Farmout

Mexico Drumming Up Interest in Onshore Oil, Gas Farmout

Mexico Drumming Up Interest in Onshore Oil, Gas Farmout

Top executives from Petroleos Mexicanos (Pemex) and Mexican government officials hit the road last week to drum up interest in the national oil company’s latest batch of farmouts.

June 6, 2018
Second Pemex Deepwater Farmout Canceled by Mexican Upstream Regulator

Second Pemex Deepwater Farmout Canceled by Mexican Upstream Regulator

The Mexican upstream regulator has called off what would have been the second deepwater farmoutby Petroleos Mexicanos (Pemex) because of a lack of interest, while also authorizing the state-owned producer to carry out additional exploration work on the project.

December 12, 2017
Mexico Approves 10 Bidders for Pemex E&P Farmouts in October

Mexico Approves 10 Bidders for Pemex E&P Farmouts in October

Mexico’s National Hydrocarbons Commission (CNH) has approved the final list of participants in three farmout auctions scheduled for next week.

September 26, 2017

Farm-Out Considered a Can’t Lose Deal for Dominion

Dominion Resources Inc. is well into the process to secure a partner to farm-out about 100,000 prospective liquids-rich acres in West Virginia, offering a can’t-lose proposition for both sides, a spokesman said Monday.

September 17, 2013

Mesa Energy Building Mississippian Limestone Position

Dallas-based Mesa Energy Holdings Inc. has leased 1,525 net acres in Garfield and Major counties, OK, and has closed on a farmout agreement with Twenty/Twenty Oil & Gas Inc. covering 1,720 net acres that are held by production.

September 7, 2012

Energen, Chesapeake Team Up on Alabama Shales

Birmingham, AL-based Energen Resources Corp. signed a farmout agreement with Chesapeake Energy Corp. last Monday, setting aside a 50% stake in its 200,000-acre lease position in various shale plays in Alabama for $75 million in cash and a carried drilling interest.

October 23, 2006

Energen, Chesapeake Team Up on Alabama Shales

Birmingham, AL-based Energen Resources Corp. signed a farmout agreement with Chesapeake Energy Corp. Monday, setting aside a 50% stake in its 200,000-acre lease position in various shale plays in Alabama for $75 million in cash and a carried drilling interest.

October 17, 2006

Industry Briefs

EEX Corp. has entered into an asset purchase, farmout and joint exploration agreement with BP Exploration & Production Inc. BP acquired 75% of EEX’s current interest in 23 outer continental shelf (OCS) leases. Under the agreement, BP said it will conduct further leasing and geophysical activities in an area encompassing 140 OCS blocks. At the end of the initial evaluation period, BP may elect to commit to the drilling of up to three wells. The agreement also allows for EEX to be carried for its 25% interest of the costs of the initial evaluation period as well as the drilling of the first three exploration wells. Both companies said they are interested in pursuing exploration prospects in shallow waters of the Gulf of Mexico that EEX identifies as “deep shelf,” geological formations that are deeper than conventional Gulf of Mexico OCS oil and gas exploration and production. The companies were successful bidders on six federal offshore blocks at OCS Lease Sale No. 182 held in March, which are included in the agreement. The Minerals Management Service has awarded four of the blocks to date. EEX is an oil and natural gas exploration and production company with activities currently focused in Texas, Louisiana and the Gulf of Mexico.

June 3, 2002

Industry Briefs

Promax Energy entered into a farmout joint venture agreement with Trident Exploration Corp. of Calgary to develop coalbed methane (CBM) under its Cessford properties in Alberta. Terms of the joint venture include a 12-well pilot program with all costs of the test borne by Trident, which will earn the right to commence a commercial drilling project on customary oil and gas industry terms. CBM production has become a significant and rapidly growing source of natural gas supply in the U.S., and interest is increasing in the CBM potential of Western Canadian coals. The Promax acreage hosts both shallow and deeper coal seams of interest. “The extensive and contiguous Promax land position, coupled with its database of logs, samples and seismic lines, will allow Trident to move rapidly in identifying the most prospective areas and starting a pilot project,” said Trident President Jon Baker. “Access to the Promax gas infrastructure and drilling economies will enhance the commercial potential for CBM development.” Promax is focused on natural gas in southeastern Alberta. It is well positioned to play a key role in the development of 500,000 acres of shallow gas in the Cessford area of Alberta, including platform production from the Medicine Hat/Milk River zones and potential higher productivity from up to 15 other horizons.

January 14, 2002

Industry Briefs

Promax Energy entered into a farmout joint venture agreement with Trident Exploration Corp. of Calgary to develop coalbed methane (CBM) under its Cessford properties in Alberta. Terms of the joint venture include a 12-well pilot program with all costs of the test borne by Trident, which will earn the right to commence a commercial drilling project on customary oil and gas industry terms. CBM production has become a significant and rapidly growing source of natural gas supply in the U.S., and interest is increasing in the CBM potential of Western Canadian coals. The Promax acreage hosts both shallow and deeper coal seams of interest. “The extensive and contiguous Promax land position, coupled with its database of logs, samples and seismic lines, will allow Trident to move rapidly in identifying the most prospective areas and starting a pilot project,” said Trident President Jon Baker. “Access to the Promax gas infrastructure and drilling economies will enhance the commercial potential for CBM development.” Promax is focused on natural gas in southeastern Alberta. It is well positioned to play a key role in the development of 500,000 acres of shallow gas in the Cessford area of Alberta, including platform production from the Medicine Hat/Milk River zones and potential higher productivity from up to 15 other horizons.

January 10, 2002