Post Tagged with: "Louisiana"

PetroQuest Energy to Present at EnerCom Dallas 2018

PetroQuest Energy to Present at EnerCom Dallas 2018

EnerCom Dallas presenting company PetroQuest Energy (ticker: PQ) was founded in 1985 as a Gulf Coast oil and gas company. From 1985 to 2002 PetroQuest grew its reserves located principally onshore in Louisiana and offshore in the Gulf of Mexico. The company is headquartered in Lafayette, Louisiana. Central Louisiana Austin Chalk acquisition The company recently entered the Central Louisiana Austin Chalk formation. PetroQuest plans to acquire interest in 24,600 gross acres, for a purchase price of about $18 million. According to PetroQuest, the acquisition closed on December 18, 2017. The company is looking to replicate the improvements seen in the Karnes County Austin Chalk. In Karnes County, the average horizontal well drilled before 2013, before fracing was widely used, produced 104 MBOE. PetroQuest believes it can replicate these results. The average unfractured horizontal well in Avoyelles Parish, near PetroQuest’s new acreage, produced 119 MBOE. If implementing modern methods is able[Read More…]

Tellurian Will Add 3 Louisiana Pipelines, Nets $95 Million from Stock Offering

Tellurian Will Add 3 Louisiana Pipelines, Nets $95 Million from Stock Offering

Goal is to debottleneck the existing pipeline infrastructure in Southwest Louisiana: TELL Tellurian Inc. (ticker: TELL) expects to develop and expand its pipeline network by adding two pipelines to the previously announced Driftwood Pipeline (DWPL). The two additional pipelines will expand supply alternatives for the growing natural gas demand in Southwest Louisiana. Projected in-service dates are mid-2021 for the DWPL and end-2022 for the two new pipelines. The newly proposed Permian Global Access Pipeline (PGAP) will be an approximately 625-mile, 42-inch diameter pipeline transporting 2 Bcf/d of natural gas per day. PGAP will originate at the Waha Hub in Pecos County, Texas, and will connect to the Permian and associated shale plays located around Midland, Texas. PGAP will terminate near Gillis, Louisiana, with proposed deliveries to the Creole Trail Pipeline, Cameron Interstate Pipeline, Trunkline Gas Company, Texas Eastern, Transco, Tennessee Gas Pipeline, Florida Gas Transmission, and DWPL, among others. The[Read More…]

December 19, 2017 - 2:23 pm Closing Bell Story, Midstream, Oil and Gas 360 Articles
Eagle Ford Developer WildHorse Scores 28% Higher Production, Brings in 2,387 BOEPD Austin Chalk Well

Eagle Ford Developer WildHorse Scores 28% Higher Production, Brings in 2,387 BOEPD Austin Chalk Well

41 Gen 3 wells on line in the Eagle Ford In its Q2, 2017 earnings call WildHorse Resource Development (ticker: WRD) reported second quarter production of approximately 22,600 BOEPD—which was 28% higher than its average production in Q1, 2017. It achieved a net income of $25.9 million, or $0.28 per share. Drilling activity During the course of Q2, the company brought 18 gross (17.4 net) wells online in the Eagle Ford, one gross (1.0 net) well online in the Austin Chalk, and two gross (1.1 net) wells online in north Louisiana. The company’s Eagle Ford rigs averaged 13.2 drilling days in Q2. The single Austin Chalk well was WildHorse’s first well drilled into the formation, which showed a 30-day initial production of 2,387 BOEPD. Because of the success of this well, WildHorse noted that it would continue delineating its Austin Chalk assets with new wells in the remainder of the[Read More…]

