Post Tagged with: "Barnett Shale"

Hunt Oil seeks latest fortune in Permian Basin

Hunt Oil seeks latest fortune in Permian Basin

Chron A storied oil company that got its start in East Texas is seeking its latest fortune in the Permian Basin of West Texas. Founded in in 1934, Hunt Oil Co. drilled its first oil wells in the Piney Woods of East Texas, and over the decades it developed projects around the globe. Closer to home, the independent and privately held Dallas oil company filed for seven drilling permits with the Railroad Commission of Texas over the past week. Located in Glasscock County, the horizontal wells target the Spraberry field at total depths of 7,800 to 9,000 feet. Hunt filed for 80 drilling permits in 2019. All but one were for wells in the Permian Basin. The company’s wells produced nearly 11.5 million barrels of crude oil and more than 31.2 billion cubic feet of natural gas from January to November 2019, Railroad Commission records show. Denver oil company Centennial[Read More…]

Source: Houston Chronicle

The top company in Texas’ birthplace of shale exits for $770M

Houston Chronicle Devon Energy is selling its position in Texas’ Barnett shale for $770 million,  leaving the birthplace of the shale revolution without any top industry players.   The shale boom started with George P. Mitchell in the Dallas-Fort Worth metroplex’s Barnett shale and he eventually sold his Mitchell Energy to Oklahoma-based Devon in 2002 for more than $3 billion. As the shale boom shifted from natural gas to crude oil and from East Texas to West Texas’ Permian Basin, the Barnett has seen its activity plunge from a peak of about 200 rigs in 2008 down to just one remaining active drilling rig today, according to the weekly count from the oil field services firm Baker Hughes. After selling other parts of its Barnett position previously, Devon will exit the region with the $770 million sale to a Denver-based private equity firm called Kalnin Ventures, which is primarily backed by the[Read More…]

Harvest Oil & Gas Divests Barnett Shale

Harvest Oil & Gas Divests Barnett Shale

By Tyler Losier, Energy Reporter, Oil & Gas 360 Harvest Oil & Gas sells Barnett shale assets for $72 million Harvest Oil & Gas Corporation (stock ticker: HRST), formerly EV Energy Partners L.P., has entered into a definitive agreement with an undisclosed buyer to sell all of its interests in the Barnett shale formation for $72 million. For the first three months of 2019, the assets in question had an average production rate of 55.6 MMcfe per day, with estimated proved reserves of 276.6 Bcfe (62% natural gas, 37% NGLs, 1% crude oil) as of year-end 2018, calculated using SEC pricing. Harvest’s current assets (source: Harvest Oil & Gas) The transaction, which has an effective date of April 1, 2019, is expected … Login or click here to subscribe Username or E-mail Password Remember Me     Forgot Password

Devon Closes Canada Deal 

Devon Closes Canada Deal 

By Bevo Beaven, Editor, Oil & Gas 360 Devon Energy Corp. (stock ticker: DVN) has completed the sale of its Canadian business segment to Canadian Natural Resources (stock ticker: CNQ) for CAD $3.8 billion, or US $2.8 billion.   Devon secured net proceeds from the deal of US $2.5 billion. The company said it plans to repatriate the net sales proceeds along with Canadian cash balances of approximately US $500 million to the U.S. to use for repayment of debt. Devon has its Barnett Shale assets on the block as well, saying it expects to exit the assets by the end of 2019. 

ConocoPhillips Parts with Barnett Shale for $230 million

ConocoPhillips Parts with Barnett Shale for $230 million

ConocoPhillips (NYSE: COP) announced it has entered into an agreement to sell its interests in the Barnett shale play to Lime Rock Resources for approximately $230 million. Production associated with the Barnett assets for the first half of 2018 averaged 9 thousand barrels of oil equivalent per day, of which approximately 55 percent was natural gas and 45 percent was natural gas liquids. Lime Rock Resources is an acquirer and operator of producing oil and gas properties in the United States, and will acquire assets primarily located in Montague, Wise, Denton, and Cooke Counties, Texas. The transaction represents Lime Rock Resources’ first acquisition in the Fort Worth Basin. Eric Mullins, co-CEO of Lime Rock Resources, said, “The recent acquisition provides the Lime Rock Resources fund with an entry into the liquids rich Barnett portion of the Fort Worth, which is a basin that we have been attracted to for several[Read More…]

