Post Oak Energy Capital and funds managed by Goldman Sachs Asset Management have made a $100 million capital commitment to PetroEdge Energy III LLC, a newly formed oil and gas company based in Houston and focused on the Eagle Ford Shale.
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Cash natural gas prices were unchanged on average in Friday for weekend and Monday trading. Northeast points managed gains as weather forecasts proved supportive, but Rocky Mountain points were steady to lower, and eastern points fell a couple of cents.
The Muskingum Watershed Conservancy District (MWCD) approved two separate agreements Friday to provide water from several managed lakes in eastern Ohio for approximately three months to Antero Resources and Gulfport Energy Corp. for Utica Shale operations.
Private equity (PE) upstream investor Ridgewood Energy Corp. is partnering with a fund managed by Riverstone Holdings LLC to invest more than $550 million in a series of deepwater exploration projects in the Gulf of Mexico (GOM).
Despite fierce competition, Gulfport Energy Corp. CEO Jim Palm said his company has managed to acquire additional acreage in the Utica Shale as it looks to determine type curves, well spacing and how long it should wait before bringing new wells into production.
Overall, the cash market averaged a 2-cent decline Tuesday, but the Northeast still managed to trade in volatile fashion as traders and marketers continued to adjust to restrictions on Algonquin Pipeline.
The cash market took a breather from bidweek activities and managed to trade less than a penny higher overall Wednesday. Weakness at Midwest points was made up by some strength in New England and eastern points as hot, humid weather was forecast for the next three days. At the close of futures trading September had eased 3.8 cents to $3.171 and October fell 4.1 cents to $3.171 as well. September crude oil added 85 cents to $88.91/bbl.
Cash prices gained and futures managed a reversal following news of a storage build that was larger than many industry experts were expecting, but much smaller than historical comparisons for the week.
With six weeks of discouraging news trailing behind it, Chesapeake Energy Corp. managed to get away for the three-day Memorial Day weekend with things looking a tad brighter — in some corners, perhaps. The stock price got a gentle nudge on the news that activist shareholder Carl Icahn is now one of the biggest shareholders, and some analysts now think that the stock price may have hit a bottom.