By Andrea: http://oilshalegas.com
Rex Energy Corp. (REXX) announced today that it will sell roughly 22,100 net acres in it's Marcellus shale assets, half of those acres residing in Westmoreland County, PA:
In Rex Energy's Marcellus Shale joint venture project areas operated by Williams Production Appalachia, LLC, Rex Energy will sell 20% of its interests in approximately 44,200 gross (22,100 net) acres for $35.9 million, or $8,115 per net acre. One-half of the purchase price will be paid in cash at the time of closing, with the remaining fifty percent of the purchase price being paid in the form of a drilling carry of 80% of Rex Energy's drilling and completion costs in the areas. After the sale, Rex Energy will own approximately 6,700 net acres within the Westmoreland County AMI, and 11,000 net acres within the Central Pennsylvania AMI.
Additionally, Rex Energy will sell 20% of its interests in nineteen Marcellus Shale wells located in the Williams joint venture areas, including five wells in progress, for $5.7 million, and 20% of its interests in the Williams joint venture midstream assets for approximately $822,000.
Under the agreement, Rex Energy will sell 50% of its interests in approximately 4,600 net acres in Fayette and Centre Counties for $18.5 million, or $8,115 per net acre. One-half of the purchase price will be paid in cash at the time of closing, with the remaining fifty percent to be paid in the form of a drilling carry of 80% of Rex Energy's drilling and completion costs. Pursuant to the agreement, the drilling carry for these areas may be applied, at Rex Energy's discretion, to drilling and completion costs attributable to either the Butler County or Williams joint venture areas. After the sale, Rex Energy will own approximately 2,300 net acres in these areas.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Tuesday, August 31, 2010
Marcellus shale - Rex Energy Joint Venture
By Andrea: http://oilshalegas.com
Rex Energy Corp. (REXX) announced today that it will be entering into a joint venture with Japanese Company known as Summit Discovery Resources II, LLC. Rex Energy will transfer 12,900 net acres of their Marcellus shale assets including Marcellus shale wells and mid-stream assets. The transaction is valued at roughly $140.4 million. Under the transaction, Sumitomo will pay approximately $88.4 million in cash upon closing and an additional $52.0 million in the form of a drilling carry. Rex Energy will continue to serve as the operator of its Butler County, Pennsylvania project area.
Pursuant to the agreement, in addition to funding its own share of drilling obligations, Sumitomo has agreed to fund 80% of Rex Energy's remaining share of drilling and completion costs until the $52.0 million drilling carry is fully utilized. The closing of the joint venture transaction is subject to certain conditions, including obtaining any required consents to transfer the interests to Sumitomo. The transaction is expected to close in September 2010.
Benjamin W. Hulburt, Rex Energy President and CEO, commented, "We are extremely pleased to announce this joint venture and look forward to our partnership with Sumitomo. Upon closing this deal, we will once again be debt free with substantial cash on hand. We believe that this will enable us to continue to aggressively develop our assets, while maintaining one of the cleanest balance sheets in the industry. With approximately 91% of our capital being invested in oil and liquids rich gas assets, combined with our debt free balance sheet, we strongly believe we are very well positioned to prosper in the current commodity price environment."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Rex Energy Corp. (REXX) announced today that it will be entering into a joint venture with Japanese Company known as Summit Discovery Resources II, LLC. Rex Energy will transfer 12,900 net acres of their Marcellus shale assets including Marcellus shale wells and mid-stream assets. The transaction is valued at roughly $140.4 million. Under the transaction, Sumitomo will pay approximately $88.4 million in cash upon closing and an additional $52.0 million in the form of a drilling carry. Rex Energy will continue to serve as the operator of its Butler County, Pennsylvania project area.
Pursuant to the agreement, in addition to funding its own share of drilling obligations, Sumitomo has agreed to fund 80% of Rex Energy's remaining share of drilling and completion costs until the $52.0 million drilling carry is fully utilized. The closing of the joint venture transaction is subject to certain conditions, including obtaining any required consents to transfer the interests to Sumitomo. The transaction is expected to close in September 2010.
Benjamin W. Hulburt, Rex Energy President and CEO, commented, "We are extremely pleased to announce this joint venture and look forward to our partnership with Sumitomo. Upon closing this deal, we will once again be debt free with substantial cash on hand. We believe that this will enable us to continue to aggressively develop our assets, while maintaining one of the cleanest balance sheets in the industry. With approximately 91% of our capital being invested in oil and liquids rich gas assets, combined with our debt free balance sheet, we strongly believe we are very well positioned to prosper in the current commodity price environment."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Sunday, August 29, 2010
Lee County, Texas: Eagle Ford Shale Update
By Andrea: http://oilshalegas.com
Buccaneer Energy Limited (BCGYF.PK) recently announced the progress of 2 wells in Lee County, Texas in both the Austin Chalk and Eagle Ford shale.
The Alexander # 1 well site location has been built over the last week and the Nicklos # 1 Rig is moving in and rigging up to drill.
The Alexander # 1 well is the third well in the Lee County drilling program and is expected to spud within the next 24 hours.The vertical component of the well is anticipated to have a total depth of 5,800' and will penetrate the Austin Chalk and Eagle Ford shale. Logs will then be run before a 1,500' - 2,500' horizontal component is drilled in the Austin Chalk formation.
The vertical component is expected to take 7-10 days to drill and the horizontal component an additional 15-18 days.
Drilling updates will be made each Wednesday.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Buccaneer Energy Limited (BCGYF.PK) recently announced the progress of 2 wells in Lee County, Texas in both the Austin Chalk and Eagle Ford shale.
The Alexander # 1 well site location has been built over the last week and the Nicklos # 1 Rig is moving in and rigging up to drill.
The Alexander # 1 well is the third well in the Lee County drilling program and is expected to spud within the next 24 hours.The vertical component of the well is anticipated to have a total depth of 5,800' and will penetrate the Austin Chalk and Eagle Ford shale. Logs will then be run before a 1,500' - 2,500' horizontal component is drilled in the Austin Chalk formation.
