Industry Brief

NuStar Energy LP’s planned acquisition of natural gas liquids (NGL) pipeline and fractionation assets could be in jeopardy as seller TexStar Midstream Services LP told the company in mid-February that it was terminating the sale. NuStar disclosed during a midstream conference presentation in early March that it was evaluating its legal options in the matter. “If NuStar does not complete this acquisition, we do not expect a material adverse impact on our results of operations,” the company said in a presentation to a Morgan Stanley midstream conference. Last November, NuStar said it was buying the Eagle Ford Shale NGL assets, as well as Eagle Ford crude oil pipeline, gathering and storage assets (see Shale Daily, Nov. 9, 2012). The crude oil asset transaction, worth about $325 million, has closed. The pending NGL asset transaction is worth about $100 million.

March 12, 2013

Kodiak Shares Plummet Briefly Over Possible Liquidity Fears

Shares of Kodiak Oil & Gas Corp. took a nosedive on Tuesday, allegedly over concerns that the Denver-based independent energy company may be facing liquidity concerns.

October 7, 2011

Magnum Hunter, Seller Countersue Again in North Dakota

Magnum Hunter Resources Corp. and a private seller of assets in the Williston Basin have leveled a second round of lawsuits against each other in federal court in North Dakota, the latest in a series of legal battles involving about 15,500 gross oil and gas acres.

August 23, 2011

Industry Briefs

Petrohawk Energy Corp. has signed a definitive agreement to buy additional acreage in the Fayetteville Shale Trend from a private seller for an estimated $222.5 million. The transaction is expected to close in February. The assets, which are primarily located in Van Buren, Conway and Cleburne counties in Arkansas, include approximately 18,500 net acres along with a strategically located pipeline gathering system, the Houston-based independent producer said. The acquisition brings Petrohawk’s leasehold in the Fayetteville Shale Trend to an estimated 150,000 net acres. Petrohawk Energy said the new properties add significant reserve potential and a substantial number of locations to the company’s current inventory in play. Of the total net acreage acquired, it estimated that approximately 10% is classified as proved. Production from the properties is approximately 5 MMcfe/d, while proved reserves are about 50 Bcfe, according to the company. In December Petrohawk said it completed its purchase of 24,000 net acres of land in the Fayetteville play from Alta Resources LLC, Contango Oil & Gas Co. and some undisclosed parties. Petrohawk paid $343 million in cash for land that has an estimated reserve potential of more than 500 Bcfe, which is about 50% operated (see NGI, Dec. 24, 2007). The producer also has properties in North Louisiana, East Texas, Oklahoma and the Permian Basin.

January 14, 2008

Petrohawk Inks Deal to Buy Fayetteville Shale Properties

Petrohawk Energy Corp. said Tuesday it signed a definitive agreement to buy additional acreage in the Fayetteville Shale Trend from a private seller for an estimated $222.5 million. The transaction is expected to close in February.

January 9, 2008

PPL EnergyPlus Expands into Gas Marketing

PPL EnergyPlus, a seller of wholesale and retail electricity based in eastern Pennsylvania, began offering retail natural gas to commercial and industrial customers in Pennsylvania, New Jersey, Maryland and Delaware, the company said Tuesday.

October 31, 2007

Western Buys More Big George Acreage for $136.7M

Denver-based Western Gas Resources Inc. signed an agreement with an undisclosed seller to buy about 40,000 acres of coalbed methane (CBM) properties and related gathering assets in the Big George fairway of the Powder River Basin of Wyoming for $136.7 million.

February 17, 2006

Oil-Heavy Berry Petroleum Adds Gas in $150M Piceance Basin Acquisition

Bakersfield, CA-based Berry Petroleum Co. said Friday that it has entered into an agreement with a private seller to acquire a 50% working interest in natural gas assets in the Piceance Basin of western Colorado for approximately $150 million in cash.

January 30, 2006

Paramount Adds Alberta Reserves, 48 MMcf/d of Production

Paramount Energy Trust (PET) purchased 104 Bcf of proved and probable gas reserves and 48 MMcf/d of northeastern Alberta natural gas production from an undisclosed seller for $290 million, boosting its own supply output by 40%. The deal is expected to close in May.

March 28, 2005

Western Adds 60 Bcf of CBM Reserves in San Juan for $82M

Western Gas Resources said it bought about 60 Bcf of proved gas reserves in the San Juan Basin on about 24,000 net acres from an undisclosed seller for $82.2 million. The property currently has about 100 coalbed methane (CBM) wells that are producing 12.6 MMcf/d (9.3 MMcf/d net).

July 23, 2004
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