Kirkpatrick Oil & Gas LLC has hired E-Spectrum Advisors LLC to sell its nonoperated, horizontal Eagle Ford and Pearsall shale properties in La Salle and Frio counties, TX. Kirkpatrick’s ownership includes 41 producing wells, operated by Cheyenne Petroleum Co., making approximately 6,000 gross/135 net boe/d, and nine wells in various stages of drilling and completion. In addition, nine locations are permitted for drilling. Kirkpatrick holds an approximate 3% working interest and the typical lease delivers a 77% net revenue interest. The properties hold 11,281 gross/338 net acres of leasehold. Reserves include net proved reserves of 1.18 MMboe (88% oil/liquids). Offers are due by July 30.
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Tennessee to Shed 1,300-Plus Miles of GOM Pipe Facilities
FERC has cleared the way for Tennessee Gas Pipeline Co. LLC to sell more than 1,300 miles of pipeline in the Gulf of Mexico (GOM), known as the Supply Area Facilities, to Kinetica Energy Express LLC, allowing the pipeline to exit the offshore business and shift its attention to the onshore shale market.
Tennessee Gets FERC OK to Shed Over 1,300 Miles of Gulf Pipe Facilities
FERC has cleared the way for Tennessee Gas Pipeline Co. LLC to sell more than 1,300 miles of pipeline in the Gulf of Mexico (GOM), known as the Supply Area Facilities, to Kinetica Energy Express LLC, allowing the pipeline to exit the offshore business and shift its attention to the onshore shale market.
Laredo Giving Permian Sole Focus
To give the growing Permian Basin its full focus, Laredo Petroleum Holdings Inc. has agreed to sell all of its Granite Wash properties in the Anadarko Basin to affiliates of EnerVest Ltd. for $438 million in cash.
Black Hills Goes After 20,000 Mancos Acres
Rapid City, SD-based Black Hills Corp. will sell its 40 MW natural gas-fired “CT II” generation unit at its mostly coal-fired Gillette Energy Complex in Wyoming to the City of Gillette for $22 million.
Chesapeake Jettisons More Pennsylvania Acreage to EQT
Chesapeake Energy Corp. on Friday agreed to sell an estimated 99,000 net acres in southwestern Pennsylvania, including 10 wells, to EQT Corp. for $113 million, which puts the sale price at roughly $876/acre.
Energen Test Wells in Permian Show Promise
Energen Corp. management said the first quarter of 2013 was “both encouraging and challenging” as test wells in the Third Bone Spring and Wolfberry formations of the Permian Basin performed well, but cold weather and interference issues worked against the company as profits fell slightly.
ConocoPhillips U.S. Unconventionals Trio Delivers 42% Output Increase
ConocoPhillips leaseholds in the Eagle Ford and Bakken shales, along with the Permian Basin, together boosted their year/year output by 42% in the first quarter, management said Thursday.
BMO ‘More Bullish’ on Natural Gas, Less on Crude Prices
Slowing economic growth in China pushed nearly all equity markets south last week, with energy caught in a sell-off of “everything commodity-related,” but a flat natural gas rig count, combined with an eroding storage overhang, provide opportunities for U.S. gas prices and related operators to trade higher this year, said BMO Capital Markets Dan McSpirit and Phillip Jungwirth.
Cubic Picking Up Gastar East Texas Assets for $46M
Gastar Exploration Ltd. has agreed to sell its East Texas assets to Cubic Energy Inc. for $46 million and will redeploy capital to higher-return projects in the Marcellus Shale and Hunton Limestone. Meanwhile, Cubic views its acquisition as an entry point to the oil-rich Eagle Ford and Woodbine formations.