Directors of Australia-based Eureka Energy Ltd. have rejected a proposal from Fort Worth-based Lonestar Resources Inc. for Eureka to acquire Lonestar for scrip consideration. Eureka said it had expected to reject the proposal when it was received last week. “Nevertheless, over the weekend the company pursued discussions with Lonestar with the objective of securing a proposal on more favorable terms,” Eureka said. “The parties were unable to agree on terms, and consequently Lonestar has withdrawn the proposal.” An offer by Australia’s Aurora Oil & Gas Ltd. to acquire Eureka expires Friday (see Shale Daily, June 11). Both Aurora and Eureka have assets in the Eagle Ford Shale of South Texas, as does Lonestar. On Wednesday Eureka said “it is reasonable to accept” the Aurora offer after previously recommending that shareholders reject it.
Directors
Articles from Directors
Chesapeake’s Largest Shareholder Urges Board to Consider NAV-Based Sale
Chesapeake Energy Corp.’s largest shareholder, Southeastern Asset Management Inc., on Monday urged CEO Aubrey McClendon and the board of directors “to be open to any offers to acquire the whole company.”
Largest Investor Urges Chesapeake to Consider Sale
Chesapeake Energy Corp.’s largest investor on Monday delivered a stinging letter criticizing the board of directors and management team, and urged an outright sale of the company.
Chesapeake CEO’s Personal Loans Draw Investor Ire
A top energy analyst and some shareholders on Friday called for Chesapeake Energy Corp. CEO Aubrey McClendon and members of the board of directors to step aside following disclosures of questionable personal financial transactions by McClendon.
Industry Briefs
The ConocoPhillips board of directors has given final approval to spin off the downstream businesses as Phillips 66 at close of business on April 30, which would result in ConocoPhillips becoming the largest pure-play, upstream independent in North America (see NGI, July 18, 2011). The companies would be headquartered in Houston. Chairman and CEO Ryan Lance would lead ConocoPhillips. Phillips 66, to be traded on the New York Stock Exchange as “PSX,” would be led by Chairman and CEO Greg Garland and would comprise the refining and marketing; midstream and chemicals businesses.
Industry Brief
The ConocoPhillips board of directors has given final approval to spin off the downstream businesses as Phillips 66 at close of business on April 30, which would result in ConocoPhillips becoming the largest pure-play, upstream independent in North America (see Daily GPI, July 15, 2011). The companies would be headquartered in Houston. Chairman and CEO Ryan Lance would lead ConocoPhillips. Phillips 66, to be traded on the New York Stock Exchange as “PSX,” would be led by Chairman and CEO Greg Garland and would comprise the refining and marketing; midstream and chemicals businesses.
People
Western Energy Alliance’s (WEA) board of directors has selected Tim Wigley to be the trade association’s new president. Wigley comes to WEA from PAC/WEST, where he managed the firm’s Washington, DC, operations. From 1998-2002 Wigley served as president of the Oregon Forest Industries Council, an organization dedicated to protecting and promoting the interests of industrial forestland owners. WEA represents 400 companies engaged in all aspects of environmentally responsible exploration and production of oil and natural gas in the West.
People
Western Energy Alliance’s (WEA) board of directors has selected Tim Wigley to be the trade association’s new president. Wigley comes to WEA from PAC/WEST, where he managed the firm’s Washington, DC, operations. From 1998-2002, he served as president of the Oregon Forest Industries Council, an organization dedicated to protecting and promoting the interests of industrial forestland owners. WEA represents 400 companies engaged in all aspects of environmentally responsible exploration and production of oil and natural gas in the West.
People
The board of directors of Range Resources Corp. has approved several management changes in preparation for the transition of CEO John Pinkerton to the role of executive chairman on Jan. 1. Current COO Jeff Ventura previously was named the new CEO. In addition, the board has promoted Ray Walker to senior vice president and COO. Walker is to oversee all of Range’s operations and would continue to lead the company’s environmental, safety, regulatory and best practices programs. Alan Farquharson has been promoted to senior vice president of reservoir engineering and economics. Farquharson is to oversee the corporate reservoir engineering as well as the long-range planning function. Ralph Tijerina has been promoted to vice president of safety and environmental. Mark Whitley, promoted to senior vice president of the Northern Appalachia and Southwest Division, is to continue to oversee operations of the Marcellus Shale along with Range activities in Texas and New Mexico.
Gazprom Doubts European Shale Prospects
The board of directors of Russian natural gas giant OAO Gazprom sounded another blast on its shale gas alarm last Tuesday, questioning the environmental and economic viability of the process that is overhauling North American markets and promising to do the same in Europe.
