Newly formed Red Wolf Natural Resources LLC has acquired 56,000 net acres and associated production in Oklahoma’s myriad reservoirs that include the Anadarko Basin.
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Kathryn Klaber, who has helmed the industry-led Marcellus Shale Coalition (MSC) as CEO for almost four years, is stepping down. She was selected to lead the newly formed organization in late 2009 and is expected to help in the transition over the next few months. “Pennsylvania is now producing nearly 10% of the nation’s natural gas,” Klaber said. “Our industry’s work has been described as ‘revolutionary’ and ‘game-changing.’ The work of the MSC, collaborating with public officials, has helped create the climate for growth of an industry that has delivered on its promises to create American jobs, increase our energy security, while holding safety and environmental performance as paramount.” The oil and gas industry over the past few years “has faced and collectively overcome a host of challenges,” said MSC Chair Dave Spigelmyer, who is Chesapeake Energy Corp. vice president of government affairs. “Katie’s results-oriented leadership and proven ability to identify and collaboratively tackle these challenges has brought incredible value to our industry.”
New Eagle Ford Player Gets $100M in Backing
Post Oak Energy Capital and funds managed by Goldman Sachs Asset Management have made a $100 million capital commitment to PetroEdge Energy III LLC, a newly formed oil and gas company based in Houston and focused on the Eagle Ford Shale.
SandRidge Founder Tom Ward Ousted
SandRidge Energy Inc. founder Tom Ward, the company’s only chairman and CEO since it was formed in 2006, was ousted last week by the board of directors, which said its decision was “in the best interests of the company and its shareholders at this time.”
Industry Brief
Double Eagle Energy Holdings and private equity firm Apollo Global Management have formed a partnership to invest in oil and natural gas properties in Oklahoma, focusing primarily on the Anadarko and Ardmore basins. Fort Worth, TX-based Double Eagle already has more than 500,000 acres across Texas and the Midcontinent, according to Co-CEO Cody Campbell. The partnership with Apollo “will provide a great opportunity to expand and continue our land-centered approach to oil and gas asset acquisition, which has proven successful over the last several years,” he said. Last year, Apollo led a consortium of private equity investors in a $7.15 billion leveraged buyout of El Paso Corp.’s exploration and production business, which included an array of liquids-rich U.S. unconventional property extending across Texas, Louisiana, the Raton Basin and the Rocky Mountains (see Shale Daily, Feb. 28, 2012).
Industry Brief
U.S. Capital Advisors LLC (USCA) has made a $24.1 million preferred equity investment in newly formed Badger Midstream Energy LP. The investment from USCA clients combined with a “significant” investment from the company’s general partner and an additional outside investor allowed Badger Midstream to complete its acquisition of Midstream Energy Services LLC (MES), a private midstream company based in Tulsa, OK. MES and the contribution by High Point Energy LLC of 100% of Dry Trails Midstream Energy LLC will now form the base set of assets under Badger, the company said. “Our primary goal now is to increase the utilization, optimization, and performance of these combined assets, ” said Badger Midstream CEO Alex Bucher.
EPA Forms Expert Advisory Board on Fracking
The U.S. Environmental Protection Agency’s (EPA) independent Science Advisory Board (SAB) has formed a Hydraulic Fracturing Research Advisory panel of independent experts to peer review the EPA’s 2014 draft report of results for its national study on potential health and environmental impacts of hydraulic fracturing on drinking water resources. EPA said the SAB panel will provide scientific feedback on EPA’s research in “an open and transparent manner.”
EPA Establishes Independent Advisory Board on Fracking Study
The U.S. Environmental Protection Agency’s (EPA) independent Science Advisory Board (SAB) has formed a Hydraulic Fracturing Research Advisory panel of independent experts to peer review the EPA’s 2014 draft report of results for its national study on potential health and environmental impacts of hydraulic fracturing on drinking water resources. EPA said the SAB panel will provide scientific feedback on EPA’s research in “an open and transparent manner.”
GOM Incident Strike Team Readied
An offshore reserve response team to control incidents in the deepwater Gulf of Mexico (GOM) has been formed by the Marine Well Containment Co. (MWCC) and Wood Group PSN.
NGV Fugitive Methane Emissions Under Microscope
The Environmental Defense Fund (EDF) and West Virginia University have formed a partnership with eight companies/groups to study the fugitive emissions of methane associated with the routine operation of natural gas fleet vehicles fueled by compressed or liquefied natural gas (LNG).