Range Resources Q2 2017: $70 Million Net Income Reverses Last Year’s Loss

Range Resources Q2 2017: $70 Million Net Income Reverses Last Year’s Loss

Production approaching 2 Bcfe per day During its second quarter of 2017, Range Resources (ticker: RRC) reported a net income of $70 million as compared to a net loss of $225 million a year ago. The company’s cash margins grew to $1.09 per Mcfe up from $0.70 per Mcfe in Q2, 2016. Range reached a new record in production at an average of 1.945 Bcfe per day—37% higher than the production for Q2, 2016.  The company highlighted a seven-well pad in the liquids-rich portion of the Marcellus with an average initial production of approximately 29.1 Mmcfe per day, 73% liquids. The company also highlighted a dry gas four-well pad on the eastern edge of the Marcellus with average production rates averaged 30.0 Mmcfe per day. Range’s second quarter capital expenditures totaled $280 million for drilling and completion operations for 35 (32 net) wells. The company also spent $8.6 million on[Read More…]

U.S. Energy Corp. Holding Diversified Working Interests

U.S. Energy Corp. Holding Diversified Working Interests

U.S. Energy Corp. (ticker: USEG) has multiple working interests with companies in the Bakken and Three Forks formations and throughout Texas and Louisiana. The company produced 50,628 BOE during 2016, and has projected that it will produce approximately 49,885 BOE during the course of 2017. Bakken/Three-Forks In the Williston basin, USEG partnered with Brigham Exploration Company to conduct exploratory work in approximately 19,200 acres. The exploratory work was conducted largely in Brigham’s Rough Rider prospect in Williams and McKenzie Counties, North Dakota. The Williston development was scheduled in three groups of units, with USEG taking varying percentages of the working interest. The company also entered into an agreement with Zavanna, LLC to acquire 35% of Zavanna’s working interests in approximately 6,500 net acres for $10,987,000. The working interests are in assets located in the Yellowstone Prospect and SE HR Prospect. USEG also participated in drilling two wells operated by Murex[Read More…]

WildHorse Resource Development: Potential in Eagle Ford, Step-Outs in N. Louisiana

WildHorse Resource Development: Potential in Eagle Ford, Step-Outs in N. Louisiana

WildHorse Resource Development (ticker: WRD) oversees operations primarily in the Eagle Ford Shale and Cotton Valley formations in East Texas and North Louisiana, respectively. The company expects that it will produce between 27 and 31 MBOEPD in 2017—a significant jump in production from an average 17.6 MBOEPD in Q1, 2017. WildHorse’s Eagle Ford asset In the Eagle Ford play, WildHorse holds approximately 385,000 net acres—making it the second largest acreage holder in the region. A significant portion of the company’s Eagle Ford acreage was added in mid-May, 2017, when WildHorse entered in an agreement with Anadarko Petroleum Corporation to acquire 111,000 net acres for $625 million. The company’s Eagle Ford acreage boasts a proved reserves value of 127.6 MMBOE, of which approximately 92% is liquids. Q1, 2017 Eagle Ford production averaged 19.1 MBOEPD. WildHorse’s Eagle Ford acreage holds 2,651 net drilling locations, which the company estimates to be a 20 year inventory.[Read More…]

WildHorse Resource Development IPO Targets $650 Million

WildHorse Resource Development IPO Targets $650 Million

Eagle Ford, North Louisiana Operations WildHorse Resource Development Corporation (ticker: WRD) will join Centennial Resource Development (ticker: CDEV) and Extraction Oil & Gas (ticker: XOG) as one of 2016’s new public E&P companies. The shares of WildHorse are expected to trade on the New York Stock Exchange under the ticker symbol “WRD,” the company said in a press release. WildHorse said it would sell 27,500,000 shares of common stock and grant the underwriters of the offering a 30-day option to purchase up to an additional 4,125,000 shares of the company’s common stock. Barclays, BofA Merrill Lynch, BMO Capital Markets, Citigroup and Wells Fargo Securities are acting as book-running managers for the offering. Interests WildHorse reported in its registration statement that it has a total of 375,000 net acres under lease that include approximately 267,000 net acres in the Eagle Ford and approximately 108,000 net acres in North Louisiana. The company said it[Read More…]

