Apache Corp. is picking up 254,000 net acres in the Granite Wash, Tonkawa, Cleveland and Marmaton plays in Oklahoma and Texas with estimated proved reserves of 71.5 million boe through a $2.85 billion deal to acquire privately held Cordillera Energy Partners III LLC, the Houston-based company said Monday.
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Horn River Midstream Operations to Expand
Quicksilver Resources Inc. and Kohlberg Kravis Roberts & Co. LP (KKR) said Tuesday they plan to jointly construct and operate natural gas midstream services to support producers operating in Canada’s Horn River Basin.
Eagle Ford Is a Star in Marathon’s 2012 Plans
A healthy slice of Marathon Oil Corp.’s $4.8 billion capital, investment and exploration budget for next year is targeted at the Eagle Ford Shale play in South Texas as the company continues to focus on liquids-rich assets in the United States.
Bakken Drilling Not Slowing, S&P Analyst Says
Countering recent reports that drilling activity in the Bakken Shale play in North Dakota was being cut back, an analyst with Standard & Poor’s Ratings Services (S&P) told NGI’s Shale Daily Monday that drilling and production was still “full steam ahead,” although margins may compress some next year.
Houston Company Makes Big Find in Alaska
Houston-based Escopeta Oil Co. LLC’s discovery of an estimated 3.5 Tcf of natural gas in Alaska’s Cook Inlet could be the region’s biggest discovery in decades and could go a long way toward meeting the heading and power generation demand in the state’s Southcentral region.
Houston Company Makes Big Find in Alaska
Houston-based Escopeta Oil Co. LLC’s discovery of an estimated 3.5 Tcf of natural gas in Alaska’s Cook Inlet could be the region’s biggest discovery in decades and could go a long way toward meeting the heading and power generation demand in the state’s Southcentral region.
Buying Shale Gas Assets Is Risky Business, Says Study
With the bar continually raised on the estimated ultimate recoveries (EUR) from wells drilled in U.S. shale gas plays, determining how to value unconventional acreage is proving to be a diverse, complicated process, according to a new report.
EIA: Peak Storage Capacity Up 1% Since April 2010
Peak working capacity of underground natural gas storage for the Lower 48 was an estimated 4,103 Bcf in April, up 1% compared with 4,049 Bcf in April 2010, the Energy Information Administration said Wednesday. Working design capacity also increased by about 1% to 4,388 Bcf, EIA said.
Industry Briefs
Anschutz Exploration Corp. has exited the Bakken Shale play after closing the sale of its remaining operated and nonoperated oil and gas producing properties in the Williston Basin, including undeveloped acreage, to an undisclosed Canadian oil company for $115 million. The deal comes less than a year after the company sold 180,000 net acres to Oxy USA in December 2010 for $1.4 billion.
SEC Said to Be Probing Possible ‘Overbooking’ of Shale Reserves
The Securities and Exchange Commission (SEC) “recently began serving” subpoenas on producers active in natural gas shale development, according to Baird Equity Research, which cited an “attorney advertisement” issued by Houston law firm Fulbright & Jaworski as its source.