Post Tagged with: "SCOOP"

President and CEO of Panhandle Oil and Gas Resigns

President and CEO of Panhandle Oil and Gas Resigns

By Tyler Losier, Energy Reporter, Oil & Gas 360 Paul F. Blanchard Jr. steps down as president, CEO and director of Panhandle Oil and Gas Panhandle Oil and Gas (stock ticker: PHX), a mineral and leasehold acreage-focused capital allocator, has announced that Paul F Blanchard Jr., the company’s president, chief operating officer and a member of its board of directors, has stepped down, effective August 26, 2019. “We thank Paul for his leadership over the last several years, and his contributions in our efforts to drive shareholder value. The timing of this transition coincides well with the board’s evaluation of the company’s strategy,” said Mark T. Behrman, a member of Panhandle’s board since 2017. “Panhandle is making an expl… Login or click here to subscribe Username or E-mail Password Remember Me     Forgot Password

Casillas Petroleum Resource Partners and Energy Water Services Form New Midstream Company

Casillas Petroleum Resource Partners and Energy Water Services Form New Midstream Company

By Tyler Losier, Energy Reporter, Oil & Gas 360 Casillas Petroleum Resource Partners and Energy Water Services team up to form Woody Creek Midstream Casillas Petroleum Resource Partners LLC, a portfolio company of Kayne Anderson Energy Funds, and Energy Water Services LLC, a water infrastructure company owned by Halmos Capital Partners, have entered into a partnership in order to jointly form Woody Creek Midstream, which will focus on providing water management services to producers in the SCOOP. Consequently, Woody Creek has begun construction on more than 25 miles of wastewater gathering pipeline in Garvin and McClain counties, Oklahoma. Once the infrastructure is completed in the fourth quarter of 2019, the system will con… Login or click here to subscribe

Source: Gulfport Energy

New CFO at Gulfport Energy

By Tyler Losier, Energy Reporter, Oil & Gas 360 Quentin R. Hicks joins Gulfport Energy as executive vice president and CFO Gulfport Energy Corporation (stock ticker: GPOR), an independent E&P based out of Oklahoma City, has hired Quentin R. Hicks as its new executive vice president and chief financial officer, effective August 26. Hicks is being hired to replace Keri L. Crowell, who is stepping down after 14 years at Gulfport. He will report directly to David M. Wood, Gulfport’s president and chief executive officer. “We are very pleased to welcome Quentin as a key addition to Gulfport’s senior management team,” Wood said. “He brings a wealth of oil and natural gas finance expertise and experience to Gulfport and we lo… Login or click here to subscribe

Alliance Resource Partners Completes Acquisition of Permian Mineral Interests

Alliance Resource Partners Completes Acquisition of Permian Mineral Interests

By Tyler Losier, Energy Reporter, Oil & Gas 360 Alliance Resource Partners Acquires $145 million worth of Permian mineral interests from Wing Resources Alliance Resource Partners L.P. (stock ticker: ARLP), a diversified natural resource company based in Tulsa, Oklahoma, has completed its previously announced acquisition of oil and gas mineral interests in the Permian Basin from Wing Resources LLC and Wing Resources II LLC. The transaction, which has a purchase price of $145 million, will increase Alliance’s Permian presence through the addition of approximately 9,000 net royalty acres in the Midland, with exposure to more than 400,000 gross acres. Source: EIA “Today’s announcement reflects ARLP’s commitment to build its… Login or click here to subscribe

Source: Lagoon Water Solutions

Continental Resources Divests STACK Water Handling Facility

By Tyler Losier, Energy Reporter, Oil & Gas 360 Continental Resources sells STACK water handling facility to Lagoon Water Solutions for $85 million Continental Resources (stock ticker: CLR), an Oklahoma City-based independent E&P, is selling its eastern STACK water gathering and recycling system in Blaine county, Oklahoma to Lagoon Water Solutions for $85 million. In conjunction with the divestiture, Continental has also entered into a long-term agreement with Lagoon, in which the latter will provide water sourcing, gathering and disposal services for any of Continental’s future developments in the area. “The divestiture of this water handling facility for $85 million underscores Continental’s ability to innovatively g… Login or click here to subscribe

