PetroQuest Energy said it purchased about 8.8 Bcf of proved natural gas reserves in the Arkoma Basin of Oklahoma from an unnamed private company for $13.5 million. The company expects to allocate $2 million of the purchase price to unevaluated acreage. The reserves are 47% proved developed producing. Development costs for the proved undeveloped reserves are estimated at $0.74/Mcf. The acquisition will initially add 1.5 MMcf/d of production. “This acquisition expands our existing operations in the Arkoma Basin, adding approximately 6,000 net acres adjacent to our current acreage position and approximately 28 miles of pipeline and infrastructure in Pittsburg County, OK,” said CEP Charles T. Goodson. “This brings our total ownership to over 12,000 net acres and 36 miles of pipeline in the area.”
Oklahoma
Articles from Oklahoma
Kerr-McGee Commissions Independent Audit of Reserves
Oklahoma City-based Kerr-McGee Corp. on Thursday became the latest independent to commission a third-party review of its proved and probable reserves. Until now, the producer had been one of the few in its peer group, which includes Anadarko Petroleum Corp. and Pioneer Natural Resources Corp., to not use a third party to review its reserves bookings on a regular basis.
Kerr-McGee Commissions Independent Audit of Reserves
Oklahoma City-based Kerr-McGee Corp. on Thursday became the latest independent to commission a third-party review of its proved and probable reserves. Until now, the producer had been one of the few in its peer group, which includes Anadarko Petroleum Corp. and Pioneer Natural Resources Corp., to not use a third party to review its reserves bookings on a regular basis.
Industry Brief
Aspen Group Resources Corp. has signed a binding Letter of Intent (LOI) with Oklahoma-based Crusader Energy Corp. to sell its U.S. oil and natural gas assets for $22 million cash, pending closing adjustments. The LOI proposes the sale of all of Aspen’s U.S. oil and gas production and reserves, which equates to approximately 3,600 Mcfe/d of production and approximately 26.4 Bcfe of proven reserves. The reserves are approximately 88% natural gas. Aspen’s wholly owned subsidiary United Cementing and Acidizing Co. is not included in the sale. Crusader is a new entity funded by an equity investment made by Kayne Anderson Capital Advisors LP and David D. LeNorman. The transaction’s effective date is June 1, 2004, and closing is expected to occur by Oct. 1, 2004.
Regulators Suggest North American Producers Ramp Up Unconventional Gas Resources
With natural gas supplies continuing their downward trend, Oklahoma Energy Secretary David Fleischaker said Monday that unconventional natural gas resources and new northern gas pipelines should be the main focus for North American producers going forward — not liquefied natural gas (LNG).
Chesapeake Energy Pays $510M for 515 Bcfe in Midcontinent Reserves
Looking to expand both its acreage and proven natural gas and oil reserve base, Oklahoma City, OK-based Chesapeake Energy Corp. has entered into agreements to acquire $510 million of Midcontinent, Permian Basin and onshore Gulf Coast oil and gas assets through recent agreements to acquire privately-owned Concho Resources Inc. for $420 million and two smaller property acquisitions totaling $90 million.
Aspen Files Lawsuit Against Former CEO for Alleged Embezzlement
Oklahoma City-based independent producer Aspen Group Resources Corp. is suing its former chairman and CEO for alledgedly misappropriating funds and engaging in a “patter of conduct to conceal his activities” from the company board.
Aspen Files Lawsuit Against Former CEO for Alleged Embezzlement
Oklahoma City-based Aspen Group Resources Corp., a small independent producer focused on the Midcontinent region of the United States and western Canada, revealed last Friday that it has filed a lawsuit in the District Court of Canadian County, OK, against Jack Wheeler, the company’s former chairman and CEO. Aspen alleges that Wheeler misappropriated funds and assets and “engaged in a pattern of conduct to conceal his actions from the board of directors.”
Chesapeake Seals $300 Million Oneok Mid-Continent Asset Purchase
Wrapping up its previously announced acquisition, Oklahoma City-based Chesapeake Energy Corp. said it has completed the purchase of Mid-Continent gas assets from a wholly-owned subsidiary of Tulsa-based Oneok, Inc. for $300 million.
Chesapeake Seals $300 Million Oneok Mid-Continent Asset Purchase
Wrapping up its previously announced acquisition, Oklahoma City-based Chesapeake Energy Corp. said it has completed the purchase of Mid-Continent gas assets from a wholly-owned subsidiary of Tulsa-based Oneok, Inc. for $300 million.
