Eagle Ford Oil & Gas Corp. has signed a letter of intent to acquire a 25% nonoperated working interest in 5,990 acres in Borden County, TX, the Houston-based independent said Wednesday.
Interest
Articles from Interest
Vanguard Buying Oily Assets From Denbury Resources
Vanguard Natural Resources LLC is acquiring all of Denbury Resources Inc.’s interest in Dallas-based Encore Energy Partners LP (ENP) for $380 million, the parties said last week. The “oil-focused” deal gives Vanguard more than 43 MMBoe of estimated proved reserves, about one-third natural gas.
Vanguard Picking Up Oily Assets From Denbury Resources
Vanguard Natural Resources LLC is acquiring all of Denbury Resources Inc.’s interest in Dallas-based Encore Energy Partners LP (ENP) for $380 million, the parties said Wednesday. The “oil-focused” deal gives Vanguard more than 43 MMBoe of estimated proved reserves, about one-third natural gas.
Industry Brief
Chesapeake Energy Corp. and China’s CNOOC Ltd. have closed their deal for CNOOC International Ltd. to buy a one-third undivided interest in Chesapeake’s 600,000 net oil and natural gas leasehold acres in the Eagle Ford Shale in South Texas, the parties said Tuesday. The price was $1.08 billion in cash plus a $40 million adjustment at closing. CNOOC Ltd. has agreed to fund 75% of Chesapeake’s share of drilling and completion costs up to $1.08 billion, which Chesapeake expects to occur by year-end 2012. The transaction represents Chesapeake’s fifth such deal in the shale patch. It was announced last month (see Shale Daily, Oct. 12).
Liquids Production Growth Leads Devon to Strong Earnings
The North American shales have been good to Devon Energy Corp. as evidenced by the company’s strong 3Q2010 earnings revealed this week. The Oklahoma City-based exploration and production (E&P) company said it set new quarterly production records in both its Barnett and Cana-Woodford shale plays.
Industry Briefs
State Review of Oil & Natural Gas Environmental Regulations Inc. (STRONGER), a nonprofit organization whose board is composed of state, industry and public interest representatives, will be conducting a review of the hydraulic fracturing portions of the oil and gas regulatory program of the Louisiana Department of Natural Resources Office of Conservation against guidelines developed by STRONGER. A report containing review team findings will be made available to interested parties. The organization recently conducted a similar review in Pennsylvania (see Daily GPI, Sept. 24).
Industry Brief
Cheniere Energy Inc. has closed the sale of its 30% limited partner interest in Freeport LNG Development LP for net proceeds of approximately $104 million to ZHA FLNG Purchaser LLC, an entity formed by Zachry American Infrastructure LLC and Hastings Funds Management USA Inc. on behalf of institutional investors, Cheniere said. Net proceeds are to be used to pay down a portion of the $400 million, 9.75% term loan held by a Cheniere subsidiary, the company said (see Daily GPI, April 26). The transaction is in line with Cheniere’s strategy of improving its capital structure and reducing debt.
Industry Brief
Cheniere Energy Inc. has agreed to sell its 30% limited partner interest in Freeport LNG Development LP to Zachry American Infrastructure LLC, a member of the Zachry group of companies in San Antonio, TX, and Hastings Funds Management (USA) Inc., a subsidiary of Westpac Banking Corp., which is acting on behalf of institutional investors. Net proceeds of about $104 million will be used to pay down a portion of the $400 million, 9.75% term loan held by a Cheniere subsidiary. The transaction is in-line with Cheniere’s strategy of improving its capital structure and reducing debt, the company said, and is expected to close in the second quarter subject to due diligence and regulatory approvals. Freeport LNG Development owns and operates an LNG receiving and regasification terminal on Quintana Island in Texas. Houston-based Cheniere is primarily engaged in LNG related businesses and owns and operates the Sabine Pass LNG terminal and Creole Trail pipeline in Louisiana.
Industry Brief
Cheniere Energy Inc. has agreed to sell its 30% limited partner interest in Freeport LNG Development LP to Zachry American Infrastructure LLC, a member of the Zachry group of companies in San Antonio, TX, and Hastings Funds Management (USA) Inc., a subsidiary of Westpac Banking Corp., which is acting on behalf of institutional investors. Net proceeds of about $104 million will be used to pay down a portion of the $400 million, 9.75% term loan held by a Cheniere subsidiary. The transaction is in-line with Cheniere’s strategy of improving its capital structure and reducing debt, the company said, and is expected to close in the second quarter subject to due diligence and regulatory approvals. Freeport LNG Development owns and operates an LNG receiving and regasification terminal on Quintana Island in Texas. Houston-based Cheniere is primarily engaged in LNG related businesses and owns and operates the Sabine Pass LNG terminal and Creole Trail pipeline in Louisiana.
Sempra Selling Energy Trading JV Interest
With the prospect of walking away with more than $2 billion, Sempra Energy now plans to sell its remaining interest in its joint venture (JV) energy trading business with the Royal Bank of Scotland (RBS), CEO Donald Felsinger said Thursday.