The vertical component is expected to take 7-10 days to drill and the horizontal component an additional 15-18 days.
Drilling updates will be made each Wednesday.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Jones County, Mississippi - Haynesville Shale Update
By Andrea: http://oilshalegas.com
Morgan Creek Energy Corp. (MCKE.OB) announced today that they acquired roughly 21,000net acres of mineral oil and gas leases in the Haynesville shale. The land is located in Lamar, Jones and Forrest County, Mississippi. The agreement resides with Westrock Land Corp. which is a privately owned company. Westrock will own all rights to the land and hold a minimum 75% net revenue interest.
The Company has entered into this agreement with the mineral leaseholder, Westrock Land Corp., and is based on representations that Westrock owns all rights to all depths including the Haynesville Shale Formation, pursuant to the oil and gas leases with a minimum 75% net revenue interest.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Morgan Creek Energy Corp. (MCKE.OB) announced today that they acquired roughly 21,000net acres of mineral oil and gas leases in the Haynesville shale. The land is located in Lamar, Jones and Forrest County, Mississippi. The agreement resides with Westrock Land Corp. which is a privately owned company. Westrock will own all rights to the land and hold a minimum 75% net revenue interest.
The Company has entered into this agreement with the mineral leaseholder, Westrock Land Corp., and is based on representations that Westrock owns all rights to all depths including the Haynesville Shale Formation, pursuant to the oil and gas leases with a minimum 75% net revenue interest.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Saturday, August 28, 2010
Tioga County, PA - Marcellus Shale Tax Update
By Andrea: http://oilshalegas.com
Gov. Rendell visited Tioga County, PA in the heart of the Marcellus shale on Friday, August 27 to "repeat his call for the state Legislature to enact a gas severance tax by Oct. 1." Mr. Rendell's plan is to implement a 5% levy on the value of natural gas plus an additional 4.7 cents for each 1,000 cubic feet of gas produced, very similar to the current tax in West Virginia. Marcellus gas producers in the area are not happy with the tax plan, claiming that it is too high, but Mr. Rendell states, "Pennsylvania is the 15th largest production state for natural gas, but is the only major fossil fuel producer that does not levy a tax on natural gas extraction. That's just not fair."
Mr. Rendell estimates $70 million could be generated for the state by the Marcellus Shale tax this fiscal year to help erase a $282 million deficit in the budget.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Gov. Rendell visited Tioga County, PA in the heart of the Marcellus shale on Friday, August 27 to "repeat his call for the state Legislature to enact a gas severance tax by Oct. 1." Mr. Rendell's plan is to implement a 5% levy on the value of natural gas plus an additional 4.7 cents for each 1,000 cubic feet of gas produced, very similar to the current tax in West Virginia. Marcellus gas producers in the area are not happy with the tax plan, claiming that it is too high, but Mr. Rendell states, "Pennsylvania is the 15th largest production state for natural gas, but is the only major fossil fuel producer that does not levy a tax on natural gas extraction. That's just not fair."
Mr. Rendell estimates $70 million could be generated for the state by the Marcellus Shale tax this fiscal year to help erase a $282 million deficit in the budget.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Live Oak County, TX - Eagle Ford Shale Update
By Andrea: http://oilshalegas.com
Eagle Ford Oil & Gas Corp. (ECCED) recently announced that they acquired a 1% working interest on 2,400 acres in the Eagle Ford shale located in Live Oak County, Texas. They have begun drilling two wells: the Dena Forehand #2H and the Kellam #2H. Neither well has been completed as of yet. While the two noted wells are the only Eagle Ford shale wells on the newly acquired land that have begun drilling, Eagle Ford Oil & Gas Corp. is planning for a total of 14 wells to be drilled within the next 2 years.
Eagle Ford Oil & Gas President Rick Adams commented, "This acquisition, although a small working interest, is important to Eagle Ford because it marks the first step of implementing our business plan as a pure play oil company in the Eagle Ford Shale formation located in South Texas. We will continue to take advantage of drilling and lease acquisition opportunities that arise in the Eagle Ford Shale formation."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Eagle Ford Oil & Gas Corp. (ECCED) recently announced that they acquired a 1% working interest on 2,400 acres in the Eagle Ford shale located in Live Oak County, Texas. They have begun drilling two wells: the Dena Forehand #2H and the Kellam #2H. Neither well has been completed as of yet. While the two noted wells are the only Eagle Ford shale wells on the newly acquired land that have begun drilling, Eagle Ford Oil & Gas Corp. is planning for a total of 14 wells to be drilled within the next 2 years.
Eagle Ford Oil & Gas President Rick Adams commented, "This acquisition, although a small working interest, is important to Eagle Ford because it marks the first step of implementing our business plan as a pure play oil company in the Eagle Ford Shale formation located in South Texas. We will continue to take advantage of drilling and lease acquisition opportunities that arise in the Eagle Ford Shale formation."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Friday, August 27, 2010
Forrest County, Mississippi - Haynesville Shale Update
By Andrea: http://oilshalegas.com
Morgan Creek Energy Corp. (MCKE.OB) announced today that they acquired roughly 21,000net acres of mineral oil and gas leases in the Haynesville shale. The land is located in Lamar, Jones and Forrest County, Mississippi. The agreement resides with Westrock Land Corp. which is a privately owned company. Westrock will own all rights to the land and hold a minimum 75% net revenue interest.
The Company has entered into this agreement with the mineral leaseholder, Westrock Land Corp., and is based on representations that Westrock owns all rights to all depths including the Haynesville Shale Formation, pursuant to the oil and gas leases with a minimum 75% net revenue interest.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Morgan Creek Energy Corp. (MCKE.OB) announced today that they acquired roughly 21,000net acres of mineral oil and gas leases in the Haynesville shale. The land is located in Lamar, Jones and Forrest County, Mississippi. The agreement resides with Westrock Land Corp. which is a privately owned company. Westrock will own all rights to the land and hold a minimum 75% net revenue interest.
