Denver-based SM Energy Co. is marketing all of its properties in the Anadarko Basin, including its Granite Wash interests. The sale of the gas-weighted assets is part of normal high-grading activities, the company said. Proceeds could be spent in the Permian Basin or in the Eagle Ford Shale, analysts speculated last week.
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Houston-based ZaZa Energy LLC has struck a deal to sell about 10,300 acres in Fayette, Gonzalez and Lavaca counties in Texas for about $28.8 million to a unit of Sanchez Energy after a deal fell through with another buyer that was unable to fund and close a transaction, parent ZaZa Energy Corp. said. ZaZa calls the acreage its Moulton properties. In March, ZaZa announced two pending Moulton sales: one for $43.3 million for 10,000 acres and another for the remainder of its Moulton properties for $9.2 million (see Shale Daily, March 26). “Given the current landscape, we believe that transacting at this metric was the best and most prudent action for the company at this time,” ZaZa CEO Todd Brooks said of the latest deal. “We remain focused on monetizing select Eagle Ford assets in order to improve our balance sheet, and we are currently pursuing other joint ventures in the area. In the Eaglebine, our joint venture is progressing as planned, and we anticipate timely drilling of the first three wells as part of the agreement [see Shale Daily, April 8].” ZaZa has received a down payment of $1.4 million for the Moulton properties; closing of the sale is expected by July 31.
Denver-based SM Energy Co. is marketing all of its properties in the Anadarko Basin, including its Granite Wash interests. The sale of the gas-weighted assets is part of normal high-grading activities, the company said Wednesday. Proceeds could be spent in the Permian Basin or in the Eagle Ford Shale, analysts speculated Wednesday.
A state-of-the-art terminal in northwestern Alberta to provide sand for unconventional drilling operations is set to open this November, Edmonton-based Di-Corp said Wednesday.
Crosstex Energy LP has completed two projects aimed at getting shale oil and condensate to higher paying markets.
Salt Lake City, UT-based Savage, a supply chain solutions company, on Tuesday introduced bulk material handling and rail transloading services at the Ohio Commerce Center (OCC) in Lordstown, OH.
The White House climate action plan, announced in a speech Tuesday, comes down hard on coal-fired power plants, pledges continued support for the development and use of non-polluting renewable energy and promotes “cleaner-burning natural gas” as a bridge to a clean future.
Houston Mayor Annise Parker said her city has signed an agreement with locally based Reliant Energy, an NRG Energy Inc. company, to purchase more than 140 MW of renewable power through June 30, 2015. Parker said the city’s purchase of green power will account for half of its annual electricity demand, making it the largest municipal purchaser of renewable power in the nation, and in the top 10 overall nationally, according to federal energy statistical estimates. Through Reliant, Houston has purchased renewable energy credits (RECs) that are Green-E certified. Noting that they are “taking advantage of more cost effective and cost competitive REC prices,” city officials contend that they have maintained a relatively flat power price while also increasing the percentage of renewable energy in the city’s portfolio. Houston has committed $2 million for the two-year agreement, less than a cent/kWh on top of the city’s power price. In addition to purchasing green power, Houston has been purchasing and building renewable energy projects, such as wind and solar.
Natural gas prices trending up nationally were cited by Minnesota-based Xcel Energy for its latest higher retail gas charges at its Colorado combination utility as part of its quarterly price adjustments for retail electric and gas rates. Overall, Xcel said total utility bills in Colorado will be lower in the third quarter compared to the second quarter, but on an annual basis, “a national trend in higher natural gas commodity prices” will continue to put upward pressure on utility bills. Under the quarterly gas cost adjustment, the cost of natural gas in the third quarter will be slightly higher than the second quarter, but because of a “significant drop” in use expected in the summer quarter, residential bills will be about $8 lower/month, compared to the current quarter, Xcel said. Residential gas bills in the third quarter will still be $3.15 more than they were in the third quarter last year. “Much of 2012 was marked by historically low gas prices,” Xcel said. Typical monthly residential and small business gas bills during the third quarter are expected to be $21.98 and $81.73, respectively, compared to average bills of $18.83 and $68.81, respectively, in the third quarter of 2012.