Post Tagged with: "Anadarko Basin"

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Midstates Petroleum Announces Closing of Sale of Anadarko Basin Producing Properties

From Business Wire Midstates Petroleum Company, Inc. (“Midstates” or the “Company”) (NYSE: MPO) today announced the closing of the previously announced sale of its Anadarko Basin producing properties located in the Texas panhandle and western Oklahoma for $58 million. The net proceeds were approximately $54 million, subject to standard post-closing adjustments. The proceeds will be used to pay down a portion of the outstanding borrowings under the Company’s revolving credit facility and for general corporate purposes. SunTrust Robinson Humphrey acted as advisor to the Company on this transaction. About Midstates Petroleum Company, Inc. Midstates Petroleum Company, Inc. is an independent exploration and production company focused on the application of modern drilling and completion techniques in oil and liquids-rich basins in the onshore U.S. The Company’s operations are currently focused on the oilfield in the Mississippian Lime play in Oklahoma.   Midstates Petroleum Company, Inc. Jason McGlynn, 918-947-4614 Investor Relations [email protected]

June 5, 2018 - 12:36 pm Closing Bell Story, Energy News
Quantum Energy Partners Invests $489 Million in FourPoint Energy

Quantum Energy Partners Invests $489 Million in FourPoint Energy

FourPoint Energy, LLC announced a new equity financing agreement and the closing of a strategic upstream and midstream acquisition in the Anadarko Basin. Quantum Energy Partners has agreed to invest $489 million in common equity in FourPoint, making it one of the largest unit holders. Existing equity holders have also invested an additional $36 million bringing the total of new equity raised to $525 million. Funds managed by GSO Capital Partners LP (“GSO”) together with Quantum are now controlling members. “This new equity provides significant liquidity for the company to continue to grow through strategic acquisitions in the Anadarko and Permian Basins while executing on our active drilling program in the Anadarko Basin,” said FourPoint Energy President and CEO George Solich. “Pro forma with the closing of this new equity and existing debt capacity, FourPoint has in excess of $900 million in liquidity for future growth,” said FourPoint Energy Executive[Read More…]

Midstates Petroleum Borrowing Base Reaffirmed at $170 Million – Sans Anadarko Basin Assets

Midstates Petroleum Borrowing Base Reaffirmed at $170 Million – Sans Anadarko Basin Assets

Midstates Petroleum Company’s (ticker: MPO) borrowing base under its revolving credit facility has been reaffirmed at $170 million as part of its regular semiannual review, the company said. Midstates’ operations are currently focused on oilfields in the Mississippian Lime play in Oklahoma and the Anadarko basin in Texas and Oklahoma. Excluded from the agreement with its bank group are its Anadarko basin assets in Texas and Oklahoma, the company reported. “By excluding the Anadarko Basin assets, we can focus on several strategic options with the Anadarko assets that will not impact our borrowing base,” Midstates CEO David Sambrooks said. Midstates currently has approximately $128 million drawn under its credit facility, resulting in net debt of approximately $55 million as of October 31, 2017. The next scheduled borrowing base redetermination will occur on or about April 1, 2018, the company said in a statement.

November 2, 2017 - 2:07 pm Closing Bell Story, Finance, Oil and Gas 360 Articles
Sundance Energy Building Eagle Ford Growth Ramp

Sundance Energy Building Eagle Ford Growth Ramp

Sundance Energy Australia Limited (ticker: SNDE) produces from both the Greater Anadarko basin and the Gulf Coast basin. Its Anadarko basin assets total 40,937 net acres, in Kansas. Its Gulf Coast basin assets total 26,160 net acres. The total average production for both basins was 6,685 BOEPD for Q1, 2017. The company expects that its average production for 2017 will grow to between 7,700 and 8,500 BOEPD. New wells coming online Sundance’s forecasted growth is based on four wells that have been brought on line and are flowing back as of the end of Q1. The four wells are located in the company’s Eagle Ford acreage and utilize Sundance’s fifth generation completion design. Sundance expects that, it will be bringing eight gross (7.7 net) wells to production within the third quarter of 2017. Another three wells are slated to begin production in the fourth quarter. The company made $25.8 million[Read More…]

Unit Corporation – Day Three Breakout Notes

Unit Corporation – Day Three Breakout Notes

Unit Corporation presents at EnerCom’s The Oil & Gas Conference®  During Unit Corporation’s breakout session, management was asked the following questions: Are completions going to follow the rig? How strategic is it to keep 3 segments under the same company? Will there be a division or sale? What pay zone are you kicking out into in the Granite Wash? What play are the two operated rigs going into for next year? What is the operating cost of running a rig? Is there a commodity price where those costs increase? 5 person crews? With cold stacks of rigs, are you currently delaying maintenance? Are 75% of your rigs ready to go back to work? Is it realistic from a logistics point of view for the industry to bounce back to 1000 rigs within 12 months? What is the current operating cost of a rig in comparison to 2014? At what point[Read More…]