The Company has entered into this agreement with the mineral leaseholder, Westrock Land Corp., and is based on representations that Westrock owns all rights to all depths including the Haynesville Shale Formation, pursuant to the oil and gas leases with a minimum 75% net revenue interest.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Thursday, August 26, 2010
Penn West Energy and Mitsubishi Corp. - Horn River Shale Update
By Andrea: http://oilshalegas.com
Penn West Energy Trust (PWE) and Mitsubishi Corp. (MC) recently announced that they will enter into a joint venture to develop Penn West's Horn River Shale assets. This will be a 50-50 joint venture and involves 30 million cubic feet per day of natural gas sitting on 550,000 net acres of land. Press release below:
Penn West Energy Trust (PWE) is pleased to announce it has entered into an agreement with a wholly owned subsidiary of Mitsubishi Corporation (MC), forming a 50-50 joint venture to develop Penn West's shale gas assets in the Cordova Embayment area and certain of its conventional gas assets in the Wildboy area of northeastern British Columbia. Penn West will serve as operator of the Assets.
Strategic Rationale
Since 2006, Penn West has accumulated a significant shale gas position in the Cordova Embayment. Penn West's initial drilling results in the area have been promising and we have expanded the size of our land base. It is Penn West's view that the Joint Venture will accelerate the exploration and development of this significant unconventional gas asset. The Joint Venture supports our corporate strategy, which recognizes the importance of maintaining a balanced exploration and development portfolio as we assess and develop the full potential of our diverse resource plays. This Agreement is the foundation for a long-term relationship with MC, who has world-wide experience in major project development.
Cordova Joint Venture
As part of the Agreement, MC will commit approximately $850 million to the Joint Venture. Under the terms of the Agreement, Penn West will sell MC 50% of its working interest in its Wildboy conventional gas assets including current production of approximately 30 million cubic feet per day of natural gas, 550,000 gross acres of land including approximately 120,000 acres targeting shale gas in the Cordova Embayment, the Wildboy gas processing facility, a sales gas pipeline connecting the area to the TransCanada gathering system in Alberta, and associated infrastructure.
At closing, MC will pay Penn West approximately $250 million in consideration for the existing assets and additionally will fund approximately $600 million of the first $800 million of exploration and development capital expenditures in the Joint Venture.
Closing
The closing of the transaction and the formation of the Joint Venture is expected to occur on or about September 23, 2010, subject to MC's final board approval at a meeting to be held in September 2010, the receipt of regulatory approvals and the satisfaction of customary closing conditions.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Penn West Energy Trust (PWE) and Mitsubishi Corp. (MC) recently announced that they will enter into a joint venture to develop Penn West's Horn River Shale assets. This will be a 50-50 joint venture and involves 30 million cubic feet per day of natural gas sitting on 550,000 net acres of land. Press release below:
Penn West Energy Trust (PWE) is pleased to announce it has entered into an agreement with a wholly owned subsidiary of Mitsubishi Corporation (MC), forming a 50-50 joint venture to develop Penn West's shale gas assets in the Cordova Embayment area and certain of its conventional gas assets in the Wildboy area of northeastern British Columbia. Penn West will serve as operator of the Assets.
Strategic Rationale
Since 2006, Penn West has accumulated a significant shale gas position in the Cordova Embayment. Penn West's initial drilling results in the area have been promising and we have expanded the size of our land base. It is Penn West's view that the Joint Venture will accelerate the exploration and development of this significant unconventional gas asset. The Joint Venture supports our corporate strategy, which recognizes the importance of maintaining a balanced exploration and development portfolio as we assess and develop the full potential of our diverse resource plays. This Agreement is the foundation for a long-term relationship with MC, who has world-wide experience in major project development.
Cordova Joint Venture
As part of the Agreement, MC will commit approximately $850 million to the Joint Venture. Under the terms of the Agreement, Penn West will sell MC 50% of its working interest in its Wildboy conventional gas assets including current production of approximately 30 million cubic feet per day of natural gas, 550,000 gross acres of land including approximately 120,000 acres targeting shale gas in the Cordova Embayment, the Wildboy gas processing facility, a sales gas pipeline connecting the area to the TransCanada gathering system in Alberta, and associated infrastructure.
At closing, MC will pay Penn West approximately $250 million in consideration for the existing assets and additionally will fund approximately $600 million of the first $800 million of exploration and development capital expenditures in the Joint Venture.
Closing
The closing of the transaction and the formation of the Joint Venture is expected to occur on or about September 23, 2010, subject to MC's final board approval at a meeting to be held in September 2010, the receipt of regulatory approvals and the satisfaction of customary closing conditions.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Stark County, North Dakota - Bakken Shale Update
By Andrea: http://oilshalegas.com
Rignet, Inc announced the opening of service center in the Bakken Shale region of Dickinson, North Dakota which resides in Stark County:
August 26, 2010 - RigNet, Inc., a leading independent provider of remote communications and collaborative applications to the global oil and gas industry, has recently opened a service center in Dickinson, North Dakota to bring RigNet's high quality remote communications solutions to the Bakken Shale region.
The North Dakota service center enables RigNet to provide high customer service levels to its oil and gas clients in the Bakken Shale region, which includes parts of North Dakota and Montana. RigNet provides a range of VSAT connectivity services to land rigs and remote offices in the region, including fully managed IP-based voice, fax, broadband Internet and enterprise data access.
Said Ricky Begnaud, RigNet's area manager for North America Onshore, "RigNet is proud to announce the opening of our newest service center in the Bakken Shale region. At RigNet, one of our goals is to provide superior customer service and the quickest response times in the industry. The North Dakota service center will enable us to meet this goal as we work with our clients to provide remote communication solutions engineered to improve their operations and productivity."
