Calgary-based Enbridge Inc.’s Line 5, a 540,000 b/d oil pipeline, Thursday has temporarily survived the opening legal shots in a revived Michigan campaign to shut it down by demolishing its four-mile underwater leg across the Straits of Mackinac.
Snyder
Articles from Snyder
Pennsylvania Producer Not Liable for $500K in Impact Fees, Says Court
The Pennsylvania Commonwealth Court this week reversed an order by the state Public Utility Commission (PUC) that would have required an independent oil and natural gas producer to pay nearly $500,000 in impact fee revenue, interest and penalties.
Patterson-UTI Expands TX Drilling Fleet by 17
Snyder, TX-based Patterson-UTI Energy Inc., the second-largest operator of land-based oil and natural gas drilling rigs in North America, said Wednesday that it has acquired 17 land-based drilling rigs from Cleere Drilling Co. The acquisition also included 28 rig-moving trucks as well as other equipment and inventory.
Industry Briefs
Santa Fe Snyder Corp. of Houston said last week that anexploration well in Howard County, TX,Sellers 119 #1, has beensuccessful, and will extend the company’s Lost Peak area there. Thewell targeted Cisco Canyon sandstones now being exploited in theSignal Peak field six miles northwest of the well. The Sellers wellencountered 115 of gross pay sand with productive gas shows over a200-foot interval. Santa Fe has 80,000 gross acres (60,000 net)under lease in the play, and through the end of this year, expectsto drill an additional 15 development and three exploratory wells.Santa Fe plans to develop the field on 160-acre spacing, withportions of the field on 80-acre spacing. Current plans for 2001call for drilling up to 50 wells there. Gross operated productionfrom the Signal Peak field is now 25 MMcf/d and 1,300 b/d of oil.Cost of finding and development for the area has averaged $.80 perMMcfe, with operating costs of $.30 per MMcfe.
Industry Briefs
Santa Fe Snyder Corp. of Houston is high grading its asset basethrough a series of deals. The largest component of the company’sstrategic repositioning is the $160 million purchase of additionaldeepwater Gulf of Mexico interests from Marathon Oil. Santa Febought an additional 33% interest in the Angus/Manatee six-blockcomplex, bringing the total working interest in the Shell operatedfields to 49%. The deal closed Jan. 7. The company said it is alsodisposing of low-profit assets.