Funds

DOE Banking on Six Projects to Advance Oil, NatGas Production Techniques

Six U.S. projects to test technologies for oil and natural gas development, including four in unconventional plays, have been selected by the Department of Energy (DOE) to receive $30 million total for cost-shared research and development.

January 4, 2018
EnerVest Lender Not ‘Trying to Take Control’ of Assets

EnerVest Lender Not ‘Trying to Take Control’ of Assets

Houston-based EnerVest Ltd., one of the largest privately held onshore exploration operators in the United States, is working with its investors and lenders to recapitalize over-leveraged equity funds and may sell more assets to ensure it is in compliance. However, one of the funds is not about to be taken over by one of the lenders, a spokesman told NGI.

July 18, 2017

First Online Lease Auction ‘Big Win’ For Wyoming Lands Agency

Wyoming’s three designated funds collectively grossed nearly $30 million from the state’s first online oil and natural gas lease auction earlier this month, the Wyoming Office of State Lands and Investment (OSLI) said on Monday.

March 21, 2017

Brief — West Virginia Budget

West Virginia Gov. Earl Ray Tomblin’s spokesman said on Friday that the governor would veto a budget passed by the legislature on Thursday that uses $183 million of Rainy Day reserve funds and $62 million of one-time funds from various state accounts to balance a deficit. The state has been without a 2016-2017 budget since March when lawmakers failed to pass it after they couldn’t agree on tax increases and spending cuts (see Shale Daily,March 15). Instead they relied on the reserve and one-time funds to plug a $270 million shortfall. Tomblin’s office said the budget doesn’t address a $380 million shortfall that’s projected for fiscal years 2018 and 2019 and said tax increases are going to have to be a part of the solution. The state has long relied on coal and natural gas severance taxes to balance its budget, but the commodities downturn has strained its finances. It has already cut state spending on the falling revenues (see Shale Daily,Oct. 6, 2015). The state has projected a significant decline in FY 2016 severance tax collections, reflecting coal’s sustained fall and stagnant gas prices. A special session has been scheduled for June 12. If lawmakers don’t pass a budget by July 1, state government would shut down.

June 3, 2016

Pennsylvania, Ohio Could Avoid Oil, Gas ‘Resource Curse’ by Creating Permanent Trusts, Says Brookings

To avoid the unavoidable price volatility that accompanies oil and natural gas development, states that have become dependent on energy revenues should consider creating permanent trust funds that overcome boom-and-bust price cycles, the Brookings Institution said Tuesday.

April 19, 2016

Pennsylvania, Ohio Could Avoid Oil, Gas ‘Resource Curse’ by Creating Permanent Trusts, Says Brookings

To avoid the unavoidable price volatility that accompanies oil and natural gas development, states that have become dependent on energy revenues should consider creating permanent trust funds that overcome boom-and-bust price cycles, the Brookings Institution said Tuesday.

April 19, 2016

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.

July 24, 2013

USGS Finds Methane in Pennsylvania Water Wells Before Drilling

The U.S. Geological Survey (USGS) said it found naturally occurring dissolved methane at several household wells used for drinking water in Sullivan County, PA, during pre-drill baseline testing at sites not near existing oil and gas drilling in the Marcellus Shale.

June 21, 2013

Texas Targets Funds for Energy Patch Road Repair

Texas lawmakers have sent a bill to Gov. Rick Perry that would provide $225 million in general revenue funds to help repair and maintain county roads damaged by oil and gas production activity, mainly in the Permian Basin and Eagle Ford Shale regions.

May 30, 2013

ConocoPhillips Looks to Finance U.S. Development

ConocoPhillips, the largest U.S. independent by market value, plans to sell stakes in an Australian project and in the Canada oilsands to direct more funds to U.S. onshore plays, CEO Ryan Lance said Thursday.

March 4, 2013
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