Alta

The U.S. Securities and Exchange Commission (SEC) is investigating Oklahoma explorer Alta Mesa Resources Inc. for possible issues in its financial reporting, the Houston-based independent has disclosed.

Idaho’s Department of Lands (IDL) has started the process for the state’s first audit of oil and natural gas wells operated by Texas-based Alta Mesa Holdings LP, the lone producer in a state that realized its first production only three years ago.

With about two weeks left of the Idaho state legislature’s current session, a bill (HB 232) to rewrite oil/natural gas rules hasn’t moved forward, but if it does, the state’s major exploration and production (E&P) company is concerned about a chilling effect on future drilling.

The Idaho legislature on Monday passed and sent to the governor a bill (SB 1339) to streamline the state’s oil/natural gas permitting process. SB 1339 would realign oil/gas oversight among existing agencies.

In response to proposals from state lands officials, the Idaho legislature recently passed three measures to update oversight of oil and natural gas development.

In response to proposals from state lands officials, the Idaho legislature recently passed three measures to update oversight of oil and natural gas development.

Idaho lawmakers last Tuesday advanced four bills to alter rules covering oil and natural gas development in anticipation of upcoming growth in what is now an industry in its infancy in the state.

When the natural gas industry looks back on the winter of 2013-14, it will remember a number of extremes — the polar vortex, price spikes, a propane shortage, frozen wells shut in, very tight gas supplies and lingering concerns about replenishing gas storage.

Independent producer Petrohawk Energy Corp. has agreed to buy 24,000 net acres in the Fayetteville Shale for $343 million in cash from Alta Resources LLC, Contango Oil & Gas Co. and other parties, the company said last Tuesday.