Source: Mach Resources

Private Equity Firm Forms Second Partnership With E&P

By Tyler Losier, Energy Reporter, Oil & Gas 360 Mach Resources and Bayou City Energy form BCE-Mach II LLC, signs two PSAs Mach Resources, an independent E&P founded in January of 2017, and upstream-focused private equity firm Bayou City Energy, have formed BCE-Mach II LLC, representing the second partnership between the two companies. Their first collaboration, BCE-Mach LLC, continues to own, operate and acquire properties in the Mississippi Lime. Source: Mach Resources In addition to forming BCE-Mach II, the two companies announced that they have signed a purchase and sale agreement (PSA) with an unnamed seller to acquire producing properties in Beckham, Custer, Dewey, Roger Mills and Washita counties, Oklahoma; an… Login or click here to subscribe

Source: Roan Resources

Oil Capital: Roan Resources Receives Commitments for $100 Million Term Loan

By Tyler Losier, Energy Reporter, Oil & Gas 360 Roan reaffirms $750 Million borrowing base Roan Resources (stock ticker: ROAN) received commitments for a $100 million term loan facility this week, securing funds affiliated with certain shareholders represented on its board of directors. Interest rates for the loan are expected to be equal to three-month LIBOR plus 7.5%. In exchange for the financial commitments, Roan has agreed to issue 1% of the outstanding shares of Class A common stock to lenders by June 26. The term loan facility is expected to close by the end of the month.     Roan has also completed its June borrowing base redetermination for its revolving credit facility, with the company’s b… Login or click here to subscribe

Roan Resources (stock ticker: ROAN), an independent oil and natural gas company based out of Oklahoma City,Merge, SCOOP and STACK producer Roan Resources, Inc. (stock ticker: ROAN) said it expects 2Q production to exceed 50 MBOEPD,- Oil & Gas 360

Roan Resources Raises 2Q Guidance to 50 MBOEPD      

By Bevo Beaven, Editor, Oil & Gas 360 Merge, SCOOP and STACK producer Roan Resources, Inc. (stock ticker: ROAN) said it expects 2Q production to exceed 50 MBOEPD, which compares to adjusted guidance of approximately 49 MBoe/d, when accounting for ethane rejection. The company elected to reject ethane in the month of June, which impacts monthly volumes by approximately 3.3 MBoe/d. Previous second quarter guidance of 50 MBOEPD incorporated ethane recovery in June, the company said. The company anticipates 14 gross operated wells to be turned to first sales during June and July. Roan said it is projecting CapEx to come in approximately 10% below prior guidance of $155 million as a result of lower drilling and completion costs. Roan … Login or click here to subscribe

Source: Riviera Resources

Riviera Resources Sells Michigan Properties

By Tyler Losier, Energy Reporter, Oil & Gas 360   Undisclosed buyer acquires land for $44.5 million Riviera Resources (stock ticker: RVRA) signed an agreement Thursday to sell its interests located in Michigan for $44.5 million, netting approximately $41 million of proceeds in the process. The transaction is expected to close in Q2 of 2019, subject to due diligence and satisfaction of closing conditions. The properties being sold contain approximately 1,400 net wells, with proved resources of 193 BCFE and PV-10 of approximately $38 million. The sale will not involve any of Riviera’s properties in Illinois. Source: Riviera Resources According to its 2019 Q1 filing, Riviera possesses $237.6 million in current assets, a… Login or click here to subscribe

Roan Resources (stock ticker: ROAN), an independent oil and natural gas company based out of Oklahoma City,Merge, SCOOP and STACK producer Roan Resources, Inc. (stock ticker: ROAN) said it expects 2Q production to exceed 50 MBOEPD,- Oil & Gas 360

Roan Resources Exploring Strategic Alternatives

Citigroup and Jefferies enlisted to help determine strategy as to M&A, partnership options By Tyler Losier Roan Resources (stock ticker: ROAN), an independent oil and natural gas company based out of Oklahoma City, is enlisting the help of Citigroup Global Markets Inc. and Jefferies LLC to help explore strategic alternatives. Source: Roan Resources Over the last couple of months, Roan has reportedly received numerous unsolicited offers for outright purchase of the company, in addition to several inquiries for consolidation and partnership. As a result, in late April, Roan formed a transactional committee comprised of legal and financial advisors to evaluate the various options on the table, with the goal of finding the most… Login or click here to subscribe

Roan Resources (stock ticker: ROAN), an independent oil and natural gas company based out of Oklahoma City,Merge, SCOOP and STACK producer Roan Resources, Inc. (stock ticker: ROAN) said it expects 2Q production to exceed 50 MBOEPD,- Oil & Gas 360

More Oil and Gas M&A: Roan Resources Confirms Indications of Interest, In-Basin Consolidation Opportunities

