Frac

Canadian producers are riding shale gas technology imported from the United States to complete an about-face in drilling targets next year by switching over to tight oil formations.

Oilfield services provider Platinum Energy Solutions Inc. filed plans with the Securities and Exchange Commission to sell up to $300 million of common stock in an initial public offering. The Houston-based company, which specializes in hydraulic fracturing in unconventional oil and natural gas plays, coiled tubing and other pressure pumping services, has operations in Texas and northwestern Louisiana. Platinum’s “quintuplex” pumping units are capable of delivering up to 2,500 hydraulic horsepower with an 80% efficiency, according to the company. Platinum said it has applied to list its stock on the New York Stock Exchange under the ticker FRAC.

New Jersey Gov. Chris Christie could issue a conditional veto over a bill banning hydraulic fracturing (fracking) by sending the measure back to the legislature and asking for changes.

The growth of natural gas liquids (NGL) production from North American shale plays helped Enterprise Products Partners LP (EPD) set a net income record in 2010, according to COO Jim Teague.