The staff of the Federal Energy Regulatory Commission has updated the agency’s guidelines for reporting the results of investigations of cultural resources (i.e. historic properties), which are carried out for new pipeline projects. For details about the guideline changes, go to the Commission’s home page at https://www.ferc.fed.us.
Calgary-based Mustang Resources Inc. said Tuesday morning that it has purchased oil and gas producing properties located in the Clive, Carrot Creek, Lodgepole and certain other areas of central Alberta for approximately C$5.84 million. The company closed the Clive property deal on May 1, 2002 and the remaining properties on Sept. 1, 2002. Mustang said the properties include approximately 1.05 million barrels of established reserves (6:1). The company noted that an independent petroleum engineering firm evaluated 75% of the reserves and Mustang evaluated the remainder. Current production is pegged at approximately 450 boe/d, made up of approximately 2 MMcf/d of natural gas, 70 b/d of oil and 50 b/d of natural gas liquids. Of the natural gas production, Mustang said 35% is sweet dry gas and 65% is liquid rich gas. Of the acquisition, natural gas and associated liquids production represents approximately 84%. The properties are situated in Mustang’s central Alberta core area. In addition to the established reserves, Mustang said it would take full advantage of the development drilling potential on both operated and non-operated lands as well as the reactivation, workover and optimization potential of some of the assets. The total deal includes 31,448 net acres with approximately 16,000 net acres being undeveloped land. The company also received 3D seismic over the Clive asset. The company said it financed the acquisition through internal working capital. Mustang anticipates receiving a revolving credit facility of more than C$2.7 million from a Canadian financial institution.
Quicksilver Resources Inc. announced this week the pricing of a public offering of one million shares of common stock. The company said it expects the issuance and delivery of the shares to occur on Nov. 22. McDonald Investments Inc. acted as sole underwriter for the offering. Quicksilver estimates it will receive proceeds of approximately $20.7 million before the possible exercise of the underwriters’ over allotment option covering 150,000 shares. Proceeds from the sale will be used to reduce the company’s outstanding indebtedness, which may be reborrowed to fund development and exploration, for strategic acquisitions and for working capital and other general corporate purposes. Fort Worth, TX-based Quicksilver Resources is a natural gas and crude oil production company engaged in the development and acquisition of producing natural gas and crude oil properties.
Â©Copyright 2002 Intelligence Press Inc. All rights reserved. The preceding news report may not be republished or redistributed, in whole or in part, in any form, without prior written consent of Intelligence Press, Inc.
© 2021 Natural Gas Intelligence. All rights reserved.
ISSN © 1532-1231 | ISSN © 2577-9877 |