Exclusive Interview with Hal Chappelle, President and CEO of Alta Mesa Holdings

Exclusive Interview with Hal Chappelle, President and CEO of Alta Mesa Holdings

Alta Mesa: I look at this as a very early stage of development in the STACK Alta Mesa’s President and CEO Hal Chappelle spoke to Oil & Gas 360®’s Angie Austin at the EnerCom conference in Denver last week. Chappelle talked about his company, what their development plans look like, and the efficiencies being generated from cost cutting to optimize returns. Alta Mesa Holdings, LP is a privately held company engaged in onshore oil and gas acquisition, exploitation and production with a seasoned management team, whose mission is to maximize the profitability of our assets in a safe and environmentally sound manner. The company applies advanced engineering analyses and enhanced geological techniques to under-developed or over-looked conventional resource areas to create value. Alta Mesa employs disciplined management processes and have the flexibility to respond to the market. The company has a large, long-lived and diversified reserve base, with a substantial[Read More…]

WTD Resources – Day Two Breakout Notes

WTD Resources – Day Two Breakout Notes

WTD Resources presents at EnerCom’s The Oil & Gas Conference® During WTD’s breakout session, management was asked the following questions: What’s your development plan in Texas? Are you as selective in the rig time you use to drill these wells? Is it preferable to get the negotiations with companies before or during the bankruptcy process? Can you elaborate on your production schedule? What’s the success rate of these wells you will be targeting on the Gulf Coast? Is your decline curve similar to historical declines? Is there a hedging strategy planned? You can listen to WTD’s s presentation by clicking here. WTD Resources is a privately held company formed in 2014 that is focused on the conventional onshore areas of the Gulf Coast. The company has successfully completed one acquisition in 2016 with a second scheduled for closing within 30 days. The company is currently pursuing other acquisitions for 2016[Read More…]

August 17, 2016 - 11:28 am Closing Bell Story, Oil and Gas 360 Articles, TOGC21
EnerCom Conference Presenter Focus: Evolution Petroleum Corporation

EnerCom Conference Presenter Focus: Evolution Petroleum Corporation

Evolution Petroleum Corporation (ticker: EPM) will be presenting at the EnerCom Conference on Tuesday August 16, 2016. Evolution Petroleum is a Houston, TX based exploration and production non-operator with assets in the Delhi Field in Louisiana. Evolution, in partnership with the operator of the Delhi Field applies conventional and specialized technology to known oil and gas plays. The Delhi Field is a CO2-EOR project with 22.8 MMBoe of 2P reserves, 79% of which are oil. The Delhi Field has 418 million barrels of gross oil in place, with 192 million barrels having been produced prior to the start of the enhanced oil recovery project. The first quarter 2016 net oil production was 1,835 barrels of oil per day. Evolution Petroleum has 26.4% net revenue interest in the Delhi Field. The company is well positioned for opportunities in the cycles of the industry as they have a debt-free balance sheet and[Read More…]

Louisiana Pols Take Big Oil to Court for Coastal Ruin

From AP/Canadian Business ALLIANCE, La. – The oil industry has left a big footprint along the Gulf Coast, where a Delaware-sized stretch of Louisiana has disappeared. But few politicians would blame Big Oil for ecosystem abuse in a state where the industry employs up to 300,000 people and injects $73 billion into the economy. Until now. Following the lead of Gov. John Bel Edwards, Louisiana political orthodoxy is being turned upside-down as prominent leaders of both parties join lawsuits seeking billions of dollars for environmental improvement projects. Down in the pancake-flat bayou, it’s not easy to see what made so much of the coast sink into the Gulf of Mexico. Even when you climb onto the levee, buzzing with dragonflies, that keeps the old delta farming community of Alliance from being swallowed, all that’s visible is marshland, stretching toward a green horizon. But land’s end is much closer now, and[Read More…]

