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Penn Virginia Makes Its Big Eagle Ford Buy

Penn Virginia Makes Its Big Eagle Ford Buy

Penn Virginia Corp. (PVA) is opening its Eagle Ford Shale oil window wider with the acquisition of 40,600 gross acres (19,000 net) in Gonzales and Lavaca counties, TX, for $401 million from Magnum Hunter Resources Corp. (MHR), which has set its sights, in part, on the Pearsall Shale.

April 4, 2013
Well Freeze-Offs Muddling NatGas Production Data, Says Barclays

Well Freeze-Offs Muddling NatGas Production Data, Says Barclays

Determining whether Lower 48 state natural gas onshore production is falling is proving to be a difficult task because of the variable winter, but the aggregate amount of production curtailments from well freeze-offs “point to peak supply losses of as much as 1.8 Bcf/d,” according to Barclays Capital.

April 4, 2013
GMX Resources Seeks Protection Through Chapter 11 Filing

GMX Resources Seeks Protection Through Chapter 11 Filing

GMX Resources Inc. (GMXR) announced Monday that it has filed for Chapter 11 bankruptcy, and is looking to finalize an asset purchase agreement with holders of the company’s senior secured notes to acquire all of GMXR’s operating assets and undeveloped acreage.

April 3, 2013

Interior to Withhold Mineral Funds, Irking Wyoming Governor

Wyoming Gov. Matt Mead last week laid down the gauntlet to an edict by the U.S. Interior Department to withhold payment of mineral revenues to his state because of federal sequestration. Wyoming is faced with not receiving more than $53 million due over a five-month period through July.

April 1, 2013

Interior Plan to Withhold Mineral Revenue Irks Wyoming Governor

Wyoming Gov. Matt Mead laid down the gauntlet Tuesday to a proposal by the U.S. Interior Department to withhold payment of mineral revenues to his state because of federal sequestration. Wyoming is faced with not receiving more than $53 million due this month through July.

March 28, 2013

PA DEP Chief Krancer Quits; Interim Replacement Criticized

Pennsylvania Gov. Tom Corbett announced Friday that Michael Krancer, secretary of the state Department of Environmental Protection (DEP), will step down on April 15 and return to practice law in Philadelphia. But the decision to replace him on an interim basis with the governor’s deputy chief of staff is being derided by Krancer’s predecessor, John Hanger.

March 25, 2013

North Dakota Gas, Oil Production Declines

North Dakota regulators reported a decline in month-over-month production for both oil and gas in January, and weather conditions attributed to the drop may keep production down well into May, according to Lynn Helms, director of the Department of Mineral Resources (DMR).

March 25, 2013

Hearing Scheduled for D&L Energy Shutdown Appeal

The Ohio Oil and Gas Commission has scheduled a hearing for D&L Energy Inc.’s motion for stay of the Ohio Department of Natural Resources’ (ODNR) decision to shut the company down after oilfield waste was dumped illegally in late January.

March 15, 2013

Marcellus Water Study Finds Chloride and TSS Risk, But Spill Unlikely

Water samples taken downstream of facilities authorized to treat wastewater from natural gas wells in the Marcellus Shale had elevated concentrations of chloride but not total suspended solids (TSS), although the obverse was true in samples collected downstream of watersheds with shale gas wells drilled on them, according to a report published in the Proceedings of National Academies of Sciences (PNAS).

March 13, 2013

A ‘Miss’ in Lime Sale for Chesapeake?

The deal that Chesapeake Energy Corp. made last week to sell half of its leasehold in the Mississippian Lime was calculated at around $2,500/acre gross, or less than $1,000/acre net, not necessarily the price that the market had been expecting. Energy analysts said the lower-than-expected price may be attributed to several things: foreign firms getting more savvy about undeveloped leaseholds, the company’s hurry to fix its balance sheet, or perhaps the value of the formation itself.

March 4, 2013