RigNet provides remote communications solutions in nearly all of the major U.S. land drilling markets. Through its nine service centers, RigNet provides services to customers operating in the Bakken Shale; Marcellus Shale, which includes parts of Pennsylvania, West Virginia, and New York; the Haynesville Shale, stretching from northeast Texas to central Louisiana; the Eagle Ford and Barnett Shales in Texas; West Texas and Southeast New Mexico; Oklahoma; and throughout the Rocky Mountains spanning Colorado, Utah, and Wyoming.
The opening of the North Dakota Service Center marks RigNet's second service center opening in the U.S. this year. In January, RigNet opened a service center in Williamsport, Pennsylvania to service the Marcellus Shale region, one of the country's fast-growing natural gas plays.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Rignet, Inc announced the opening of service center in the Bakken Shale region of Dickinson, North Dakota which resides in Stark County:
August 26, 2010 - RigNet, Inc., a leading independent provider of remote communications and collaborative applications to the global oil and gas industry, has recently opened a service center in Dickinson, North Dakota to bring RigNet's high quality remote communications solutions to the Bakken Shale region.
The North Dakota service center enables RigNet to provide high customer service levels to its oil and gas clients in the Bakken Shale region, which includes parts of North Dakota and Montana. RigNet provides a range of VSAT connectivity services to land rigs and remote offices in the region, including fully managed IP-based voice, fax, broadband Internet and enterprise data access.
Said Ricky Begnaud, RigNet's area manager for North America Onshore, "RigNet is proud to announce the opening of our newest service center in the Bakken Shale region. At RigNet, one of our goals is to provide superior customer service and the quickest response times in the industry. The North Dakota service center will enable us to meet this goal as we work with our clients to provide remote communication solutions engineered to improve their operations and productivity."
RigNet provides remote communications solutions in nearly all of the major U.S. land drilling markets. Through its nine service centers, RigNet provides services to customers operating in the Bakken Shale; Marcellus Shale, which includes parts of Pennsylvania, West Virginia, and New York; the Haynesville Shale, stretching from northeast Texas to central Louisiana; the Eagle Ford and Barnett Shales in Texas; West Texas and Southeast New Mexico; Oklahoma; and throughout the Rocky Mountains spanning Colorado, Utah, and Wyoming.
The opening of the North Dakota Service Center marks RigNet's second service center opening in the U.S. this year. In January, RigNet opened a service center in Williamsport, Pennsylvania to service the Marcellus Shale region, one of the country's fast-growing natural gas plays.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Wednesday, August 25, 2010
Montney Shale Formation Update: British Columbia Canada
By Tim - http://oilshalegas.com
Canadian Spirit Resources Inc. (CSPUF.PK) has recently updated shareholders on the Montney Shale located in British Columbia, Canada.
The joint venture increased its Montney rights from 47 sections to 51 sections (gross). CSRI now has approximately 30 net sections of Montney rights in the Farrell Creek area of northeastern British Columbia.
The Operator, Canbriam Energy BC Partnership ("Canbriam"), continues to progress with the $49.0 million (gross) capital program for 2010.
The c-A48-I well was stimulated in the lower portion of the Montney Formation. With only two stages flowing, the well had an initial production rate of 3.5 mmcf/d, and a stabilized rate of 2.0 mmcf/d over a seven day period.
An additional upper Montney horizontal leg will also be drilled and completed from the existing wellbore at c-A48-I by year-end.
The first of two horizontal wells targeting the upper portion of the Montney Formation has been drilled and cased from the c-18-I pad. A second well, from the same pad, is currently being drilled. It is expected that this second well will be drilled and cased by the end of September, with both wells to be stimulated in October.
A gas facility is expected to be commissioned during the fourth quarter of 2010. It will have an initial capacity of 10 mmcf/d and will be scalable to 50 mmcf/d.
Full Article
For more shale news, visit http://www.blackberrystocks.blogspot.com/
Canadian Spirit Resources Inc. (CSPUF.PK) has recently updated shareholders on the Montney Shale located in British Columbia, Canada.
The joint venture increased its Montney rights from 47 sections to 51 sections (gross). CSRI now has approximately 30 net sections of Montney rights in the Farrell Creek area of northeastern British Columbia.
The Operator, Canbriam Energy BC Partnership ("Canbriam"), continues to progress with the $49.0 million (gross) capital program for 2010.
The c-A48-I well was stimulated in the lower portion of the Montney Formation. With only two stages flowing, the well had an initial production rate of 3.5 mmcf/d, and a stabilized rate of 2.0 mmcf/d over a seven day period.
An additional upper Montney horizontal leg will also be drilled and completed from the existing wellbore at c-A48-I by year-end.
The first of two horizontal wells targeting the upper portion of the Montney Formation has been drilled and cased from the c-18-I pad. A second well, from the same pad, is currently being drilled. It is expected that this second well will be drilled and cased by the end of September, with both wells to be stimulated in October.
A gas facility is expected to be commissioned during the fourth quarter of 2010. It will have an initial capacity of 10 mmcf/d and will be scalable to 50 mmcf/d.
Full Article
For more shale news, visit http://www.blackberrystocks.blogspot.com/
For more updates on the stock market, visit http://daytradingstockblog.blogspot.com/
Bakken Formation Pipeline Expansion: Enbridge Energy (EEP)
By Tim - http://oilshalegas.com
Enbridge Energy Partners L.P. (EEP) has announced a pipeline expansion in the Bakken Shale located in North Dakota, Montana, and Canada.
Enbridge Announces Next Bakken Pipeline Expansion Program
Enbridge Energy Partners L.P. (NYSE: EEP) ("EEP") and Enbridge Income Fund (TSX: ENF.UN) ("ENF") announced today that they are proceeding, subject to customary regulatory approvals, with a joint project to further expand crude oil pipeline capacity to accommodate growing production from the Bakken and Three Forks formations located in Montana, North Dakota, Manitoba and Saskatchewan. The Bakken Expansion Program will increase takeaway capacity from the Bakken play by 145,000 barrels per day (bpd), which can be readily expanded to 325,000 bpd at low cost. EEP and ENF are affiliates of Enbridge Inc. (collectively "Enbridge").
