Double Eagle Energy Holdings and private equity firm Apollo Global Management have formed a partnership to invest in oil and natural gas properties in Oklahoma, focusing primarily on the Anadarko and Ardmore basins. Fort Worth, TX-based Double Eagle already has more than 500,000 acres across Texas and the Midcontinent, according to Co-CEO Cody Campbell. The partnership with Apollo “will provide a great opportunity to expand and continue our land-centered approach to oil and gas asset acquisition, which has proven successful over the last several years,” he said. Last year, Apollo led a consortium of private equity investors in a $7.15 billion leveraged buyout of El Paso Corp.’s exploration and production business, which included an array of liquids-rich U.S. unconventional property extending across Texas, Louisiana, the Raton Basin and the Rocky Mountains (see Shale Daily, Feb. 28, 2012).
Mountains
Articles from Mountains
Voyager, Emerald Combo Strengthens Rockies Unconventional Focus
Denver-based explorer Voyager Oil & Gas Inc. on Tuesday agreed to buy a unit of Australia’s Emerald Oil & Gas NL in a deal that would create a U.S.-based Rocky Mountains operator focused on established and emerging unconventional oil and natural gas plays.
Northeast, Rockies Firm in Overall Flat Trading; Futures Sink
Physical natural gas prices on average were unchanged Tuesday with some Northeast points showing strength along with the Rocky Mountains. Following Monday’s strength, futures prices reverted to the recent trend of probing lower as market technicians fear the worst and point to the likelihood of prices as much as a dollar lower by August. At the close of futures trading, May had retrenched 6.5 cents to $1.951 and June had fallen 6 cents to $2.048. May crude oil added $1.27 to $104.20/bbl.
Rocky Mountains, Northeast Points Lead Market Lower; Futures Ease
The cash market on average dropped a dime Tuesday with Northeast points and the Rocky Mountains taking the biggest hits. Volatile weather prompted New England losses, but the Great Lakes and Texas points were weak as well. At the close of futures trading April had fallen 1.8 cents to settle at $2.208 after having ventured as low as $2.176. May lost 2.5 cents to $2.294. May crude oil rose 30 cents to $107.33/bbl.
Shale Gas, Oil Creating New World Order, Says IHS CERA’s Yergin
IHS CERA chairman Daniel Yergin, whose expertise about all things energy has made him a go-to authority, said Tuesday the world’s energy supply and demand picture is less clear today than it was a year ago.
Oilfield Service Company Pleads Guilty to Fracking-Related Violation
A Houston-based oilfield services company Tuesday pleaded guilty to a violation of the Clean Water Act (CWA) in connection with the hydraulic fracturing (fracking) of a natural gas well in Oklahoma, according to the Department of Justice (DOJ).
Anadarko Hastens Drilling, Boosts Liquids Volumes
Anadarko Petroleum Corp. keeps drilling faster all the time, particularly in the Rocky Mountains, the southern and Appalachia regions, according to the company’s latest operations update. Second quarter earnings got a lift from record sales volumes of liquids production.
Anadarko Hastens Drilling, Boosts Liquids Volumes
Anadarko Petroleum Corp. keeps drilling faster all the time, particularly in the Rocky Mountains, the southern and Appalachia regions, according to the company’s latest operations update. Second quarter earnings got a lift from record sales volumes of liquids production.
Industry Brief
The Wallow wildfire in eastern Arizona’s White Mountains on Wednesday was threatening energy facilities operated by UniSource Energy Corp.’s Tucson Electric Power (TEP) utility, but a utility spokesperson told NGI there was no immediate danger and outages so far had been avoided. Expanding at four to five miles daily, the fire has cut across 311,000 acres of dense pine forests running near TEP’s north-south transmission power lines and coal-fired generation complex at Springerville, AZ. Under threat are the two power lines that carry 1,100 MW of power from Springerville and San Juan Generating Stations into the greater Tucson area. If the fire came close enough to the power lines to shut them down, TEP can bring on additional local generation and coordinate with other utilities to avoid outages, a spokesperson said.
George Washington Forest Plan Would Ban Horizontal Drilling
A new draft management plan for the 1.1-million-acre George Washington National Forest (GWNF) in the Appalachian Mountains of Virginia, West Virginia and Kentucky would allow gas leasing on one million acres but prohibit horizontal drilling on all federal leases.
