The Bakken Shale and underlying Three Forks formation in North Dakota are the latest targets for independent exploration and production company Breitling Oil and Gas Corp., which in 2011 reported progress in oil and gas projects in its focus areas in Texas, Oklahoma and Louisiana.
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Magnum Hunter Resources Corp. is raising its production guidance for this year and next year based upon better-than-expected well results, according to the Houston-based company. Magnum Hunter is currently producing 12,500 boe/d, compared to its 10,000 boe/d guidance for the year. The company expects to close out 2012 producing 14,500 boe/d, up from its previous projection of 13,000 boe/d. Magnum Hunter operates in the Marcellus, Eagle Ford and Bakken shales. “We are very fortunate to have three resource plays within our portfolio that are now ‘hitting on all cylinders’ and providing an increase in our overall production levels well above expectations,” said CEO Gary C. Evans. “This is especially rewarding when our management team has been able to achieve these milestones while also staying within our original capital budget plan.”
Enterprise, Enbridge Plan Open Seasons for Seaway Pipeline
Enterprise Products Partners LP (EPP) and Enbridge Inc. will hold concurrent open seasons Jan. 4-Feb. 10 to solicit capacity commitments from shippers for an expansion of their Seaway crude oil pipeline and an extension of the pipeline into the Port Arthur/Beaumont refining market in southeast Texas, the companies said.
Court Creates Uncertainty for Some Marcellus Gas Property Rights
The Pennsylvania Supreme Court has introduced a measure of uncertainty into some ownership claims for the resource rights to Marcellus Shale gas, ordering a lower court to consider whether the owner of the shale also owns the shale gas in the same manner that state law declares that coalbed methane belongs to the owner of the coal.
Court Creates Uncertainty for Some Marcellus Gas Property Rights
The Pennsylvania Supreme Court has introduced a measure of uncertainty into some ownership claims for the resource rights to Marcellus Shale gas, ordering a lower court to consider whether the owner of the shale also owns the shale gas in the same manner that state law declares that coalbed methane belongs to the owner of the coal.
Ohio House Passes Bill Allowing Drilling on State Land
The Republican-controlled Ohio House of Representatives passed HB 133 by a 54-41 vote on Wednesday. The measure opens land owned by the state — including state parks — to oil and gas leasing and creates a five-member Oil and Gas Leasing Commission.
Crestwood Buys Midstream Assets in Fayetteville, Granite Wash
Privately held Crestwood Midstream Partners LP has completed its acquisition of midstream assets in the Fayetteville Shale in northwest Arkansas and the Granite Wash play in the Texas Panhandle, the Houston-based company said. The deal was announced in February.
Hess LNG: Crown Landing Challenges Can Be Overcome
An affiliate of Hess LNG recently acquired BP’s 100% ownership interest in Crown Landing LLC, which was developing the Crown Landing LNG terminal on the Delaware River in Gloucester County, NJ. Hess LNG sees the site as a strategic location for an LNG facility, which could be completed about seven years from now, the company said last week.
Buyer Hess LNG to Give Crown Landing Project New Life
An affiliate of Hess LNG late last week acquired BP’s 100% ownership interest in Crown Landing LLC, which was developing the Crown Landing LNG terminal on the Delaware River in Gloucester County, NJ. Hess LNG sees the site as a strategic location for an LNG facility, which could be completed about seven years from now, the company said Tuesday.
Industry Brief
Spectra Energy Partners LP completed the acquisition of all of the ownership interests of NOARK Pipeline System LP from Atlas Pipeline Partners, including Ozark Gas Transmission (OGT), a 565-mile interstate pipeline that runs from southeastern Oklahoma through Arkansas to southeastern Missouri; and Ozark Gas Gathering, a 365-mile gathering system that feeds OGT (see Daily GPI, April 28; April 9). “Closing just four weeks after our announcement of the acquisition allows us to move quickly to integrate these strategic assets into Spectra Energy Partners’ asset portfolio and to serve the needs of our customers,” said Spectra Energy Partners CEO Greg Rizzo. Spectra Energy Partners is a Houston-based master limited partnership formed by Spectra Energy Corp. It owns interests in gas transportation and storage assets in the United States, including more than 3,100 miles of transmission and gathering pipeline and 42.5 Bcf of gas storage.