Oklahoma

Constellation Energy Partners LLC (CEP) expanded its coalbed methane (CBM) and gas shale holdings in the Cherokee Basin of Oklahoma by closing its previously announced acquisition of AMVEST Osage Inc, a subsidiary of privately held AMVEST Corp., for about $240 million.

Constellation Energy Partners LLC (CEP) expanded its coalbed methane (CBM) and gas shale holdings in the Cherokee Basin of Oklahoma with an agreement to buy AMVEST Osage Inc. from the Osage Indian Nation for $240 million. The sale is expected to close by the end of the month.

Constellation Energy Partners LLC (CEP) expanded its coalbed methane (CBM) and gas shale holdings in the Cherokee Basin of Oklahoma with an agreement to buy AMVEST Osage Inc. from the Osage Indian Nation for $240 million. The sale is expected to close by the end of the month.

ONEOK Partners LP said Monday it wants to build a 440-mile natural gas liquids (NGL) pipeline that would extend from southern Oklahoma through the Barnett Shale in North Texas to the Texas Gulf Coast.

PetroSales announced a new oil and gas divestment package including 7,465 net acres under lease in the Anadarko Basin of Oklahoma. Reserves include six oil and gas properties and 14 possible drilling locations, plus facilities including gathering and production equipment. Antares Energy Co. retained PetroSales to conduct a negotiated divestiture of these assets. As an Australian company venturing into the United States, Antares and its partners first acquired the acreage in 2004, drilling four wells including two redrills of undeveloped and unproduced Morrow discoveries. Antares has elected to divest all of its interests, which are in Ellis and Beaver Counties, OK, and Lipscomb County, TX, and focus on its present core area of operations along the Texas Gulf Coast. The combined gross production averaged over the three months ending Dec. 31, 2006, was 1,648 Mcf/d of natural gas and 74 b/d of crude with net production of 536 Mcf/d of gas and 23 b/d of crude. Antares’ net operating income has averaged $118,175 per month. Active zones from the company’s six wells include the Lower Morrow gas sand, the Upper Des Moines oil sand, the Atoka condensate sand and the Tonkawa sand. Additional behind pipe potential has been identified in the Des Moines on two wells, and also 14 possible drilling locations to test the Morrow, Atoka, Des Moines, Cleveland and Tonkawa potential on their acreage. Recent horizontal drilling in the Cleveland formation nearby has yielded flow rate up to 1200 b/d of oil with 3.3 MMcf/d of gas resulting in a significant increase in reserves for this play, PetroSales said. Offers have been requested by March 23. See www.petrosales.com to download an offering summary.

Chesapeake Energy Corp. last week reported year-end 2006 proved reserves grew 20% to 9 Tcfe, up from 7.5 Tcfe in 2005. The Oklahoma City-based independent, which will unveil its quarterly and yearly earnings on Feb. 22, replaced 348% of production last year, which included 237% organically through drilling and 111% through acquisitions.

Chesapeake Energy Corp. reported Monday its year-end 2006 proved reserves grew 20% to 9 Tcfe, up from 7.5 Tcfe in 2005. The Oklahoma City-based independent, which will release its results on Feb. 22, said it replaced 348% of production last year, which included 237% organically through drilling and 111% through acquisitions.

Oklahoma City-based independent Devon Energy Corp. is selling its oil and natural gas assets in Egypt and is terminating all of its operations there. The assets, which Devon obtained when it purchased Ocean Energy in 2003, will help the producer focus more of its exploration efforts in North America.

Oklahoma City-based Gulfport Energy Corp. reported late Thursday that a portion of the company’s production has been restored at the West Cote Blanche Bay field in southern Louisiana following a tug boat and barge accident last month that ruptured a natural gas pipeline and killed four people.