August 5, 2016 - 10:18 am Closing Bell Story, Energy News
PetroQuest Energy’s Debt Exchange Works to Build Long-Term Value

PetroQuest Energy’s Debt Exchange Works to Build Long-Term Value

On January 14, 2015, PetroQuest Energy (ticker: PQ) took appropriate steps addressing its current $350 million senior unsecured 10% high-yield issue (CUSIP 716748AA6) due in September 2017. PetroQuest will seek to offer to exchange up to $300 million of the $350 million for up to (i) $75 million of cash, (ii) $202.5 million aggregate principal amount of its newly issued 10% Second Lien Senior Secured Notes due 2021, and (iii) 6,000,000 shares of its common stock.  The solicitation period runs from January 14 to February 11, 2016, unless extended by the company. The top 10 public holders of the issue are: Holder Name(1) Portfolio Name Position New York Life Investment Mgmt LLC Multiple Portfolios 80,085 Franklin Advisers Inc. Franklin Income Fund 60,000 Hotchkiss & Wiley Capital Mgmt Multiple Portfolios 19,107 Prudential Financial Multiple Portfolios 9,600 Franklin Templeton Investment FTIF – Franklin Income Fund 5,000 Bruce & Company Bruce Fund 4,924[Read More…]

$717 Million Expansion Makes the Shell Geismar Plant Largest AO Production Site in the World

$717 Million Expansion Makes the Shell Geismar Plant Largest AO Production Site in the World

Gulf coast plant expansion set to make new jobs at world’s largest alpha olefins plant Royal Dutch Shell’s (ticker: RDS.B) Shell Chemical LP announced today that it received a final investment decision to increase alpha olefin (AO) production at its chemical manufacturing site in Geismar, Louisiana. The expansion consists of a fourth AO unit, which will add 425,000 tons of capacity, making the plant the largest in the world, according to the Shell press release. The new project will require a $717 million capital investment and create 20 direct jobs, with an average annual salary of $104,000, while retaining the 650 existing jobs at the plant, according to a joint release from Governor Bobby Jindal and Shell Geismar General Manager Rhoman Hardy. Construction of the new unit will begin in the first quarter of 2016.  The new capacity brings the total AO production at Shell’s Geismar site to more than 1.3 million[Read More…]

November 30, 2015 - 6:39 pm Closing Bell Story, Oil and Gas 360 Articles
Memorial Resource Development has More Than Tripled Its Cotton Valley Acreage in Fiscal 2015

Memorial Resource Development has More Than Tripled Its Cotton Valley Acreage in Fiscal 2015

Announces Rights via Purchase/Leasing Options on 132,758 Net Acres for $373.8 Million Memorial Resource Development (ticker: MRD) unknowingly picked a very difficult time to enter the public sphere (the company launched its initial public offering on June 2, 2014), but the Houston-based company has been one of the more active buyers on the new commodity environment. In a September 21, 2015 news release, MRD announced it has secured 132,758 net acres in North Louisiana since January 1, 2015, for total consideration of $373.8 million. Its exposure to the Lower Cotton Valley now spans 215,771 gross acres and 193,915 net, representing respective increases of 192% and 217% compared to year-end 2014. Operations Increasing MRD completed 19 wells in July and August, with lateral lengths averaging around 7,000 feet. Fourteen of the wells were completed in the Upper Red formation of the Terryville Field and returned an average peak 24-hour rate of[Read More…]