Enbridge's Bakken Expansion Program will involve U.S. projects which will be undertaken by EEP at a cost of approximately US$370 million; and Canadian projects which will be undertaken by ENF at a cost of approximately Cdn $190 million. The expansion program will originate at Beaver Lodge Station near Tioga, North Dakota, in the heart of the Bakken, and will follow existing EEP and ENF rights of way to terminate at and deliver to the Enbridge mainline terminal at Cromer, Manitoba
Full Article
For more shale news, visit http://www.blackberrystocks.blogspot.com/
Enbridge Energy Partners L.P. (EEP) has announced a pipeline expansion in the Bakken Shale located in North Dakota, Montana, and Canada.
Enbridge Announces Next Bakken Pipeline Expansion Program
Enbridge Energy Partners L.P. (NYSE: EEP) ("EEP") and Enbridge Income Fund (TSX: ENF.UN) ("ENF") announced today that they are proceeding, subject to customary regulatory approvals, with a joint project to further expand crude oil pipeline capacity to accommodate growing production from the Bakken and Three Forks formations located in Montana, North Dakota, Manitoba and Saskatchewan. The Bakken Expansion Program will increase takeaway capacity from the Bakken play by 145,000 barrels per day (bpd), which can be readily expanded to 325,000 bpd at low cost. EEP and ENF are affiliates of Enbridge Inc. (collectively "Enbridge").
Enbridge's Bakken Expansion Program will involve U.S. projects which will be undertaken by EEP at a cost of approximately US$370 million; and Canadian projects which will be undertaken by ENF at a cost of approximately Cdn $190 million. The expansion program will originate at Beaver Lodge Station near Tioga, North Dakota, in the heart of the Bakken, and will follow existing EEP and ENF rights of way to terminate at and deliver to the Enbridge mainline terminal at Cromer, Manitoba
Full Article
For more shale news, visit http://www.blackberrystocks.blogspot.com/
For more updates on the stock market, visit http://daytradingstockblog.blogspot.com/
McKenzie County, North Dakota Bakken Shale Update
By Tim - http://oilshalegas.com
Today, August 25 2010, Resolute Energy (REN) has come out and announced an agreement with Marathon Oil Company (MRO) in the Bakken Shale.
Resolute Energy Enters Agreement with Marathon Oil to Develop Acreage in Bakken Trend
Resolute Energy Corporation (“Resolute”) (NYSE: REN - News) today announced that it has entered into an agreement with Marathon Oil Company (“Marathon”) (NYSE: MRO - News) to develop approximately 19,000 gross acres (8,425 net to Resolute) in the Bakken trend in McKenzie County, North Dakota. The agreement enables Resolute to increase its net lease holdings in the Bakken trend by almost 35 percent, to more than 33,000 net acres in Williams and McKenzie Counties, North Dakota.
Under the terms of the agreement, Resolute will earn interests in the acreage by drilling and completing two earning wells. The Company expects that both earning wells will be drilled early in the 4th quarter of 2010. Marathon will serve as contract operator of the earning wells and as operator of the contract lands Full Article
Resolute Energy Enters Agreement with Marathon Oil to Develop Acreage in Bakken Trend
Resolute Energy Corporation (“Resolute”) (NYSE: REN - News) today announced that it has entered into an agreement with Marathon Oil Company (“Marathon”) (NYSE: MRO - News) to develop approximately 19,000 gross acres (8,425 net to Resolute) in the Bakken trend in McKenzie County, North Dakota. The agreement enables Resolute to increase its net lease holdings in the Bakken trend by almost 35 percent, to more than 33,000 net acres in Williams and McKenzie Counties, North Dakota.
Under the terms of the agreement, Resolute will earn interests in the acreage by drilling and completing two earning wells. The Company expects that both earning wells will be drilled early in the 4th quarter of 2010. Marathon will serve as contract operator of the earning wells and as operator of the contract lands Full Article
For more updates on the stock market, visit http://daytradingstockblog.blogspot.com/
Tuesday, August 24, 2010
Potter County, PA: Marcellus shale update
By Andrea: http://oilshalegas.com
SM Energy Company (SM) announced yesterday that they will engage in either a sale or joint venture of their 43,000 acres of land in the Marcellus shale in Potter County, PA and in McKean County, PA:
SM Energy Company (NYSE: SM) announces today that it is planning to raise at least $300 to $500 million through divestitures of non-strategic assets and/or joint venture agreements over the next 12 months, including the following potential transactions.
Part of the planned activities include the potential sale or joint venture of the Company's roughly 43,000 net acre Marcellus shale position in McKean and Potter counties, Pennsylvania. Bank of America Merrill Lynch has been engaged to market these assets. SM Energy also announces today that its second Marcellus well in McKean County, the Potato Creek 3H, began producing to sales in early August at a facility constrained initial gas production rate of over 7 MMCFE/D.
The Company has also engaged Albrecht & Associates to market a package of non-core, primarily proved developed properties, with a goal of completing a transaction by the end of 2010. Current production associated with this package as it is currently configured is 13 MMCFE/D.
Tony Best, President and CEO, commented, "Our goal is to continue to refine our portfolio in a manner that optimizes value for our stockholders. A key element in support of that goal will be divesting non-strategic assets and/or entering into joint ventures to fund the development of our core resource play opportunities."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
SM Energy Company (SM) announced yesterday that they will engage in either a sale or joint venture of their 43,000 acres of land in the Marcellus shale in Potter County, PA and in McKean County, PA:
SM Energy Company (NYSE: SM) announces today that it is planning to raise at least $300 to $500 million through divestitures of non-strategic assets and/or joint venture agreements over the next 12 months, including the following potential transactions.
