Arsenal Resources holding company Arsenal Energy Holdings LLC (AEH) has emerged from bankruptcy in a pre-packaged plan of reorganization. It implemented a debt-for-equity exchange to wipe out $861 million of outstanding subordinated bonds. Arsenal noted when AEH filed for Chapter 11 bankruptcy protection that its exploration and production operations in Pennsylvania and West Virginia would not be affected. No other creditors were impacted by the proceedings.
CNX Resources Corp. said a four-well Utica Shale pad in southwest Pennsylvania where it recently lost control of one well is not included in 2019 or 2020 plans. In a guidance update, the company said $30 million of capital expenditures for the pad are included in its 2019 budget. Faulty casing is thought to be the cause of the incident. One of the four wells was being stimulated at the same time and the other two are drilled but uncompleted. The other three wells “remain an opportunity for completion” in the future.
Dakota Access Pipeline (DAPL) insurance against mishaps on the interstate oil pipeline that traverses the Bakken Shale in North Dakota to a hub in south-central Illinois has passed a review by the Iowa Utilities Board (IUB). The IUB was satisfied that DAPL has at least $25 million in general liability coverage. In an updated filing the Energy Transfer Partners LP pipeline showed it has aggregate coverage of $50.1 million for the entire 1,200-mile length of the line.