On July 15, 2015, Penn Virginia (ticker: PVA) announced the sale of its East Texas assets to an undisclosed buyer for gross proceeds of $75 million. The sale is expected to close by August 2015 and includes approximately 33,400 net acres in the Cotton Valley and Haynesville Shale with average Q2’15 production of 1,870 BOEPD (76% gas). The acreage includes
WPX Establishes Fourth Core Area Wells Provide 30% Return at $60/barrel WPX Energy (ticker: WPX) is moving into the most prolific oil play in the United States. On July 14, 2015, the Tulsa-based company announced the acquisition of privately held RKI Exploration & Production, LLC for $2.75 billion (including $0.4 billion of debt). In return, WPX receives 92,000 net acres
Legacy Enters East Texas, More Acquisitions to Follow? Legacy Reserves LP (ticker: LGCY), a master limited partnership (MLP) with an exploration and production focus, announced significant additions to its growth plan in separate news releases on July 6, 2015. Legacy Background The MLP has historically been a very active player on the acquisition market, completing seven deals in 2014 and
Liquidity Pushing $1 Billion Energy XXI (ticker: EXXI) announced its second asset sale in the last 10 days in a company press release on July 1, 2015. The Gulf Coast operator closed on its East Bay Field for $21 million and will retain a 5% overriding royalty interest for no more than five years, along with a 50% interest for
At $60 oil, our wells are very economic: an exclusive OAG360 interview with Great Western Oil & Gas CEO Rich Frommer As summer heats up, the days are winding down on the second quarter of 2015, marking the second full reporting period of oil and gas prices staying near or below the $60/barrel and $3/Mcf range. While the new commodity
Increases Net Utica Position to more than 230,000 Acres Gulfport Energy (ticker: GPOR) made its second sizable acquisition in three months on June 9, 2015, landing 45,163 gross acres (33,426 net) in the Utica Shale from American Energy – Utica, LLC (AEU), a subsidiary of privately held American Energy Partners. The current purchase price is $387.2 million, but a deal
EV Energy Partners Exits the Region Williams Partners L.P. (ticker: WPZ) has increased its equity interest to 70% in Utica East Ohio Midstream LLC (UEO), the company announced on April 6, 2015. The transaction involved EV Energy Partners’ (ticker: EVEP) 21% stake for total consideration of $575 million. M3 Midstream holds the remaining 30% interest in the project, but holds
Increases 2015 Production Guidance Bellatrix Exploration Ltd. (ticker: BXE) announced this morning that it has completed the acquisition of assets within its core Alder Flats area of west central Alberta (greater Ferrier region) from an unidentified oil and gas producer for approximately $118 million. According to the company, the acquisition will add approximately 2,200 BOEPD of currently unrestricted production (approximately
Chesapeake Energy (ticker: CHK), a pioneer in the Marcellus/Utica region, announced the sale of $5.375 billion in regional assets to Southwestern Energy (ticker: SWN) in the early morning hours on October 16, 2014. Per the terms of the deal, Southwestern receives: 413,000 net acres located in northern West Virginia and southern Pennsylvania (more than 50% held by production) Approximately 1,500
Dawson Geophysical (ticker: DWSN), a leading provider of U.S. onshore seismic data acquisition services, announced a proposed merger with TGC Industries (ticker: TGE) on October 9, 2014. TGC is also involved in the seismic field and has operations in Canada and the U.S. Midcontinent. Nuts and Bolts of the Deal The boards of both companies have approved the proposed merger,
Middle East and North Africa also on the Block Multiple divestitures appear to be coming for Occidental Petroleum (ticker: OXY), the $75 billion (market cap) diversified oil company. In June the company filed a Registration Statement with the SEC to spin off its California oil and gas assets into a separate company called California Resources Corporation. At the same time
LINN Energy (ticker: LINE) announced the sale of $2.3 billion in assets on October 3, 2014. The sale comes, as promised, to finance its previous acquisition of $2.3 billion in assets from Devon Energy. The Devon purchase was announced in June and closed in August. LINN is making strides in rebalancing its portfolio. In its Q2’14 conference call, management said