Part of the planned activities include the potential sale or joint venture of the Company's roughly 43,000 net acre Marcellus shale position in McKean and Potter counties, Pennsylvania. Bank of America Merrill Lynch has been engaged to market these assets. SM Energy also announces today that its second Marcellus well in McKean County, the Potato Creek 3H, began producing to sales in early August at a facility constrained initial gas production rate of over 7 MMCFE/D.
The Company has also engaged Albrecht & Associates to market a package of non-core, primarily proved developed properties, with a goal of completing a transaction by the end of 2010. Current production associated with this package as it is currently configured is 13 MMCFE/D.
Tony Best, President and CEO, commented, "Our goal is to continue to refine our portfolio in a manner that optimizes value for our stockholders. A key element in support of that goal will be divesting non-strategic assets and/or entering into joint ventures to fund the development of our core resource play opportunities."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Monday, August 23, 2010
Zavala County, Texas - Eagle Ford Shale Update
By Andrea: http://oilshalegas.com
Eagleford Energy Inc. (EFRDF.OB) announces that it has entered into an agreement to acquire Dyami Energy LLC a Texas limited liability corporation at a transaction value of US$4.1 million. As consideration for the Transaction Eagleford Energy agreed to issue US$3,140,000 of units of the Company at US$0.90 per unit in exchange for 100% of the issued and outstanding membership interests of Dyami Energy and assume US$960,000 of Dyami Energy debt by way of a secured promissory note. Each unit is to be comprised of one common share and one-half a purchase warrant. Each full warrant is exercisable into one additional common share at US$1.00 per share for a period of four years from the date of issuance. The number of Units to be issued is subject to certain working capital adjustments at closing. The Note bears interest at 6% per annum, is secured by the leases and is payable on December 31, 2011 or upon the Company closing a financing or series of financings in excess of US$4,500,000.
The assets of Dyami Energy include a 75% working interest (56.25% net revenue interest after royalties) before payout which reduces to a 61.50% working interest (46.125% net revenue interest after royalties) after payout of $12,500,000 of production in a lease comprising approximately 2,629 gross acres of land in Zavala County, Texas (the "Matthews Lease") and working interests ranging from 90% to 97% (net revenue interests after royalties ranging from 67.5% to 72.75%) in a lease comprising approximately 2,637 gross acres of land in Zavala County, Texas. Eagleford Energy previously announced the acquisition of a 10% working interest (7.5% net revenue interest after royalties) before pay out which reduces to a 7.5% working interest (5.625% net revenue interest after royalties) after payout of $15,000,000 of production in the Matthews Lease.
The Leases are located in Zavala County which is part of the Maverick Basin of Southwest Texas and downdip from the United States Geological Studies north boundary of the Smackover-Austin-Eagle Ford total petroleum system. Eric Johnson, VP Operations at Dyami Energy stated, "We believe that both the Matthews Lease and the Murphy Lease are highly prospective for hydrocarbons in the Eagle Ford shale formation as well as other formations. The Matthews Lease is surrounded by Petrohawk's (Petrohawk Energy Corporation NYSE: HK) Red Hawk block where Petrohawk has recently announced initial production of 355 barrels a day of oil from a horizontal well drilled on its Mustang Ranch "C" #1H location. The Murphy lease is approximately 11 miles northeast of Chesapeake's (Chesapeake Energy Corporation NYSE: CHK) recently announced initial production of 930 barrels a day from its Traylor North 1-H well." Johnson further stated, "We have logs that show 380 feet of Upper and Lower Eagle Ford shale on our Matthews Lease of which approximately 160 feet is the organically richer lower Eagle Ford. Also, previous engineering reports indicate that the San Miguel formation contains 70 million barrels of heavy oil in the San Miguel D Sands and another 80 million barrels of heavy oil in the San Miguel A,B,C, Sands all within the bounds of our Matthews Lease."
Prior to closing the acquisition, Dyami Energy must satisfy Eagleford Energy that Dyami Energy has either commenced or is prepared to commence operations to drill a test well on the Matthews Lease in compliance with its obligations under the Matthews Lease.
The Transaction is scheduled to be closed by August 31, 2010 subject to satisfaction of all conditions precedent.
At present there are approximately 26.3 million shares issued and outstanding in the capital of the Company prior to the issuance of any shares associated with the closing of the Transaction.
For more shale updates, visit: http://blackberrystocks.blogspot.com
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Centre County, PA - Marcellus Shale
By Andrea: http://oilshalegas.com
Anadarko Petroleum Corp. (APC) recently released an update on the Marcellus shale in Centre County, PA:
At the end of the 2nd quarter, Anadarko was operating five rigs and participating in an additional 15 non-operated rigs. The company spud 13 operated wells and completed three wells during the quarter. Record gross production of almost 140 MMcf/d from 35 wells was achieved. Currently, more than 100 wells have been drilled and are awaiting either completion or connection to the gathering systems. The company completed and is currently testing its first well of the far-western area in Centre County, Pa. The well flowed to sales with a peak 24-hour test rate of 7.8 MMcf/d with approximately 4,000 PSI flowing tubing pressure.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Anadarko Petroleum Corp. (APC) recently released an update on the Marcellus shale in Centre County, PA:
At the end of the 2nd quarter, Anadarko was operating five rigs and participating in an additional 15 non-operated rigs. The company spud 13 operated wells and completed three wells during the quarter. Record gross production of almost 140 MMcf/d from 35 wells was achieved. Currently, more than 100 wells have been drilled and are awaiting either completion or connection to the gathering systems. The company completed and is currently testing its first well of the far-western area in Centre County, Pa. The well flowed to sales with a peak 24-hour test rate of 7.8 MMcf/d with approximately 4,000 PSI flowing tubing pressure.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
McKean County, PA: Marcellus shale update
By Andrea: http://oilshalegas.com
SM Energy Company (SM) announced today that they plan to raise $300-$500 Million through either the sale of or a joint venture of their 43,000 acres in the Marcellus shale located in McKean County and Potter County, Pennsylvania. SM Energy also announced today that its second Marcellus well in McKean County, the Potato Creek 3H, began producing to sales in early August at a facility constrained initial gas production rate of over 7 MMCFE/D. They plan to execute the sale and/or joint venture over the next 12 months.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
SM Energy Company (SM) announced today that they plan to raise $300-$500 Million through either the sale of or a joint venture of their 43,000 acres in the Marcellus shale located in McKean County and Potter County, Pennsylvania. SM Energy also announced today that its second Marcellus well in McKean County, the Potato Creek 3H, began producing to sales in early August at a facility constrained initial gas production rate of over 7 MMCFE/D. They plan to execute the sale and/or joint venture over the next 12 months.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Saturday, August 21, 2010
Bee County, Texas: Eagle Ford Shale Update: Crimson Exploration
By Andrea: http://oilshalegas.com
Crimson Exploration Inc. (CXPO) released a brief update on the Windham #1 test of the Eagle Ford shale in Bee County, Texas. Crimson stated that they are currently drilling and they expect to be finished with the well by mid October, 2010.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Crimson Exploration Inc. (CXPO) released a brief update on the Windham #1 test of the Eagle Ford shale in Bee County, Texas. Crimson stated that they are currently drilling and they expect to be finished with the well by mid October, 2010.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Friday, August 20, 2010
Contact Us
Shale News is always interested in hearing back from our readers. Feel free to contact us below.
