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Around the middle of the year, SM Energy Co. management will have a clearer picture of how it will allocate its spending among a number of opportunities as it targets annual production growth of 15-20% over the next three years, executives said during a conference call Wednesday.

The Bakken Shale, Hess Corp.’s “principal engine of growth.” averaged 65,000 boe/d in the first three months of this year, an increase of 55% from a year ago, the CEO told investors on Wednesday.

President Obama’s $3.77 trillion budget for fiscal year (FY) 2014, unveiled Wednesday, for the fourth time seeks to repeal tax breaks for oil and natural gas producers. It also would tack on new fees for operations on federal lands and increase oil and gas royalties to fund renewable fuel development.

The Ben Franklin Shale Gas Innovation & Commercialization Center (SGICC) has named a dozen finalists in its annual Shale Gas Innovation Competition, which will award a total of $75,000 to three winners to be selected next month.

A unit of Tokyo Gas Co. Ltd. is buying an undivided 25% interest in the Barnett Shale assets of Quicksilver Resources Inc. for $485 million, marking a milestone for the debt-laden Fort Worth, TX-based producer, which has long sought a Barnett partner.

Development of oil and natural gas in the Eagle Ford Shale added more than $61 billion in total economic impact during 2012, according to a study by the Center for Community and Business Research in The University of Texas at San Antonio (UTSA) Institute for Economic Development.

Following a judge’s decision in favor of TPG-Axon Capital, SandRidge Energy Inc. on Tuesday cleared the way for shareholders to consider a slate of candidates proposed by the hedge fund to replace SandRidge’s entire board of directors.

Canadian Pan Ocean Ltd., funded by Asian investors, has put together an operating company in the liquids-rich Duvernay Shale in southwestern Alberta, executing a binding term sheet for a farm-out agreement with Canadian producer Mako Hydrocarbons Ltd. for the producer’s 50% working interest in its Alberta Joint Venture (AJV).

Well permitting in Texas during January was up sharply from a year ago, as were well completions. December crude oil production was also up sharply compared with a year ago, but natural gas production slipped, according to the latest figures from the Railroad Commission of Texas (RRC).