Roan Resources forms transaction committee Roan Resources, Inc. (NYSE: ROAN) said it has received multiple unsolicited indications of interest to purchase the company. Roan reports it has an 150,000-acre position with an estimated resource potential of more than 2 billion Boe and multiple zones. Roan is focused on developing unconventional oil and natural gas reserves in the Merge, SCOOP and STACK plays of the Anadarko Basin in Oklahoma. In addition, Roan has also received indications of interest for in-basin consolidation opportunities. In response to these unsolicited indications of interests, the company has formed a transactional working committee of its board to evaluate a potential sale or merger. The committee is considering all potential merger and acquisition opportunities to act in the best interest of all its shareholders. In order to assist the committee in evaluating any potential sale or merger of the company, Roan said it will mandate an investment[Read More…]

BNK Petroleum Inc. Announces Commencement of Strategic Review Process

BNK Petroleum Inc. Announces Commencement of Strategic Review Process

BNK Petroleum Inc. Announces Commencement of Strategic Review Process

Roan Resources (stock ticker: ROAN), an independent oil and natural gas company based out of Oklahoma City,Merge, SCOOP and STACK producer Roan Resources, Inc. (stock ticker: ROAN) said it expects 2Q production to exceed 50 MBOEPD,- Oil & Gas 360

SCOOP/STACK’s Roan Resources Points Capital Spend to Completing DUCS 1H 2019

Roan Resources, Inc. Announces Fourth Quarter Highlights and 2019 Development Program Focused on Capital Discipline and Positive Free Cash Flow by the Fourth Quarter 2019

Oklahoma’s Production Tax Increase and the Biggest Problem Facing STACK/SCOOP Producers

Oklahoma’s Production Tax Increase and the Biggest Problem Facing STACK/SCOOP Producers

From The Oklahoman Readers asked the Oklahoman about the potential that gross production taxes might be increased if Drew Edmondson is elected governor. The Oklahoman’s energy reporters, Adam Wilmoth and Jack Money, fielded questions during their monthly online energy chat on Tuesday. This is an edited transcript of that conversation. To see the full transcript, go to NewsOK.com. Q: I’ve heard that the tax revenue from the special session’s gross production tax increase has not come in yet. Can you explain how that works? Wilmoth: The gross production tax rate on the first three years of a well’s production increased to 5 percent beginning July 1. Tax Commission spokeswoman Paula Ross said the tax is collected two months after production (i.e., the tax on January production doesn’t get paid until March 25), so the state should see the impact of the increase on Sept. 25, when the tax on July’s production is[Read More…]

EcoStim Ups Capacity to ‘Super Fleet’ in the STACK

EcoStim Ups Capacity to ‘Super Fleet’ in the STACK

Eco-Stim Energy Solutions, Inc. (ticker: ESES) reported today that it has agreed to provide its primary customer in the STACK with additional dedicated horsepower and equipment, including natural gas-powered pumping units. The company refers to this collaborative plan as a “super fleet.” According to the company’s most recent investor presentation, Eco-Stim has a total capacity of ~168,000 HHP, including 53 operational pumps and 20 additional pumps subject to refurbishment and/or upgrades prior to activation. This collaboration is a plan to improve efficiency as Eco-Stim’s customer moves forward with a heavier concentration of multi-well pads and zipper fracs. The company said that this approach is expected to increase Ecostim’s monthly stage counts from Q1 2018 levels, while reducing the company’s overall operating costs and increasing profitability. CEO J. Chris Boswell said, “We completed 166 stages with Fleet #1 and Fleet #2 during the first 50 days of the second quarter and[Read More…]

Going Gangbusters in the STACK: Alta Mesa Resources Running 8 Rigs, Expects 170+ Wells in 2018

Going Gangbusters in the STACK: Alta Mesa Resources Running 8 Rigs, Expects 170+ Wells in 2018

Alta Mesa Resources, Inc. (ticker: AMR) produced 24,000 BOEPD in Q1 2018 and exited the quarter with average net production of 25,800 BOEPD in March. Overall, total production for the first quarter of 2018 was 2,162 MBOE. According to Alta Mesa, production for 2018 is expected to average between 33 MBOEPD and 38 MBOEPD. The company added rig number eight in May and completed 28 horizontal wells in the Mississippian-age Meramec/Osage section. Bayou City Energy and Alta Mesa funded 15 of the wells through a DrillCo. The company said it plans to maintain eight rigs and that 170-180 gross wells are scheduled for 2018. “We continue to ramp up activity in our STACK play with a focus on multi-well pad development,” CEO Hal Chappelle said. “We have a balance sheet that is capable of supporting our growth agenda and an integrated platform with Kingfisher Midstream to de-risk upstream growth.” Cimarron[Read More…]