Contributors:
Tim - tweid05@gmail.com
Andrea - oilshalegas@gmail.com
Thank You!
Contributors:
Tim - tweid05@gmail.com
Andrea - oilshalegas@gmail.com
Thank You!
Sabine County, Texas: Bossier shale update
By Andrea: http://oilshalegas.com
Crimson Exploration Inc. (CXPO) recently released an update on their Bruin Prospect Area of the Bossier shale in Sabine County, Texas:
Crimson currently continues to drill in the lateral section of the Gobi #1 (70% WI) in the Bruin Prospect Area. Completion operations are expected to begin in October. The Bengal #1 (37.5% WI), our first well in Crimson's Tiger Prospect Area in Sabine County, is expected to spud in early September.
For more shale updates, visit: http://blackberrystocks.blogspot.com
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Crimson Exploration Inc. (CXPO) recently released an update on their Bruin Prospect Area of the Bossier shale in Sabine County, Texas:
Crimson currently continues to drill in the lateral section of the Gobi #1 (70% WI) in the Bruin Prospect Area. Completion operations are expected to begin in October. The Bengal #1 (37.5% WI), our first well in Crimson's Tiger Prospect Area in Sabine County, is expected to spud in early September.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
San Augustine County, TX: Bossier Shale Update: Crimson Exploration
By Andrea: http://oilshalegas.com
In San Augustine County, Crimson Exploration Inc. (CXPO) successfully completed its first operated well in the Bruin Prospect Area. The Grizzly #1 (55% WI) was drilled to a measured depth of 18,100 feet with an approximate 4,200-foot horizontal lateral in the Mid Bossier Shale and was completed with 14 frac stages. The Grizzly #1 continues to clean up and is currently producing at a gross restricted rate of approximately 11.5 MMcfd on a 16/64" choke with around 9,100 psi flowing casing pressure.
Mr. Allan D. Keel, Crimson's President and CEO, stated, "With the successful completion of the Grizzly #1 well, Crimson has validated the reserve potential of the Mid Bossier Shale in its Bruin Prospect Area." Mr. Keel went on to say "based on well performance, we could have flowed the Grizzly well at significantly higher rates but have decided to use industry-best practices for reservoir optimization to maximize ultimate recovery." With respect to the recent successes in the Schwarz #2 and Catherine Henderson A-7 wells, Mr. Keel said, "The successful execution of our Liberty County drilling program continues to provide Crimson with the production and cashflow base that allows us to continue our Haynesville and Eagle Ford Shale development as well as pursue additional growth opportunities within our deep inventory of lower risk, high quality conventional prospects."
The 11.5 MMcfd test rate on the Grizzly well is reflective of Crimson's strategy that restricting rate and pressure drawdown on Haynesville and Mid Bossier Shale wells increases the Estimated Ultimate Recovery (EUR), results in a shallower and more stable decline curve, and delays the need for costly compression. Crimson adopted this strategy based on the experience attained by other operators in this trend, core studies that substantiate the loss of fracture conductivity at higher initial drawdown rates, and service company studies that indicate potential pinching off of available reservoir at higher production rates. Data from wells produced at restricted rates in the trend suggest that although this methodology provides lower production in the first few months of flow, the cumulative production curve compared to higher rate wells crosses in less than a year with the restricted rate wells flowing at higher rates and pressures at the point they cross, substantiating the belief that EUR is benefited at little to no loss of present value.
For more shale updates, visit: http://blackberrystocks.blogspot.com
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Barnett Shale Update: Exterra Energy Inc. (EENI.OB)
By Andrea: http://oilshalegas.com
Exterrra Energy Inc. (EENI.OB) announced that they are acquiring 3.1K acres of new mineral leases in the Barnett shale. Not only will they be acquiring the land in which there are already 52 wells residing, but they are going to do somewhat of a renovation on the other 8 wells that are not up to production standards. The 44 efficient wells are currently producing 35 barrels of oil per day. The other 8 wells, however; will be re-worked and are projected to produce 5 barrels of oil per day. This would create a total production rate for the site to roughly 75 barrels of oil per day.
In addition to the re-working of some of the existing wells, Exterra Energy will add 10 new wells to the land which are projected to produce approximately 200 barrels of oil per day.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock update,s visit: http://daytradingstockblog.blogspot.com
Exterrra Energy Inc. (EENI.OB) announced that they are acquiring 3.1K acres of new mineral leases in the Barnett shale. Not only will they be acquiring the land in which there are already 52 wells residing, but they are going to do somewhat of a renovation on the other 8 wells that are not up to production standards. The 44 efficient wells are currently producing 35 barrels of oil per day. The other 8 wells, however; will be re-worked and are projected to produce 5 barrels of oil per day. This would create a total production rate for the site to roughly 75 barrels of oil per day.