Total Becomes 100% Owner of Chesapeake’s Barnett Assets for $420 Million

Total Becomes 100% Owner of Chesapeake’s Barnett Assets for $420 Million

Total exercises its preemption rights for 100% ownership of Barnett Shale assets French oil-major Total (ticker: TOT) announced that it will exercise its preemption right to acquire the remaining 75% interest in its jointly held Barnett Shale operations in North Texas from Chesapeake Energy (ticker: CHK). Total E&P USA, the company’s U.S. branch, has held 25% interest in the assets since December 2009. Total purchased its original 35% share of the assets for $800 million in cash, plus $1.45 billion toward the field’s development over six years. The properties include approximately 215,000 net developed and undeveloped acres, wells, leases, minerals, buildings and properties, Total said in its press release. Production associated with the assets was 65 MBOEPD in 2016. Chesapeake pays to Williams $334 million Under the terms of the agreement, Chesapeake will pay $334 million to Williams (ticker: WMB), which gathers and processes 80% of the gas from the[Read More…]

Fracturing Bans in Texas, California Win Voter Approval

Fracturing Bans in Texas, California Win Voter Approval

  UPDATE: The Texas Oil and Gas Association (TXOGA) has filed an injunction in state court in Denton to stop a fracing ban passed by the city. According to the TXOGA petition, “the ordinance … exceeds the limited authority of home-rule cities and represents an impermissible intrusion on the exclusive powers granted by the Legislature to state agencies.” Frac bans have met with limited success in other parts of the country, and it remains uncertain whether Denton’s ordinance with be upheld or overturned.   Denton, Texas is the first town in the heart of the oil patch to say no to hydraulic fracturing. Yesterday’s voting showed 59% of voters favored a fracing ban in Denton, a city of 123,000 with more than 270 gas wells at the edge of the Barnett Shale play. Energy companies and royalty owners will almost certainly fight the ban in court with arguments that Texas[Read More…]

Private Equity Firms Team Up to Create one of the Barnett Shale’s Largest Producers

Portfolio companies of KKR and Riverstone Holdings LLC have merged to create Trinity River Energy, LLC, according to a news release on July 9, 2014. The two portfolio companies, formerly known as KKR Natural Resources Funds and Legend Production Holdings, LLC, did not reveal the financial terms and the transition is expected to be completed by the end of Q3’14. Riverstone has committed $26.1 billion to 108 separate international investments focused on exploration & production, midstream, oilfield services, power and renewable sectors of the energy industry. Trinity River Energy will produce a total of 258 MMcfe per day, according to the company site. Its current output consists of roughly 5% of all natural gas produced from the play, according to data from the Texas Railroad Commission. Trinity also holds opportunities in the Permian Basin of Southeast Texas, Louisiana and Mississippi. Its headquarters will be based in Dallas, Texas. Activity in[Read More…]

July 10, 2014 - 5:47 pm Midstream, Oil and Gas 360 Articles
Quicksilver Announces Sale to Tokyo Gas of 25% Interest in Barnett Shale Assets

Quicksilver Announces Sale to Tokyo Gas of 25% Interest in Barnett Shale Assets

FORT WORTH, Texas, March 29, 2013 (GLOBE NEWSWIRE) — Quicksilver Resources Inc. (KWK) announced today that it has executed an agreement to sell an undivided 25% interest in its Barnett Shale oil and gas assets for US$485 million to TG Barnett Resources LP, a wholly-owned U.S. subsidiary of Tokyo Gas Co., Ltd. Quicksilver will remain as operator of the assets. Future development spending will be shared in proportion to each party’s working interest in accordance with applicable operating agreements. The effective date of the transaction is September 1, 2012. Closing is expected to occur on April 30, 2013 and is subject to customary closing conditions. Proceeds from the transaction are expected to reduce Quicksilver’s debt. “We are very pleased to have Tokyo Gas as a partner to develop the full potential of our Barnett Shale asset base,” said Glenn Darden, Quicksilver’s president and CEO. “We look forward to a successful[Read More…]

March 29, 2013 - 6:19 am Oil and Gas 360 Articles, Regulatory