SilverBow Resources Inc.’s board plans to “carefully review and consider” a proposal from activist investor Kimmeridge Energy Management LLC to merge its natural gas production subsidiary in a tie-up that could become the largest South Texas exploration and production company. In a letter to shareholders, Kimmeridge proposed to merge Kimmeridge Texas Gas LLC (KTG) into…
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Magnolia Steadily Growing Natural Gas, Oil Production in South Texas
Houston-based exploration and production outfit Magnolia Oil & Gas Corp. saw efficiency gains in the third quarter while also moderately boosting production from its Eagle Ford Shale and Austin Chalk assets in South Texas. Third quarter production grew 1% sequentially to 82,700 boe/d. The company operates two drilling rigs and one completion crew. One rig…
SilverBow Buys Chesapeake’s South Texas Assets, Adding Targets in Eagle Ford and Austin Chalk
SilverBow Resources Inc. agreed Monday to acquire Chesapeake Energy Corp.’s natural gas and oil assets in South Texas, a deal that would create the largest publicly held Eagle Ford Shale pure-play. Chesapeake would receive $700 million for the assets, including $650 million at closing and a $50 million deferred payment one year after the transaction…
SilverBow Bolts On South Texas Package to Expand Eagle Ford, Austin Chalk Opportunities
Less than one month after expanding its holdings in South Texas, SilverBow Resources Inc. is adding about 5,500 net acres to build its natural gas and oil portfolio in the Eagle Ford Shale and Austin Chalk.The Houston-based independent clinched the $87 million transaction with an undisclosed seller. The package “provides extended lateral lengths, increased drilling…
Magnolia Sets Records with Austin Chalk, Eagle Ford Strategy
Management at Magnolia Oil and Gas Corp. said sticking to the South Texas-focused independent’s game plan resulted in an exceptional second quarter. CEO Steve Chazen said Magnolia, in its fourth year as a publicly held exploration and production (E&P) company, operates on a tried-and-true business model. “We have consistently executed our strategy, which prioritizes disciplined…
Magnolia Reaping ‘Early Stages’ of Growth from Austin Chalk Development
Magnolia Oil and Gas Corp. may be at the beginning of a year-long surge in production growth after a strong showing in the first three months of the year in the Eagle Ford Shale and Austin Chalk formation. The Houston-based independent previously launched development programs for parts of its South Texas assets, including the Giddings…
Lime Rock Adds Austin Chalk, Upper Eagle Ford Prospects to Lower 48 Portfolio
Houston-based Lime Rock Resources said it recently spent $271.3 million to pick up a bundle of oil and gas prospects in the Austin Chalk formation and Upper Eagle Ford Shale. The deal with an undisclosed seller coincided with an $87.3 milion acquisition of Williston Basin assets from Abraxas Petroleum Corp., management said. In the past…
Prime Rock, New Dawn Take on E&P in Louisiana’s Austin Chalk
Prime Rock Resources and New Dawn Energy agreed to jointly develop some Austin Chalk property in Louisiana contributed by each company.
Aspen Midstream to Build Austin Chalk Pipeline and Gathering Systems
In another expression of renewed interest in the Austin Chalk, Aspen Midstream LLC said Thursday it is building a large-diameter residue gas pipeline and both lean and rich gas gathering systems in the Giddings Field in South Texas.