015 budget …

Iran’s South Pars Set to Begin Largest Phase to Date

Iran’s South Pars Set to Begin Largest Phase to Date

The largest phase of Iran’s South Pars gas field is set to begin production later this week

Phase 12 of Iran’s South Pars gas field is set to officially start operations before the end of the current Iranian year (March …

IEA: U.S. Oil Production Approaching a Crossroads

IEA: U.S. Oil Production Approaching a Crossroads

United States oil production and its diminishing storage capacity may lead to another drop in oil prices, according the International Energy Agency’s (IEA) Oil Market Report for March 2015. The Agency revised its oil demand outlook upward, but the increase …

Rig Counts Continue Downward Spiral

Rig Counts Continue Downward Spiral

The Baker Hughes active U.S.  rig count shows another drop this week

The Baker Hughes (ticker: BHI) weekly rig count for the week ended March 13, 2015, shows rig counts falling for the fourteenth straight week. The total number of …

Drill Rig in Alaska - Oil & Gas 360

Miller Energy Reports Third Quarter Results

Miller Energy Resources, Inc. Logo

March 12, 2015 07:00 ET

Miller Energy Resources Reports Third Quarter Results

HOUSTON, TX–(Marketwired – March 12, 2015) –  Miller Energy Resources, Inc. (“Miller Energy” or “the Company”) (NYSE: MILL) reported today for the third quarter of fiscal

Andes Energia Announces Results on its Fourth Vaca Muerta Shale Discovery

Andes Energia Announces Results on its Fourth Vaca Muerta Shale Discovery

Production from Andes Energia’s Las Varillas x-l reached over 100 BOPD with artificial lift system

Andes Energia plc (ticker: AEN) announced the results of its multi-stage fracture and production test on the Las Varillas x-1 well, which was drilled on …

Fifth Creek Energy Prepares to Hit the Accelerator with NGP Funding

Fifth Creek Energy Prepares to Hit the Accelerator with NGP Funding

Private E&P is Evaluating $500 Million to $1.5 Billion Opportunities in the D-J, Permian and Utica

Exclusive Interview with Oil & Gas 360

Fifth Creek Energy is a private E&P company, formed by Michael Starzer and Patrick Graham, the founders …

Bellatrix Exploration: Reserves Jump after Ambitious 2014 Capital Program

Bellatrix Exploration: Reserves Jump after Ambitious 2014 Capital Program

2014 closed the largest capital program in the history of Bellatrix Exploration (ticker: BXE), and the results were evident on its latest reserves report issued on March 9, 2015. The totals, determined by an independent evaluation, showed proved reserves …

Freeport McMoRan Announces Successful Production Test

Freeport McMoRan Announces Successful Production Test

The company said that its Highlander well produced 75 MMcf/d during production testing

On February 20, 2015, Freeport McMoRan (ticker: FCX) announced the results of additional production testing on Freeport McMoRan Oil & Gas’s (FM O&G) Highlander discovery, located onshore …

BP Finalizes $12 Billion Offshore Investment in Egypt

BP Finalizes $12 Billion Offshore Investment in Egypt

BP signed the final agreements for its West Nile Delta project last week

BP plc (ticker: BP) last week announced that the company signed its final agreements on the West Nile Delta (WND) project. The WND has the potential for …

If species gains the U.S. Fish and Wildlife's recommended "endangered" designation in April, shale, wind energy developers could be affected.

Pending Govt. Designation Could Threaten Areas of NE Shale Development

Comment Period Ends Mar. 17, 2015

Remember the Northern Spotted Owl? It was a bird living in the Pacific northwest that was awarded the U.S. Fish and Wildlife Service’s “Threatened Species” designation in 1990. Vast swaths of timber were classified …

Colorado Oil Production up 27% in 2014

Colorado Oil Production up 27% in 2014

Numbers from the COGCC shows oil production in Colorado is up 27% year-over-year from 2013

According to the latest data from the Colorado Oil and Gas Conservation Commission (COGCC), oil production in Colorado is up 27% in 2014 from 2013. …

Alberta Yields Two New Condensate and Liquids-Rich Gas Discoveries

Alberta Yields Two New Condensate and Liquids-Rich Gas Discoveries

Blackbird Energy of Alberta Canada announced two ‘significant’ discoveries at Elmworth

Blackbird Energy (ticker: BBI) based in Calgary, Alberta, announced this week that its first two operated horizontal Montney wells on Blackbird’s 69 section land block at Elmworth, Alberta, Canada, …

A rig site in North Dakota

U.S. Noncrude Exports Continue Record-Setting Trend

United States exports of noncrude petroleum products increased for the 13th straight year in 2014, the Energy Information Administration said in a report on March 5, 2015. The U.S. averaged 3.8 MMBOPD in 2014 – an increase of approximately …