Institutional

San Antonio-based Abraxas Petroleum Corp. is finalizing talks to sell its 25% working interest in the Nordheim Project in the Eagle Ford Shale to an institutional buyer for about $20 million, the company said Monday.

A Mexican government official said state-owned petroleum company Petroleos Mexicanos (Pemex) will spend $200 million over the next three years exploring two shale formations in the country for natural gas.

Fifty-five investment organizations and institutional investors with nearly $1 trillion in assets under management are pushing for implementation of “best practices” for hydraulic fracturing (fracking), according to a trio of shareholder groups — Boston Common Asset Management, the Investor Environmental Health Network (IEHN) and the Interfaith Center on Corporate Responsibility (ICCR) — which are spearheading the effort.

Institutional Shareholder Services (ISS) and Egan-Jones Proxy Services have recommended that Southern Union Co. shareholders vote in favor of the company’s proposed acquisition by Energy Transfer Equity LP, Southern Union said Monday. ISS said the Energy Transfer offer is “significantly higher than Southern Union’s all-time high trading price prior to the initial announcement of the merger.” Egan-Jones said the proposed deal is a “desirable approach in maximizing shareholder value.” A special meeting of shareholders is scheduled for 11 a.m. EST Dec. 9. Williams has also pursued Southern Union but has been repeatedly rebuffed (see Daily GPI, Oct. 13).

With activity heating up in several Permian Basin shale plays, Houston-based start-up Nuevo Midstream, LLC announced Wednesday it has secured a $65 million equity commitment to develop midstream infrastructure for natural gas producers in the Permian.

Less than two months after gaining a financially able partner to develop some of its Marcellus Shale acreage, Gastar Exploration Ltd. on Wednesday said it would buy another 59,000 net acres in the WestVirginia portion of the play.

Houston-based EV Energy Partners LP (EVEP) said Monday it has entered into an agreement with an institutional partnership managed by EnerVest, Ltd. to acquire natural gas properties in West Virginia for $59.5 million.

Independent proxy advisory firm Institutional Shareholder Services (ISS) has recommended that Aquila Inc. shareholders vote for the company’s plan to merge with Great Plains Energy Inc., Aquila announced Thursday.

Freeport LNG Development LP on Tuesday said it closed on $383 million of private placement note funding with nine institutional investors for the construction of the first phase of its liquefied natural gas (LNG) terminal on Quintana Island in Brazoria County, TX.