Horizontal

Callon Petroleum Co. has agreed to purchase more than 6,000 gross acres of both undeveloped and producing property, spread across four Texas counties in the Midland Basin, from undisclosed private sellers for $212.6 million in cash.

Dallas-based RSP Permian Inc. grew second quarter production by 43% from year-ago levels and 15% from the first quarter. Encouraging drilling results in the Permian Basin of West Texas prompted the company to lift its 2014 production estimate and raise capital spending.

Dallas-based RSP Permian Inc. is buying Permian Basin acreage and oil/gas producing properties in Glasscock County, TX, in multiple deals worth a combined $259 million in cash.

A junior oil and gas explorer based in Quebec has received a permit from the provincial government to drill its first horizontal well from an existing vertical wellbore in the eastern part of the province.

A series of precautions, some of which are already being used, can help reduce environmental and health risks associated with horizontal drilling and hydraulic fracturing (fracking), according to a study by researchers at West Virginia University (WVU).

Amid growing optimism that the energy economic cycle is taking a favorable turn, Canadian independent natural gas and oil producers are resuming building up supplies, largely by spreading the use of horizontal drilling and hydraulic fracturing.

July natural gas is expected to open 3 cents higher Monday morning at $4.57 as traders focus on near-term warming and discount longer-term forecasts of seasonal weather. Overnight oil markets were mixed.

Legislation that provides for a permanent, lowered tax rate for new oil and natural gas wells in Oklahoma is on its way to Gov. Mary Fallin, who is expected to sign it, after passing both houses of the state legislature.

Over the last five months, the number of horizontal drilling rigs targeting oil in the Permian Basin of West Texas and southeastern New Mexico has climbed by more than five dozen, according to the U.S. Energy Information Administration (EIA), marking a steep ramp-up in activity.