El Paso Corp. has agreed to pay $30 million to settle claims that it allegedly underpaid royalties for production from natural gas wells in Oklahoma, Texas and New Mexico, according to the company’s annual 10-K report that was filed with the Securities and Exchange Commission Tuesday.
Wells
Articles from Wells
Industry Briefs
Houston-based Dune Energy Inc. has acquired interests in about 320 acres of oil and natural gas leases and four producing wells in Denton County, TX for $5.4 million, and another parcel of properties in Denton and Wise counties from Voyager Partners Ltd. for $68.3 million. All of the assets are located in the Barnett Shale region, near Fort Worth. Closing on the assets is expected by Dec. 15. A reserve report as of Dec. 31, 2004, prepared by independent petroleum engineering firm DeGolyer & MacNaughten, indicated there are 27 Bcfe of net proved reserves underlying the Voyager properties. Since that date, based upon an internal evaluation, Dune believes Voyager has added as much as an additional 18 Bcfe in proved reserves to the properties being acquired, bringing the total to 45 Bcfe. Dune also set up a credit agreement, which provides for a revolving credit commitment of up to $50 million with sub-limits of $13 million, and $16 million, respectively, for term loans, subject to certain covenants and conditions. Additional financing totaling $25 million of subordinated debt is also in place. The company has drawn down a $6 million revolving loan under the agreement in connection with the purchase of some of the Barnett Shale assets. Dune’s operations are concentrated onshore the Louisiana/Texas Gulf Coast as well as the Barnett.
Transportation Notes
El Paso said the well maintenance work Wednesday at Washington Ranch storage facility was affecting only half of the wells, and thus it was able to continue withdrawals or injections of approximately 75 MMcf/d. On Thursday it will be necessary to withdraw for at least a portion of the day to remove the dissolved solids from the treated well.
ChevronTexaco, BG Report ‘Significant’ Gas Find Offshore Trinidad
ChevronTexaco Corp. and BG Group, which jointly operate some wells offshore Trinidad and Tobago, confirmed last week that their Manatee 1 exploration well has encountered “significant” amounts of natural gas.
ChevronTexaco, BG Report ‘Significant’ Gas Find Offshore Trinidad
ChevronTexaco Corp. and BG Group, which jointly operate some wells offshore Trinidad and Tobago, confirmed this week that their Manatee 1 exploration well has encountered “significant” amounts of natural gas.
XTO Operations Chief Says Focus on Buying, Exploiting Properties
XTO Energy’s operations chief said Wednesday that the key to his company’s U.S.-based natural gas production success is not keyed toward exploring for new properties, but instead concentrated on acquiring and exploiting assets that other producers don’t want.
XTO Operations Chief Says Focus on Buying, Exploiting Properties
XTO Energy’s operations chief said Wednesday that the key to his company’s U.S.-based natural gas production success is not keyed toward exploring for new properties,but instead concentrated on acquiring and exploiting assets that other producers don’t want.
Texas Reports Record-High Gas Well Completions
The Texas Railroad Commission reported that a record-high 830 natural gas wells were completed during July, breaking the previous all-time high set in March of this year. The numbers are the highest on record in more than 30 years.
Texas Reports Record-High Gas Well Completions
The Texas Railroad Commission reported this week that a record-high 830 natural gas wells were completed during July, breaking the previous all-time high set in March of this year. The numbers are the highest on record in more than 30 years.
Texas Gas Well Completion Reaches Highest Monthly Level in 30 Years
Energy companies completed more than 680 natural gas wells in Texas during the month of February, the highest number in 30 years, according to the Railroad Commission of Texas.