Patch

Gas producers know they have to spend money to make money, and Louisiana shale patch players are hoping their state’s lawmakers remember that maxim if a repeal of Louisiana’s horizontal well severance tax investment incentive comes up for their consideration.

If the natural gas industry has its way, Gasland director Josh Fox won’t be “thanking the academy” for an Oscar Sunday night.

If the natural gas industry has its way, Gasland director Josh Fox won’t be “thanking the academy” for an Oscar on Feb. 27.

After spending big in the nation’s gas shale patch — and taking some heat for it — Chesapeake Energy CEO Aubrey K. McClendon said Thursday it is time for the company to reap what it has sown in announcing the Oklahoma City-based producer’s plans for this year and next.

North Dakota’s oil patch accounted for less than 1% of total U.S. crude oil production three years ago, but today the state is pumping close to 6% of total crude output, thanks to the formidable Bakken-Three Forks shale region, the state’s Department of Mineral Resources (DMR) is reporting.

The roundup of energy patch rustlers in North Texas continues with investigators now having accounted for more than $1 million worth of stolen petroleum products, according to the Wise County Sheriff’s Office.

The roundup of energy patch rustlers in North Texas continues with investigators now having accounted for more than $1 million worth of stolen petroleum products, according to the Wise County Sheriff’s Office.

The roundup of energy patch rustlers in North Texas continues with investigators now having accounted for more than $1 million worth of stolen petroleum products, according to the Wise County Sheriff’s Office.

Chesapeake Energy Corp. and China’s CNOOC Ltd. have closed their deal for CNOOC International Ltd. to buy a one-third undivided interest in Chesapeake’s 600,000 net oil and natural gas leasehold acres in the Eagle Ford Shale in South Texas, the parties said Tuesday. The price was $1.08 billion in cash plus a $40 million adjustment at closing. CNOOC Ltd. has agreed to fund 75% of Chesapeake’s share of drilling and completion costs up to $1.08 billion, which Chesapeake expects to occur by year-end 2012. The transaction represents Chesapeake’s fifth such deal in the shale patch. It was announced last month (see Shale Daily, Oct. 12).