Freeport McMoRan Announces Successful Production Test

Freeport McMoRan Announces Successful Production Test

The company said that its Highlander well produced 75 MMcf/d during production testing On February 20, 2015, Freeport McMoRan (ticker: FCX) announced the results of additional production testing on Freeport McMoRan Oil & Gas’s (FM O&G) Highlander discovery, located onshore South Louisiana. The production test indicated a flow rate of approximately 75 MMcf/d, approximately 37 MMcf/d net to FM O&G. Energy XXI (ticker: EXXI) holds a minority interest in the project and reported 150 feet of net pay in its Q2’14 results. The Highlander discovery well was drilled to a total depth of approximately 29,400 feet in the Inboard Lower Tertiary/Cretaceous trend in Louisiana. In December 2014, FM O&G tested the well at a rate of approximately 43.5 MMcf/d. A second well has been identified and future plans are being evaluated in the area where FM O&G controls rights to more than 50,000 gross acres. “This additional test data confirms[Read More…]

Saratoga Resources Updates Operations, Focuses on Optimization

Saratoga Resources Updates Operations, Focuses on Optimization

Saratoga Resource Inc. (ticker: SARA) announced an update on the company’s recent operations and measures being taken to reduce costs and enhance operational efficiencies in the current oil price environment. SARA holds approximately 52,000 gross/net acres (60% held by production) on the Louisiana coastline and in the shallow Gulf of Mexico shelf. SARA has successfully completed several thru-tubing plugback operations on its assets in Breton Sound, Grand Bay, Lake Fortuna and Main Pass 25 fields. The efforts resulted in initial production rates of 695 BOEPD with total expenditures of $400,000. SARA will conduct similar low-cost recompletions in the near-term and focus on additional cost cutting measures in 2015. Cash savings relative to 2014 levels are also expected to be realized from current deferred maintenance and infrastructure upgrades that began in the first half of the current year. Saratoga expects that the bulk of these expenditures are behind it and that[Read More…]

PetroQuest Energy Sets Another Company Record in Cotton Valley; Agrees on Joint Venture with Midstates Petroleum

PetroQuest Energy Sets Another Company Record in Cotton Valley; Agrees on Joint Venture with Midstates Petroleum

PetroQuest Energy (ticker: PQ) is an independent energy company engaged in the exploration, development, acquisition and production of oil and natural gas reserves in the Arkoma Basin, East Texas, South Louisiana and the shallow Gulf of Mexico. The company has largely transitioned from gas drilling to focusing on liquids-rich projects and expects 2014 to be its best year in company history. The company is ramping up its production levels – a second rig will be added to its West Relay field in July 2014 and another rig spud the Thunder Bayou prospect (50% working interest) in June. On June 30, 2014, PetroQuest Energy announced a joint venture (JV) with Midstates Petroleum (ticker: MPO) on its Fleetwood project onshore Louisiana. Per the transaction, PQ acquires a 50% interest (37% working interest) for an aggregate purchase price of $24 million which includes $10 million in cash and $14 million in future operational[Read More…]

Saratoga Resources and Energy XXI Host Third Annual Reception for Louisiana Governor Bobby Jindal

Saratoga Resources and Energy XXI Host Third Annual Reception for Louisiana Governor Bobby Jindal

Saratoga Resources, Inc. (ticker: SARA) and Energy XXI (ticker: EXXI) will host a third annual reception for Louisiana Governor Bobby Jindal at the Windsor Court Hotel in New Orleans on Wednesday, March 27, 2013 (6:00-8:00 pm CDT). Saratoga and Energy XXI will be joined by a number of co-hosts, including W & T Offshore (ticker: WTI), Cox Oil, Alta Mesa Holdings LP, Helis Oil & Gas and Crescent Drilling and Production, among others. About Saratoga Resources Saratoga Resources is an independent exploration and production company with offices in Houston, Texas and Covington, Louisiana. Principal holdings cover 32,119 gross/net acres, mostly held-by-production (all depths), currently located in the transitional coastline and protected in-bay environment on parish and state leases of South Louisiana. Most of the company’s large drilling inventory has multiple pay objectives that range from as shallow as 1,000 feet to the ultra-deep prospects below 20,000 feet in water depths of[Read More…]

March 13, 2013 - 3:53 pm Offshore, Oil and Gas 360 Articles