Newfield and Continental Tout SCOOP/STACK, Bakken

Newfield and Continental Tout SCOOP/STACK, Bakken

Newfield’s SCOOP/STACK operations pinned to future growth; Williston Basin infill projects look to deliver $100 million of free cash flow in 2018 Newfield Exploration Company (ticker: NFX) had record net production during Q1 2018, with SCOOP/STACK net production averaging 117,500 BOEPD. Newfield Chairman, President and CEO Lee Boothby said, “The Anadarko Basin is the asset that will fuel our growth and transition us to living within cash flow from operations. We expect our development of these assets will yield rapid growth from here.” Boothby also said that net production estimates forecast as much as 200,000 BOEPD in 2020. From a capital spending standpoint, Newfield invested $345 million in the quarter. Domestic production was up 27% year-over-year and our domestic oil production was up 29% year-over-year. Anadarko Basin production was up 34% year-over-year. During the quarter, the company turned 43 wells to sales in the Anadarko Basin and to-date, Newfield has[Read More…]

LINN Energy: Executive Departures and New Leadership

LINN Energy: Executive Departures and New Leadership

LINN Energy, Inc. (ticker: LNGG) has updated its plan to spinoff into three companies, and has provided more detail as to who will lead the branched-off companies. Riviera Resources formed, OTC ticker RVRA LINN Energy’s board has formed Riviera Resources, LLC. Riviera will hold the upstream assets in Hugoton, Michigan/Illinois, Arkoma, East Texas, North Louisiana, and Drunkards Wash, as well the assets of Blue Mountain Midstream LLC. Riviera will also retain more than 100,000 acres in the prospective NW STACK play. Moving the separation of Riviera from LINN forward, the company said it intends to undertake certain internal reorganization transactions, such as the conversion of Riviera from a limited liability company to a corporation. According to LINN, Riviera is expected to be an unlevered public company listed for trading on the OTC market under the ticker RVRA. Roan Resources soon to be listed on NYSE or NASDAQ under ROAN Roan[Read More…]

Courtesy of PetroShale

Alta Mesa Resources Expects $725-$800 Million 2018 CapEx

Alta Mesa Resources, Inc. (ticker: AMR) and its wholly owned subsidiaries, Alta Mesa Holdings, LP (AMHLP) and Kingfisher Midstream, LLC, have released financial results, CapEx guidance and other updates. 2018 CapEx Alta Mesa’s total capital expenditures for 2018 are expected to range from $725 million to $800 million. Capital will be allocated primarily to Alta Mesa’s upstream STACK area, $550 million to $580 million, with the remaining balance being allocated to Kingfisher, $175 million to $220 million. Q4/FY 2017 financial and production results Alta Mesa reported a net loss from continuing operations for Q4 2017 of $40.8 million. Net loss from continuing operations for full-year 2017 was $56.3 million. Total production volumes from continuing operations in the fourth quarter of 2017 totaled 2.3 MMBOE, or an average of 24.6 MBOEPD. Total production volumes from continuing operations for full-year 2017 totaled 8.6 MMBOE, or an average of 23.5 MBOEPD. The increase in[Read More…]

Cheniere Gets Commitments from Devon, Marathon and Gulfport for Proposed STACK/SCOOP-to-Gulf Coast Gas Pipeline

Cheniere Gets Commitments from Devon, Marathon and Gulfport for Proposed STACK/SCOOP-to-Gulf Coast Gas Pipeline

Cheniere’s Midship open season ends March 30 Cheniere Energy’s (ticker: LNG) Midship Pipeline Company, LLC has signed agreements with foundation shippers to support construction of a 200 mile, 36-inch interstate natural gas pipeline project and has launched a binding open season for shippers—known as the Midship project. Cheniere said the commitments are from subsidiaries and/or affiliates of Cheniere, Devon Energy Corporation (ticker: DVN), Marathon Oil Corporation (ticker: MRO), and Gulfport Energy Corporation (ticker: GPOR).   The Midship project targets pipeline capacity of up to 1,400,000 Dekatherms per day (or approximately 1.4 Bcf/day) of firm transportation to connect production from the emerging STACK and SCOOP to Gulf Coast and Southeast markets. Cheniere said the Midship’s 36-inch diameter new mainline pipeline, several laterals, compressor stations and interconnects will provide receipts from STACK and SCOOP processing plants and provide deliveries to Bennington, Oklahoma, the TexOk hub near Atlanta, Texas, and the Perryville Hub near Tallulah, Louisiana. “We are pleased to help[Read More…]

