PetroQuest Energy said it purchased about 8.8 Bcf of proved natural gas reserves in the Arkoma Basin of Oklahoma from an unnamed private company for $13.5 million. The company expects to allocate $2 million of the purchase price to unevaluated acreage. The reserves are 47% proved developed producing. Development costs for the proved undeveloped reserves are estimated at $0.74/Mcf. The acquisition will initially add 1.5 MMcf/d of production. “This acquisition expands our existing operations in the Arkoma Basin, adding approximately 6,000 net acres adjacent to our current acreage position and approximately 28 miles of pipeline and infrastructure in Pittsburg County, OK,” said CEP Charles T. Goodson. “This brings our total ownership to over 12,000 net acres and 36 miles of pipeline in the area.”
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Edge Petroleum to Acquire $50M in Property, Reserves from Contango
Edge Petroleum Corp. announced last week that it purchased 14.4 Bcf of natural gas proved producing reserves and 266,000 bbls of oil reserves in South Texas from Contango Oil & Gas Co. for $50 million in cash. Net production from the properties is 11 MMcf/d and 150 bbl/d of condensate.
Edge Petroleum to Acquire $50M in Property, Reserves from Contango
Edge Petroleum Corp. announced Thursday that it purchased 14.4 Bcf of natural gas proved producing reserves and 266,000 bbls of oil reserves in South Texas from Contango Oil & Gas Co. for $50 million in cash. Net production from the properties is 11 MMcf/d and 150 bbl/d of condensate.
BP Plans Galveston LNG Terminal; Sees LNG Supply as Key to Success
BP has purchased a land lease option from the Port of Galveston for a planned liquefied natural gas (LNG) import terminal on Pelican Island, which is about five miles north of Galveston, TX. A BP spokesman said the project is in the early planning stages but about 1.2 Bcf/d of sendout capacity is expected and there is enough space at the site for a large expansion.
BP Plans Galveston LNG Terminal; Sees LNG Supply as Key to Success
BP has purchased a land lease option from the Port of Galveston for a planned liquefied natural gas (LNG) import terminal on Pelican Island, which is about five miles north of Galveston, TX. A BP spokesman said the project is in the early planning stages but about 1.2 Bcf/d of sendout capacity is expected and there is enough space at the site for a large expansion.
Industry Briefs
Peoples Energy Production has purchased 10 Bcfe of proved undeveloped reserves an 10-20 Bcfe of potential additional reserves in East Texas from a private company for $9.5 million. The acquisition includes 5,300 gross acres in the heart of the Cotton Valley/Travis Peak gas trend. Initial development of the acquired reserves, 96% of which are natural gas, will begin in fiscal 2005 with anticipated capital spending on these properties of between $10 million and $15 million of the 2005 capital program, Peoples said. “The acquisition of these properties increases our inventory of low risk drilling opportunities and will help us to achieve our production growth target for fiscal 2005,” said Peoples Energy CEO Thomas M. Patrick. Steven W. Nance, president of Peoples Energy Production said the acquisition “builds on our successful entry into East Texas, a prolific producing province of longer life, low risk reserves, which was accomplished during fiscal 2004.”
Husky Adds 29 Bcfe of Reserves with $115M Temple Purchase
Calgary-based Husky Energy Inc. said it has purchased privately-held Temple Exploration Inc. for C$115 million. The deal give Husky an additional 4,400 boe/d of oil and gas production (19 MMcf/d of gas and 1,284 bbl/d of oil) for the remainder of 2004 and about 29 Bcfe of proven reserves with additional future exploration growth potential.
Husky Adds 29 Bcfe of Reserves with $115M Temple Purchase
Calgary-based Husky Energy Inc. said it has purchased privately-held Temple Exploration Inc. for $115 million. The deal give Husky an additional 4,400 boe/d of oil and gas production (19 MMcf/d of gas and 1,284 bbl/d of oil) for the remainder of 2004 and about 29 Bcfe of proven reserves with additional future exploration growth potential.
Statoil Enters 20-Year Deal for Expanded Cove Point LNG Capacity
Dominion Resources and Statoil ASA announced last Monday they have signed a 20-year agreement that gives Statoil access to increased capacity at the Dominion Cove Point liquefied natural gas plant (LNG) located on the Chesapeake Bay in eastern Maryland.
Excelerate Plans Offshore Massachusetts LNG Terminal
Excelerate Energy LLC, which purchased El Paso Corp.’s offshore LNG Energy Bridge technology late last year, is planning a $200 million LNG terminal 10 miles offshore Gloucester, MA, which is about 50 miles northeast of the existing Everett, MA, LNG terminal operated by Distrigas.
