Calgary-based E&P Artis Exploration Ltd. closed a CDN$180 million (USD$138 million) growth equity investment from Warburg Pincus. Founded in 2015, Artis is focused on the Duvernay East Shale Basin of Western Canada, where the company holds a contiguous acreage position of over 260,000 net acres. Artis is led by Darryl Metcalfe, who was previously president and CEO at Artek Exploration.
Vermilion Energy Inc. (ticker: VET) closed the acquisition of Spartan Energy Corp. for a total consideration of $1.40 billion, comprised of $1.23 billion in Vermilion shares plus the assumption of approximately $175 million in debt. Vermilion acquired all of the issued and outstanding common shares of Spartan on the basis of 0.1476 of a Vermilion share for each Spartan common
Baker Hughes released its weekly rig count today. The total U.S. number of rigs went up 13, ending the week of May 25, 2018 at 1,059. A year ago at this time there were 881 U.S. rigs at work. Texas has the most rigs by far at 534. Oklahoma is the closest competitor at 140 rigs. Last year the two
Strategic Oil & Gas Ltd. (ticker: SOG) is an oil and gas company based in Calgary, Canada. In the first quarter of 2018, Strategic drilled two horizontal Muskeg development wells at west Marlowe in northwestern Alberta. The wells commenced production in March, one month ahead of schedule. Production for the quarter was 2,183 BOEPD. According to the company’s April 2018
Consolidation continues in the Permian, with Callon Petroleum (ticker: CPE) purchasing $570 million in assets Thursday. Callon intends to acquire 28,657 net acres in the Delaware, primarily in Ward and Loving Counties, from Cimarex Energy (ticker: XEC). This acreage is partially contiguous with Callon’s assets in the Delaware, and is all at least nearby. Over 90% of the new acreage
Produced 127 MBOEPD in Q1 Whiting Petroleum Corporation (ticker: WLL) is an independent exploration and production company focused on an oil asset base in North Dakota’s Williston Basin. Headquartered in Denver, Colorado, Whiting is one of the largest crude oil producers in North Dakota. Whiting produced an average of 127 MBOEPD in the first quarter of 2018. The company drilled
On May 21, 2018 the United States president signed an executive order prohibiting certain transactions with the government of Venezuela. The order restricts transactions involving debt owed to the Venezuelan government. According to law firm Akin Gump, the new prohibitions target three categories of transactions: The purchase of any debt owed to the government of Venezuela, including accounts receivable Any debt owed to the
Cheniere Energy, Inc. (ticker: LNG) made a positive final investment decision, clearing the way for its Train 3 project at Corpus Christi to reach the goal line. Cheniere said it plans to issue a full notice for Bechtel Oil, Gas and Chemicals, Inc. to continue construction. The construction began in late 2017 under limited notice to proceed, but with the
Permian E&P Lilis Energy, Inc. (ticker: LLEX) has entered into a crude oil gathering agreement with Salt Creek Midstream, LLC. Salt Creek’s system will be constructed, managed and operated by ARM Midstream Management, LLC. Construction of the project is expected to commence immediately with service to begin in 2019. No volume commitments, Salt Creek provides all capital Salt Creek is
Iran’s energy sector will feel the repercussions of renewed sanctions Iran has the world’s fourth-largest proved crude oil reserves and the world’s second-largest natural gas reserves, but production in the country has been suppressed by international sanctions and underinvestment. Although some sanctions targeting the energy industry were temporarily lifted, and oil production reached ~3.8 MMBOPD in 2017, growth has remained
Inventory declines have brought prices to three-year highs The International Energy Agency (IEA) released its monthly Oil Market Report today, outlining the group’s analysis of the overall oil market. In March 2018, OECD stocks declined by 27 million barrels to 2,819 million barrels – 214 million barrels below year-ago levels. This is the lowest level in three years, the IEA
Oil & Gas 360® takes a look at three companies with operations in the Permian: Halcón Resources Company (ticker: HK) Approach Resources Company (ticker: AREX) Apache Corporation (ticker: APA) Halcón Resources Production for the first quarter of 2018 averaged 10,967 BOEPD for Halcón, comprised of 70% oil. This production rate represents a 75% growth rate from the fourth quarter of