Sundance Energy Australia Ltd. – Day One Breakout Notes

Sundance Energy Australia Ltd. – Day One Breakout Notes

Sundance Energy Australia Ltd. presents at EnerCom’s The Oil & Gas Conference®  During Sundance Energy Australia Ltd.’s breakout session, management was asked the following questions: Are all of the 79 wells in McMullen County candidates for refrac? What is the cost of the refrac? Is Schulmberger doing this for anyone else: covering the cost of frac, then getting repaid from production revenue?  What tends to make the best refrac candidate? Is the Austin Chalk a prospective in their acreage? Thoughts of adding to current acreage, in regards to keeping the balance sheet in check? You can listen to Sundance Energy Australia Ltd.’s presentation by clicking here. For the company’s quarterly results, click here. Headquartered in Denver, Colo., and trading on the Australian Securities Exchange since 2005, Sundance focuses on a growth strategy of acquiring high working interest positions in Sundance operated projects. The company’s core operational focus is in the[Read More…]

EnerCom Conference Presenter Focus: Sundance Energy Australia Ltd.

EnerCom Conference Presenter Focus: Sundance Energy Australia Ltd.

Sundance Energy Australia Ltd. (ticker: SDCJF) will be presenting at the EnerCom conference Wednesday August 17, 2016. Headquartered in Denver, Colo., and trading on the Australian Securities Exchange since 2005, Sundance focuses on a growth strategy of acquiring high working interest positions in Sundance operated projects. The company’s core operational focus is in the Eagle Ford in south Texas and the Anadarko Basin in Kansas and Oklahoma.  Sundance holds 40,937 net acres in the Anadarko Basin and 26,160 net acres in the Eagle Ford. Sundance announced the closing of an acquisition in the Eagle Ford July 29, 2016 for a previously announced agreement to acquire 5,050 acres for $15.5 million. The expected production of this asset is 600-700 Boe/d for the remainder of 2016, with total proved reserves of 3.0 MMBoe, and 27 gross (9.6 net) wells, primarily operated by Sundance. Funding for the acquisition will come from a recently[Read More…]

Marathon Adding $888 Million of STACK Acreage

Marathon Adding $888 Million of STACK Acreage

Private Equity Cashing In: EnCap Company PayRock Energy Built the STACK Position Marathon Oil has reached an agreement to purchase privately held PayRock Energy Holdings for $888 million in a cash transaction. PayRock holds approximately 61,000 care acres in the Anadarko Basin STACK play in Oklahoma. “Acquiring PayRock’s STACK position will meaningfully expand the quality and scale of Marathon Oil’s existing portfolio in one of the best unconventional oil plays in the U.S.,” Marathon Oil CEO Lee Tillman said. Highlights of the transaction include: High quality inventory immediately competes for capital allocation within Marathon Oil’s portfolio $4.5 – 4.0 million completed well costs offer 60 – 80% before-tax IRRs at $50 WTI 330 million BOE 2P resource with 490 gross company operated locations 700 million BOE total resource potential from increased well density in Meramec and Woodford, as well as Osage development Current production of approximately 9,000 barrels of oil[Read More…]

Apache Announces $1.4 Billion Deal

Apache Announces $1.4 Billion Deal

On November 20, Apache Corp. (ticker: APA) announced its intentions to sell non-core assets in southern Louisiana and certain parts of the Anadarko Basin for approximately $1.4 billion in two separate deals with unnamed buyers. In southern Louisiana, Apache agreed to sell its working interest in approximately 90,000 net acres. These mature fields, which are characterized by high decline rates and short reserve lives, produced approximately 21,000 BOEPD (62% gas and NGLs) net to Apache during Q3 2014. Apache will retain its 275,000 mineral acres in South Louisiana. In a separate transaction in the Anadarko Basin, Apache agreed to sell approximately 115,000 net acres in a portion of its Stiles Ranch field in Wheeler County, Texas, and in its Mocane-Laverne and Verden fields in western Oklahoma. Net production from these properties averaged 26,000 BOEPD (83% gas and NGLs) during Q3 2014. Both transactions have an effective date of October 1,[Read More…]

November 25, 2014 - 2:04 pm Oil and Gas 360 Articles