Directors of Australia-based Eureka Energy Ltd. have rejected a proposal from Fort Worth-based Lonestar Resources Inc. for Eureka to acquire Lonestar for scrip consideration. Eureka said it had expected to reject the proposal when it was received last week. “Nevertheless, over the weekend the company pursued discussions with Lonestar with the objective of securing a proposal on more favorable terms,” Eureka said. “The parties were unable to agree on terms, and consequently Lonestar has withdrawn the proposal.” An offer by Australia’s Aurora Oil & Gas Ltd. to acquire Eureka expires Friday (see Shale Daily, June 11). Both Aurora and Eureka have assets in the Eagle Ford Shale of South Texas, as does Lonestar. On Wednesday Eureka said “it is reasonable to accept” the Aurora offer after previously recommending that shareholders reject it.
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FTS International Ratings Cut on Moderating Frack Demand
Standard & Poor’s Ratings Services (S&P) has cut the corporate credit rating of Fort Worth, TX-based FTS International Services LLC, one of the top five hydraulic fracturing (fracking) service providers in North America, because it said capacity additions and rising costs, combined with moderating demand and low natural gas prices, are pressuring margins in the fracture stimulation industry.
SEC Tells Chesapeake, CEO to ‘Retain Certain Documents’
Chesapeake Energy Corp. and CEO Aubrey K. McClendon were notified last week by the Securities and Exchange Commission (SEC) that the Fort Worth, TX, regional office has launched an informal inquiry and “requested that the company and Mr. McClendon retain certain documents.” The inquiry “should not be construed as an indication that any violation of the federal securities laws has occurred.” The company and McClendon said they “intend to cooperate” in responding.
SEC Tells Chesapeake, CEO to ‘Retain Certain Documents’
Chesapeake Energy Corp. and CEO Aubrey K. McClendon were notified by the Securities and Exchange Commission (SEC) that the Fort Worth, TX, regional office has launched an informal inquiry and “requested that the company and Mr. McClendon retain certain documents,” the company said after the stock market closed on Thursday.
Chesapeake Confirms SEC Informal Inquiry
Chesapeake Energy Corp. and CEO Aubrey K. McClendon have been notified by the Securities and Exchange Commission (SEC) that the Fort Worth, TX, regional office has begun an informal inquiry and “requested that the company and Mr. McClendon retain certain documents,” the company said after the stock market closed on Thursday.
Range Seeing Double from Marcellus Completion Strategy
A new completion design doubled initial production (IP) rates from the Marcellus Shale in southwestern Pennsylvania for Range Resources, the Fort Worth, TX-based company said Thursday.
Range Seeing Double from Marcellus Completion Strategy
A new completion design doubled initial production (IP) rates from the Marcellus Shale in southwestern Pennsylvania for Range Resources, the Fort Worth, TX-based company said Thursday.
Tolar, TX, Hub Serving Intermittent Powergen Demand
Increasing reliance on natural gas-fired power generation in the Dallas-Fort Worth Metroplex has created a ready and willing market on the demand side of the Tolar Hub in Tolar, TX, while gas from the Barnett Shale and other area shale plays ensures abundant supply, according to hub operator NorTex Midstream Partners LLC.
Tolar, TX, Hub Serving Intermittent Powergen Demand
Increasing reliance on natural gas-fired power generation in the Dallas-Fort Worth Metroplex has created a ready and willing market on the demand side of the Tolar Hub in Tolar, TX, while gas from the Barnett Shale and other area shale plays ensures abundant supply, according to hub operator NorTex Midstream Partners LLC.
Range Production Up, On Track for 30% Growth in 2012
Continuing as one of the leading producers in the Marcellus Shale play, Fort Worth, TX-based Range Resources Corp. on Thursday reported increased production of natural gas, liquids and crude oil, while prices were down and initial results were in on Pennsylvania’s newly imposed natural gas impact fee. The fee’s initial charge put overall production taxes at about $13.6 million, or 23 cents/Mcfe, for the first quarter, Range said.
