Graded

U.S. Shales Ring Revenue Bell for India’s Reliance

India’s Reliance Industries Ltd. has made multiple bets on U.S. shale gas and they’re paying off, the company said when it released its fiscal first quarter 2014 results last Friday, which included an 84% hike in U.S. shale-derived revenue from a year ago.

July 23, 2013

Industry Brief

A recently combined and publicly held exploration and development company, Salt Lake City-based Richfield Oil and Gas Co., announced a purchase in the Graham Reservoir oilfield in Uinta County, WY. Richfield bought a shut-in well in the Wasatch National Forest (Well #16-15) from Frontier Energy for $610,000, including 640 acres of mineral leases. The company said the purchase gives it 100% working interest in a mineral lease in the Graham Reservoir, located approximately 120 miles northeast of Salt Lake City in southeastern Wyoming. The well has been shut in since 2003 and was completed in the Dakota Formation at 15,600 feet. Flow testing and production operations will get underway later in the first quarter. For Richfield, which is the product of the merger of Hewitt Petroleum Inc. and Freedom Oil & Gas Inc. in 2011, the acquisition is part of the process of “methodically building our reserve and production base” through graded acquisitions,” said CEO Douglas Hewitt.

January 16, 2013

Cabot Swaps Appalachian For Rockies’ Assets

Cabot Oil & Gas Corp. said it “high graded” its portfoliolast week with the announced sale of Appalachia properties toEnervest Management Co. for $46.2 million, and the subsequentpurchase of proved reserves in the Wyoming Green River Basin worth10.3 Bcfe. Cabot said proceeds from the sale were used both to helpfund the Wyoming acquisition and to repay debt. So far this yearCabot has sold 73.9 Bcfe of non-strategic reserves for $60 millionacross all regions.

September 27, 1999

Cabot Swaps Appalachian for Rockies’ Assets

Cabot Oil & Gas Corp. said it “high graded” its portfolioyesterday with the announced sale of Appalachia properties toEnervest Management Co. for $46.2 million, and the subsequentpurchase of proved reserves in the Wyoming Green River Basin worth10.3 Bcfe. Cabot said proceeds from the sale were used both to helpfund the Wyoming acquisition and to repay debt. So far this yearCabot has sold 73.9 Bcfe of non-strategic reserves for $60 millionacross all regions.

September 22, 1999