Calgary-based Suncor Energy Inc. wants to sell about one-third of its North American-weighted natural gas properties, part of a plan to divest up to C$4 billion of oil and gas assets in 2010.
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Pioneer Assesses Eagle Ford Shale, Halts Most Gas Drilling
Dallas-based Pioneer Natural Resources Co. stopped drilling natural gas wells in its core Raton Basin and Midcontinent properties in the first six months of this year, but it continues to test a smattering of potential U.S. gas plays, including the Eagle Ford Shale in South Texas, the company said late Tuesday.
Industry Brief
Fort Worth, TX-based XTO Energy Inc. has completed its acquisition of producing properties from Headington Oil Co. for $1.05 billion in cash and 11.7 million shares of XTO common stock for total consideration of $1.8 billion. The purchase includes 352,000 net acres of Bakken Shale leasehold in Montana and North Dakota. In addition, XTO agreed in separate transactions with undisclosed parties to acquire another 100,000 net undeveloped acres in the play and 400 boe/d of production for $115 million. “With these deals XTO now becomes a leading operator in perhaps the largest oil resource play in the nation, with more than 450,000 net acres,” said President Keith A. Hutton. “Given the opportunities in the Bakken through horizontal drilling, multiple stimulations and enhanced recovery, we anticipate the potential for even more.”
BLM to Lease Lots in Wyoming’s Jack Morrow Hills
The Bureau of Land Management (BLM) office in Wyoming has planned a lease sale for a package of properties in the Green River Basin’s Jack Morrow Hills on Tuesday (April 1), part of a new management plan for the southwestern part of the state.
BLM to Auction Properties in Wyoming’s Jack Morrow Hills
The Bureau of Land Management (BLM) office in Wyoming has planned a lease sale for a package of properties in the Green River Basin’s Jack Morrow Hills on Tuesday (April 1), part of a new management plan for the southwestern part of the state.
Petrohawk Shoots for 25% Surge in Onshore Output
Natural gas-weighted independent Petrohawk Energy Corp. is “shooting for 25% production growth” in 2008 from its onshore properties, the CEO said last week.
Petrohawk Shoots for 25% Surge in Onshore Output
Natural gas-weighted independent Petrohawk Energy Corp. is “shooting for 25% production growth” in 2008 from its onshore properties, the CEO said Wednesday.
Exxon Puts Permian Basin, Gulf Properties Up for Sale
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.
Fitch Joins Analysts Praising Newfield-McMoRan Deal
There were few naysayers to the deal struck by Newfield Exploration Co. to sell its shallow water Gulf of Mexico (GOM) producing properties to McMoRan Exploration Co. for $1.1 billion (see Daily GPI, June 22). Credit analysts, including Fitch, view the transaction as a positive for Newfield’s plans now and into the future.
Industry Brief
PetroSales announced a new oil and gas divestment package including 7,465 net acres under lease in the Anadarko Basin of Oklahoma. Reserves include six oil and gas properties and 14 possible drilling locations, plus facilities including gathering and production equipment. Antares Energy Co. retained PetroSales to conduct a negotiated divestiture of these assets. As an Australian company venturing into the United States, Antares and its partners first acquired the acreage in 2004, drilling four wells including two redrills of undeveloped and unproduced Morrow discoveries. Antares has elected to divest all of its interests, which are in Ellis and Beaver Counties, OK, and Lipscomb County, TX, and focus on its present core area of operations along the Texas Gulf Coast. The combined gross production averaged over the three months ending Dec. 31, 2006, was 1,648 Mcf/d of natural gas and 74 b/d of crude with net production of 536 Mcf/d of gas and 23 b/d of crude. Antares’ net operating income has averaged $118,175 per month. Active zones from the company’s six wells include the Lower Morrow gas sand, the Upper Des Moines oil sand, the Atoka condensate sand and the Tonkawa sand. Additional behind pipe potential has been identified in the Des Moines on two wells, and also 14 possible drilling locations to test the Morrow, Atoka, Des Moines, Cleveland and Tonkawa potential on their acreage. Recent horizontal drilling in the Cleveland formation nearby has yielded flow rate up to 1200 b/d of oil with 3.3 MMcf/d of gas resulting in a significant increase in reserves for this play, PetroSales said. Offers have been requested by March 23. See www.petrosales.com to download an offering summary.