Properties

Victory Energy Corp. said Thursday a carbonite formation well in southeastern New Mexico it holds an interest in has been successfully re-entered, five years after being plugged, and is now completed, fracked and producing oil and natural gas.

Encana Corp. last week checked off more items on its “to do” list after agreeing to sell two packages of properties, including a C$920 million deal to sell two natural gas processing plants that service the Cutbank Ridge area to Veresen Inc.

BreitBurn Energy Partners LP has completed the acquisition of producing natural gas and oil properties primarily in Wyoming from Cabot Oil and Gas Corp. for $283 million. Reserves acquired are 95% natural gas with estimated proved reserves of 230 Bcfe, including 136 Bcfe of estimated proved developed producing reserves. Net expected production averages more than 30 MMcfe/d for 2012. There are about 620 producing wells in 16 fields and more than 90 proven, undeveloped drilling locations and more than 600 additional potential drilling locations. The estimated reserve life index is 21 years on estimated proved reserves and 12 years on estimated proved developed reserves. Lifting costs are about 83 cents/Mcfe. BreitBurn acquired: in Wyoming, 238,000 gross acres (111,500 net); in Colorado 15,000 gross acres (13,000 net); and in Utah, 2,000 gross acres (500 net). The acquisition was funded with borrowings under its credit facility. BreitBurn entered into gas hedges for 2011 through 2015 on 30.5 million MMBtu of production at a weighted average price of $5.11/MMBtu.

Noble Energy Inc. and CONSOL Energy Inc. have clinched their joint venture agreement to develop a swath of Marcellus Shale properties in southwest Pennsylvania and northwest West Virginia, the companies said Monday.

Although all of its businesses were affected by historic flooding in the second quarter, Bismarck, ND-based MDU Resources Group Inc. saw its production in the Bakken Shale play in its home state jump 10% as part of quarter-over-quarter results that were down slightly.

Southcross Energy has acquired from Tauber Pipeline LLC about 58 miles of 6-, 8-, 10- and 12-inch diameter natural gas pipelines in San Patricio and Refugio counties in South Texas, the Dallas-based midstream company said Tuesday. Terms were not released.

Carrizo Oil & Gas Inc. has agreed to purchase more than 13,000 net acres in the Eagle Ford Shale in a deal valued at about $71.5 million, and it has temporarily moved one of its rigs from the Barnett Shale to the Eagle Ford in order to speed up production.

Kodiak Oil & Gas Corp. has agreed to acquire from an undisclosed private seller Bakken/Three Forks leasehold and producing properties in the Williston Basin for about $85.5 million, the company said Monday.

The Piceance Basin of Colorado has long been a natural gas producer, but recent results in the Niobrara Shale indicate that the best days may be ahead, Bentek Energy LLC said in a new report.