DJ Basin focused PetroShare Corp. (ticker: PRHR) reported yearend proved reserves of approximately 7.9 MMBOE, a 25% increase over 2016 yearend proved reserves. The PV-10 value was about $59 million and the volume of the proved reserves is split 67% for oil/condensate and NGLs, and 33% for natural gas. President Frederick J. Witsell commented, “Our growth in proved reserves is
Thanks to new takeaway capacity, company looks at additional growth in 2018 Permian E&P Lilis Energy, Inc. (ticker: LLEX) said its third-party operated midstream system has commenced operations. The company also said that its current production is exceeding 5,000 BOEPD (75% liquids) and continues to grow as the midstream system reaches maximum efficiency. Additional wells are currently in flowback. “Completing
Oil & Gas 360® has learned that the Colorado Supreme Court will hear the opening briefs for Martinez v. COGCC (docket number 2017SC297) on April 2, 2018. It’s a meaningful case because the outcome could force a change to the criteria which Colorado’s oil and gas regulator—the Colorado Oil and Gas Conservation Commission (COGCC)—must use when approving or denying permits
Surge Energy Inc. (ticker: SGY) produced on average 15,675 BOEPD in Q4 2017 and exited 2017 with 15,850 BOEPD. For 2018, the company’s production guidance stands at 16,150 BOEPD. The company reported adjusted funds flow of $32.17 million, or $0.14 per share for Q4 2017. For 2017, the company reported adjusted funds flow of $103.81 million, or $0.45 per share.
Canada is hurting for takeaway capacity—the industry needs pipelines to take its oil and gas production to market, or more locomotive hauling capacity—or both. Cenovus Energy Inc. (ticker: CVE) said it has reduced production rates due to pipeline constraints and a lower price for Canada’s oil. Cenovus is storing excess barrels in its reservoirs due to wider than normal light-heavy
TransAtlantic Petroleum Ltd. (ticker: TAT) recorded a net loss in 2017 of $23.9 million, or $(0.50) per share. For Q4 2017, the company had a net loss of $4 million, or $(0.09) per share. The company’s wellhead production from continuing operations was 1.2 MMBOE in 2017, as compared to 1.8 MMBOE in 2016. Drilling continues Southeastern Turkey Selmo: In January
Tellurian Inc. (ticker: TELL) wrapped up its first year as a public company, ending 2017 with $128.3 million of cash and cash equivalents. The company remains debt free, but reported a net loss of $231.5 million, or $(1.23) per share as it ramps up permitting and preconstruction phases for its Driftwood LNG plant on the Louisiana Gulf coast. Driftwood is
Australia’s Elk Petroleum Limited (ticker: ELK) recently released its half-year results and guidance update. The company reported a 44% increase in share price to A$0.095 (March 2018) – this is up from A$0.066 (June 2017). The company reported production of 972,498 BOE, with 1P reserves of 47.5 MMBOE and 2P reserves of 84.2 MMBOE. Elk’s operations are all in the
It was in July 2017 that Apache Corp. (ticker: APA) announced it was selling its conventional light oil production to Cardinal Energy Ltd. (ticker: CJ). At that time, Cardinal estimated that the properties would add about 5,000 BOEPD of production, with oil and NGLs making up all production. In Q4 2017, Cardinal’s average daily production was 20,948 BOEPD, and for
EnCap Flatrock Midstream added Rob Wingo as managing director today. Wingo joins EnCap Flatrock from Rice Energy and Rice Midstream Partners, where he served for five years, most recently as SVP of midstream and marketing for Rice Energy, as well as COO and as a member of the board of directors for Rice Midstream Partners. “We are pleased to welcome
U.S. crude oil exports grew to an average of 1.1 MMBOPD in 2017, the EIA said, which is the second full year since restrictions on crude oil exports were removed. Crude oil exports in 2017 were nearly double the level of exports in 2016. Increased U.S. crude oil exports were supported by increasing U.S. crude oil production and expanded infrastructure, the
SandRidge Energy, Inc. (ticker: SD) said that its board of directors, after careful consideration and a detailed technical and financial review, has rejected Midstates Petroleum Company, Inc.’s (ticker: MPO) unsolicited public offer to combine the two companies in a stock-for-stock merger at a 60%/40% exchange ratio. After extensive analysis, SandRidge has concluded that the relative asset values of the two