The STACK and SCOOP Valued at $40 Billion with Upside

The STACK and SCOOP Valued at $40 Billion with Upside

Oklahoma’s STACK and SCOOP plays are dominated by five players – 2nd most active U.S. plays With roughly 31% of active rigs in the U.S. focusing on the Permian, it’s easy to say plays like the Delaware Basin have become the focus of the industry. Despite that, there remains a tremendous potential in the STACK and SCOOP plays, according to a report released by Capital One Southcoast (COS). Coming in behind the Permian as the second-most active play in the United States, The STACK and SCOOP plays are dominated by: Continental Resources (ticker: CLR) Devon Energy (ticker: DVN) Marathon Oil (ticker: MRO) Newfield Exploration (ticker: NFX) Cimarex Energy (ticker: CVX) Combining the total value COS ascribes to these five companies in the area, the analysts’ estimates for the value of the play “reaches upwards of $40 billion,” a figure they believe still has significant upside potential given the relative newness[Read More…]

BetaZi Takes a Well-by-Well Look at Basins Across the U.S.

BetaZi Takes a Well-by-Well Look at Basins Across the U.S.

BetaZi Basin Studies offer “one million petroleum engineers forecasting on each and every well” Last week, BetaZi announced that it will be offering studies on individual oil and gas basins in the U.S.. For every well in the covered basins, BetaZi includes the company’s oil and gas production forecasts, associated type curves, pScores, first-pass economics and Tobin well data. BetaZi generates oil and gas production forecasts using proprietary physics-based predictive analytics, which the company claims are the most accurate and reliable available. BetaZi’s software seeks to overcome the complicated workflows caused by the ad hoc math required to forecast production from existing wells and build and test type curves. Hang ups in this process include noisy data, multiple stages and flow regimes and cumbersome adjustments. The software package uses physics-based prediction methods to automatically build probabilistic forecasts for individual well production, eliminating the complicated and error-prone nature of such work.[Read More…]

Capital Favors the Permian:  Baird 3Q Energy Strategy Survey

Capital Favors the Permian: Baird 3Q Energy Strategy Survey

Permian, SCOOP/STACK in favor Baird’s energy research team presented the results of the firm’s 3Q16 Energy Strategy Survey in a conference call today that was hosted by Denver-based senior analyst Ethan Bellamy and New York-based senior analyst Dan Katzenberg. This was the firm’s 14th energy survey since June of 2013. The Q3 survey set a participation record with 182 respondents, including 87 energy industry executives, 91 buyside investors and 4 others. Bellamy discussed responses to the question, “What could be the single biggest impediment to a recovery in crude oil prices?” The analyst said demand issues, not supply, dominated respondents’ fears about a potential oil price recovery—trumping supply, inventories, currency and the upcoming U.S. presidential election. Bellamy said respondents are still bullish on oil plays—the Permian and Oklahoma’s SCOOP/STACK plays in particular. He said the buyside is more constructive on U.S. supply rolling over in 2016, with median expectations from all[Read More…]

Pioneer Energy Services – Day Three Breakout Notes

Pioneer Energy Services – Day Three Breakout Notes

Pioneer Energy Services presents at EnerCom’s The Oil & Gas Conference®  During Pioneer Energy Services’ breakout session, management was asked the following questions: What do you think the state of the industry really is? What type of rigs will get the best utilization going forward? Do you see competition from walking converted SCR rigs? How are you doing on crews? How are you maintaining continuity? Has safety been affected? How many of your rigs are in the top tier? Are you cash flow positive? What are your expectations for future cash flow? On the workover side, if there is a re-fracturing revolution, how well are you positioned to take advantage of it? Can you disclose to whom you sold the SCR rigs to? What will your rig count look like once you’ve been able to sell the rigs not in your future plans? Are the rigs that you sold in[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…]

Oil and Gas Industry Sees a More Subdued Recovery: Baird Survey

Oil and Gas Industry Sees a More Subdued Recovery: Baird Survey

Oil prices expected to stay at or below $50 for the next six months Lower for longer is starting to truly set in with the oil and gas industry as buyside investors and the industry see a more muted outlook for oil and gas prices on the horizon. A survey that polled primarily buyside investors and members of the oil and gas industry conducted by Baird Equity Research saw little hope of a full recovery in the next six months. The results of the survey showed that about 75% of the respondents see pricing staying sub-$50 per barrel for the first half of 2016. The respondents expected some modest increases in price following the first six months of the year, with 53% of those polled saying that expect oil prices to reach $50-$60 per barrel over the next year. Their long-term outlook was bleaker however, with an increasing number of[Read More…]