Less than a year after its launch as a publicly traded independent, Oklahoma City-based Crusader Energy Group Inc. has filed for voluntary bankruptcy protection. Crusader primarily develops unconventional resource plays. Most of its production has focused on the Anadarko Basin, the Barnett Shale, Delaware Basin, Val Verde Basin and the Bakken Shale. Crusader until early 2008 was privately held, but last June it completed a merger with Dallas-based Westside Energy Corp. and began operating as a public company (see Daily GPI, June 30, 2008). At the end of 2007 the combined companies had a net proved reserve base of more than 150 Bcfe, 80% weighted to natural gas, with an estimated reserve life of 15.8 years. Combined production at year-end 2007 was more than 26,000 Mcfe/d, 75% gas. The total leasehold at the end of 2007 was more than 765,000 acres (316,000 net), with 92% undeveloped. The Chapter 11 filing was made in U.S. Bankruptcy Court for the Northern District of Texas. Crusader is “continuing its discussions with various parties regarding strategic alternatives, which may include a potential sale of all or substantially all of its assets, a sale of the company or reorganizing the company and its existing capital structure…” Based on its current financial condition, management determined that “it was in the best interest of the company and all of its stakeholders” to seek bankruptcy protection.
Publicly
Articles from Publicly
Raymond James: Resource Plays to Drive Down Prices
Production from publicly traded companies, which was up 7% in the first quarter of the year, is being driven by stronger productivity from rapidly growing onshore resource plays like the Barnett Shale, temporarily overcoming the declining initial well productivity trends of core U.S. supply over the past decade, Raymond James & Associates said.
Raymond James: Resource Plays to Drive Down Prices
Production from publicly traded companies, which was up 7% in the first quarter of the year, is being driven by stronger productivity from rapidly growing onshore resource plays like the Barnett Shale, temporarily overcoming the declining initial well productivity trends of core U.S. supply over the past decade, Raymond James & Associates said Monday.
ExxonMobil Profit Declines, North American Gas Volumes Fall
It’s not easy being ExxonMobil Corp. The world’s largest publicly traded company’s share price dropped Thursday after the energy giant posted a higher-than-expected 10% drop in quarterly net income — even as it set a revenue record.
Spectra Energy Debuts as Stand-Alone Gas Company
Houston-based Spectra Energy Corp., which comprises the former natural gas businesses of Duke Energy, became a stand-alone, publicly traded company last Tuesday, emerging as one of the leading pure-play gas midstream companies in North America. The company’s stock began regular trading Wednesday on the New York Stock Exchange under the symbol SE.
Spectra Energy Debuts as Stand-Alone Gas Company
Houston-based Spectra Energy Corp., which comprises the former natural gas businesses of Duke Energy, became a stand-alone, publicly traded company Tuesday, emerging as one of the leading pure-play gas midstream companies in North America. The company’s stock will begin regular trading Wednesday on the New York Stock Exchange under the symbol SE.
Williams Launching Pipeline MLP, Seeding It with Northwest
Williams plans to create a publicly traded master limited partnership (MLP) to own natural gas pipeline assets. The company also said Friday it will repurchase up to $1 billion of its common shares.
Devon to Form Marketing and Midstream Business MLP
Devon Energy Corp. announced last Wednesday that its board of directors has approved a plan to form a publicly traded master limited partnership (MLP) that will own a minority interest in Devon’s U.S. onshore marketing and midstream business, including natural gas gathering and processing assets in Texas, Oklahoma, Wyoming and Montana.
FERC Votes to Allow MLPs in Rate Proxy Groups But With Caveat
In light of the decline in publicly traded companies with substantial pipeline assets and the rise in master limited partnerships (MLP) in the pipe sector, FERC last Thursday issued a draft policy statement that would allow the use of MLPs in proxy groups to determine oil and natural gas pipelines’ returns on equity (ROE) for ratemaking purposes.
FERC Votes to Allow MLPs in Rate Proxy Groups But With Caveat
In light of the decline in publicly traded companies with substantial pipeline assets and the rise in master limited partnerships (MLP) in the pipe sector, FERC Thursday issued a draft policy statement that would allow the use of MLPs in proxy groups to determine oil and natural gas pipelines’ returns on equity (ROE) for ratemaking purposes.
