Riverton, WY-based U.S. Energy Corp. (USEC) said Monday it has acquired producing assets in the Bakken and Three Forks shale plays in North Dakota for $2.5 million, giving the small exploration and production (E&P) company minority interests in up to 23 drilling units with an estimated 307,000 boe in proved oil reserves.
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Gensler: CFTC Preparing Cross-Border Swaps Market Reforms
Pointing to international investment house failures that rebounded to their U.S. affiliates and ultimately the American taxpayer, Chairman Gary Gensler of the Commodity Futures Trading Commission (CFTC) said those foreign-based affiliates should come under the same market reforms being installed in the United States.
Pennsylvania Cracker Tax Break Deal Could Total $1.675B
Pennsylvania Gov. Tom Corbett is reportedly seeking up to $1.675 billion in tax credits over the next 25 years for Royal Dutch Shell plc and other companies willing to locate an ethane cracker in the state.
Coal Mine Water Said Feasible for Shale Drilling
Abandoned coal mines in Pennsylvania may be a technically viable source of water for hydraulic fracturing (fracking) operations, but economics and regulations ultimately could decide whether operators find the solution feasible, according to a recent report by the Rand Corp.
West Virginia Cracker Could Face Federal Air Quality Issues
Current and former officials in the West Virginia Department of Environmental Protection (DEP) warn that companies hoping to build an ethane cracker in the state could have difficulty getting the necessary permits if they choose to build in areas that don’t meet federal air quality standards.
Northwest Gas Infrastructure Still Needed, NW Natural CEO Says
Despite 10-year low natural gas prices dampening the short-term economics, more gas pipeline and storage infrastructure ultimately is needed in the Pacific Northwest, according to Gregg Kantor, CEO of Portland, OR-based NW Natural Corp. Kantor made the remarks in reporting decreased profits on a conference call with financial analysts Tuesday.
Cabot, Range: Court Case Impact on Leases Should Be Minimal
Two companies operating in the Marcellus Shale announced this week that they do not believe a recent ruling by the Pennsylvania Supreme Court will have an impact on their substantial leaseholds in that state’s portion of the play.
Obama Tax Hike Would Trim Producer Capital by 35%
President Obama’s proposed $41 billion-plus in tax hikes and fees on oil and natural gas producers would reduce by as much as 35% the capital available for U.S. production, ultimately resulting in less government revenue and royalties, said an official with the Western Energy Alliance (WEA) last Thursday (see NGI, Sept. 19).
Obama Tax Hike Would Trim Producer Capital by 35%
President Obama’s proposed $41 billion-plus in tax hikes and fees on oil and natural gas producers would reduce by as much as 35% the capital available for U.S. production, ultimately resulting in less government revenue and royalties, said an official with the Western Energy Alliance (WEA) Thursday.
Marcellus Shale Costing More Time Than Money, Report Finds
Marcellus Shale development is not bringing much money into local governments, but also not taking much money out of local governments, according to a recent study of two prolific Pennsylvania counties.