Exploration

Continuing its current exploration and production acquisition strategy. Houston-based Rocky Mountain Energy Corp. (RMEC) said it has signed an agreement to purchase a group of oil and gas properties located in Wyoming, Utah, Nebraska and Colorado for $11.2 million.

Fourth quarter and full-year 2002 financial results for the small-cap exploration and production companies will benefit from strong oil and gas prices, but with few exceptions, most of last year’s volume growth came from acquisitions, according to a new report by Lehman Brothers analysts.

Fourth quarter and full-year 2002 financial results for the small-cap exploration and production companies will benefit from strong oil and gas prices, but with few exceptions, most of last year’s volume growth came from acquisitions, according to a new report by Lehman Brothers analysts.

Domestic oil and gas exploration and development (E&D) spending is expected to be flat (up 0.2%) this year as mid- to large-cap independents struggle with high debt-to-capitalization ratios and continue to divert capital to Canada and overseas for better rates of return. Most other operators (majors and small independents) show slight domestic budget increases, according to a spending survey of 190 E&P companies by Friedman, Billings, Ramsey & Co. (FBR).

Domestic oil and gas exploration and development (E&D) spending is expected to be flat (up 0.2%) this year as mid- to large-cap independents struggle with high debt-to-capitalization ratios and continue to divert capital to Canada and overseas for better rates of return. Most other operators (majors and small independents) show slight domestic budget increases, according to a spending survey of 190 E&P companies by Friedman, Billings, Ramsey & Co. (FBR).

Exploration and production (E&P) spending in 2003 is likely to be at least 20% higher than it was in 2002 because natural gas prices will generate substantially larger amounts of free cash flow, according to the latest “Stat Of the Week” by Raymond James Energy analysts.

Exploration and production (E&P) spending in 2003 is likely to be at least 20% higher than it was in 2002 because natural gas prices will generate substantially larger amounts of free cash flow, according to the latest “Stat Of the Week” by Raymond James Energy analysts.

Newfield Exploration Co. said Friday that it expects to produce about 183 Bcfe this year, an increase of 5% over production results in 2001. For the fourth quarter, the Houston independent expects production to range between 36-40 Bcf, or 390-435 MMcf/d.

North American exploration and production spending in 2003 will be more focused, shifting mostly toward Canadian and deep-shelf Gulf of Mexico (GOM) natural gas plays where there are “significant” opportunities to replenish U.S. gas supplies, according to a report by RBC Capital Markets analysts.