production

Because oil and natural gas reserves are the “core” measure of exploration and production (E&P) performance, the Security and Exchange Commission’s (SEC) decision to review and evaluate reserves disclosures offers a “welcome opportunity” to strengthen and improve the rules, Standard & Poor’s (S&P) said in a report Friday.

Because oil and natural gas reserves are the “core” measure of exploration and production (E&P) performance, the Security and Exchange Commission’s (SEC) decision to review and evaluate reserves disclosures offers a “welcome opportunity” to strengthen and improve the rules, Standard & Poor’s (S&P) said in a report Friday.

ExxonMobil Production Co. is soliciting bids to sell its nonoperated interests in properties in several fields located in the Permian Basin of West Texas and southeast New Mexico, as well as the Texas Gulf Coast.

Colorado unveiled a proposed new set of guidelines for oil and natural gas production in the state in a series of stakeholder meetings Tuesday in Denver, drawing questions and concerns from the industry. The proposal won’t be posted on the Colorado Oil & Gas Conservation Commission’s (O&G Commission) website until Dec. 14 to allow some initial feedback from stakeholders to be included. The deadline for finalizing the new rules is July 1 next year.

Comstock Resources Inc. agreed to purchase oil and gas properties from SWEPI LP, an affiliate of Shell Exploration & Production, for $170 million. With the acquisition, Comstock will acquire 11,500 (7,600 net) acres of producing properties in the Dinn Ranch, Fandango, Rosita and Rosita East fields in Duval and Zapata counties in South Texas. The properties include 70 (43.3 net) producing wells that are currently producing 21.9 MMcf/d. Comstock estimates that the properties have net proved developed reserves of approximately 57.8 Bcf. In addition to the proved reserves, the Frisco, TX-based producer estimates that the properties could yield an additional 90 Bcf from future exploitation. The transaction is expected to close in December.

Chevron Corp. and Massachusetts Institute of Technology (MIT) are partnering to develop remote, ultra-deepwater exploration and production technology. The $5 million Chevron Remote and Ultra-Deepwater Research Program will focus on accessing hydrocarbons in water depths of 3,000 meters and deeper.

Houston-based Plains Exploration & Production Co. (PXP) said last Tuesday it has closed its acquisition of Pogo Producing Co. following approval by both companies’ stockholders.

Houston-based Plains Exploration & Production Co. (PXP) said Tuesday it has closed its acquisition of Pogo Producing Co. following approval by both companies’ stockholders.

“Wilderness quality” lands in the Uinta Mountains and basin area could coexist with oil and natural gas production as well as outdoor enthusiasts with only a few concessions, according to a report by the Bureau of Land Management (BLM) field office in Vernal, UT.