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Continuing its strategy of increasing its acreage in the liquids-rich Bakken Shale and Three Forks Formation, a QEP Resources Inc. subsidiary has entered into two deals with multiple sellers to acquire “significant crude oil development properties” in the Williston Basin for an aggregate purchase price of close to $1.38 billion.

Littleton, CO-based American Eagle Energy Corp. expanded its existing carry agreement to accelerate drilling. Last May the company entered into a six-well carry agreement; the amended agreement extends the terms of the financing to an additional four wells, all of which will be drilled in the Bakken or Three Forks zones of its Spyglass Project. “The expansion of our existing carry agreement…allows us to continue aggressively pursuing our development program within the Spyglass Property while minimizing our capital outlay,” said President Brad Colby. The expansion of the scope of the agreement allows American Eagle to contract a second drilling rig to begin drilling infill locations on the Spyglass property. American Eagle expects a second Nabors Drilling rig to arrive by the middle of September and anticipates drilling and completing a total of 12 gross wells (4.2 net) with the two rigs by the end of 2012, including all 10 wells covered by the amended carry agreement.

The ability to convert shale and tight sands formations into affordable natural gas and oil is “the game changer” for the United States “because it changes the most important game in the world, the game of war,” global intelligence expert George Friedman said last Wednesday.

Converting shale and tight sands formations into affordable natural gas and oil reserves have become the true “game changer” for the United States “because it changes the most important game in the world, the game of war,” according to global intelligence expert George Friedman.

Tropical storm activity in the Atlantic basin was somewhat more threatening last week, with one hurricane slamming into the coast of Mexico and other systems churning across the Atlantic. Meanwhile, two prominent forecasters said they expect more storms to form this year than they had previously forecast.

With the natural gas price slump now being measured in terms of years instead of months, producers continue to pull rigs from dry gas unconventional plays to pursue oil targets, according to NGI’s Shale Daily Unconventional Rig Count.

FERC has approved a request to place into service a fourth storage cavern at the Southern Pines Energy Center in eastern Mississippi. The project originally was proposed by Houston-based SG Resources Mississippi LLC, but it was acquired by PAA Natural Gas Storage LP (PNG) for $750 million in early 2011 (see Daily GPI, Dec. 30, 2010).

FERC has approved Northwest Pipeline GP’s request to place into service two new pipelines that were relocated away from the Chevron Mining operations in Wyoming, which the pipeline company claims were responsible for causing cracks in its existing system.

Following a series of tests indicating that water from private wells in Dimock Township, PA, is safe to drink, the U.S. Environmental Protection Agency (EPA) on Wednesday said it has determined “that there are not levels of contaminants present that would require additional action by the agency” and it has no plans to further test water samples in the township.