In addition to the re-working of some of the existing wells, Exterra Energy will add 10 new wells to the land which are projected to produce approximately 200 barrels of oil per day.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock update,s visit: http://daytradingstockblog.blogspot.com
Thursday, August 19, 2010
Fayette County, Texas: Eagle Ford Shale Update
By Andrea: http://oilshalegas.com
Eureka Energy (EKA) announced that a wholly-owned US subsidiary of Eureka has signed an option agreement to acquire a 100% working interest of a 761.5 acre block of leases on the eastern extension of the Eagle Ford trend in Texas. The new lease is located in Fayette County, Texas. Eureka believes that this block of land has potential to produce oil. Eureka intends to seek out a partner to fund drilling and acquisition costs for the new block of land.
Read full story here:
http://www.onenewspage.com/news/Business/20100811/13934252/Eureka-Energy-acquires-option-on-new-oil-acreage.htm
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Eureka Energy (EKA) announced that a wholly-owned US subsidiary of Eureka has signed an option agreement to acquire a 100% working interest of a 761.5 acre block of leases on the eastern extension of the Eagle Ford trend in Texas. The new lease is located in Fayette County, Texas. Eureka believes that this block of land has potential to produce oil. Eureka intends to seek out a partner to fund drilling and acquisition costs for the new block of land.
Read full story here:
http://www.onenewspage.com/news/Business/20100811/13934252/Eureka-Energy-acquires-option-on-new-oil-acreage.htm
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Borden County, Texas: Permian Basin Update - Archer Petroleum
By Andrea: http://oilshalegas.com
Archer Petroleum (ARK) released an update today on their Greater Joe Mill Project of the Permian Basin, in Borden County, TX.
Archer Petroleum has been advised by the Operator, Westerly Exploration, and provides the following update on the Greater Joe Mill Project, situated in West Texas.
Westerly, as the operator, advises that the Hull #1 well located on the Greater Joe Mill Project in Borden County, West Texas has produced as high as 86 bopd (Barrels Oil Per Day) and has averaged over 61 bopd over 30 consecutive production days, and the Operator expects the Hull #1 to continue to improve in both oil and natural gas rates as is typical of these formations.
Based on the success of this initial well the Operator has advised that the second well on the Greater Joe Mill Project is expected to spud within the next 30-60 days.
CEO Victor Barcot states, "We are very pleased that our initial well in the Permian Basin has been proven a successful producer, and that Archer has reached the significant milestone of achieving cashflow and production through our core assets."
The Greater Joe Mill Project comprises 4,700 gross mineral acres and has proven reserves of approximately 60 MMBOE per well and includes 29 proven well locations. The project is a low risk, long reserve-life drilling venture designed to provide a stable cash flow base for the development of the Company.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Archer Petroleum (ARK) released an update today on their Greater Joe Mill Project of the Permian Basin, in Borden County, TX.
Archer Petroleum has been advised by the Operator, Westerly Exploration, and provides the following update on the Greater Joe Mill Project, situated in West Texas.
Westerly, as the operator, advises that the Hull #1 well located on the Greater Joe Mill Project in Borden County, West Texas has produced as high as 86 bopd (Barrels Oil Per Day) and has averaged over 61 bopd over 30 consecutive production days, and the Operator expects the Hull #1 to continue to improve in both oil and natural gas rates as is typical of these formations.
Based on the success of this initial well the Operator has advised that the second well on the Greater Joe Mill Project is expected to spud within the next 30-60 days.
CEO Victor Barcot states, "We are very pleased that our initial well in the Permian Basin has been proven a successful producer, and that Archer has reached the significant milestone of achieving cashflow and production through our core assets."
The Greater Joe Mill Project comprises 4,700 gross mineral acres and has proven reserves of approximately 60 MMBOE per well and includes 29 proven well locations. The project is a low risk, long reserve-life drilling venture designed to provide a stable cash flow base for the development of the Company.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Tarrant County, TX: Barnett Shale: Chestnut Petroleum
By Andrea: http://oilshalegas.com
August 18, 2010: Chestnut Petroleum announced today, the recent completion of the Crowley Teeter #1H, a horizontal well drilled in the sweet spot of the massive Newark, East gas field in the Barnett Shale. Completed in May 2010, the Tarrant County well started production at a rate of 5,866 MCF of natural gas per day after a massive 4-stage fracture stimulation procedure. In the first 60 days of production, the Crowley Teeter #1H has sold 254,552 MCF of natural gas down the pipeline.
"I am thrilled with the performance of this monster well," says Mark Plummer, President and Founder of Chestnut Petroleum.
The Newark, East field is located primarily in Wise, Denton, and Tarrant counties in North Central Texas and is considered the core producing area of the Barnett Shale. As of May 10, 2010, Railroad Commission of Texas records show 13,902 gas wells in the Newark, East gas field, up from a total well count of just 150 in 1993. However, while the number of permits has held steady over the past fourteen months, the number of Newark, East well completions has declined from 135 wells in June 2009 to just six wells in June 2010. According to Tobin Map Data Trends, the Crowley Teeter #1H is just one of eight wells completed in May 2010 in the Newark, East field. Tobin Trends tracks lease and well activity in the Barnett Shale Play, Eagle Ford Shale Play and Haynesville Shale play.
Chestnut Petroleum is a privately owned independent owner-operator that conducts drilling, recompletion and reentry, and general operations in proven producing oil and natural gas fields primarily in Texas and Louisiana.
To learn more, visit the company's web site at http://www.chestnutpetroleum.com
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
August 18, 2010: Chestnut Petroleum announced today, the recent completion of the Crowley Teeter #1H, a horizontal well drilled in the sweet spot of the massive Newark, East gas field in the Barnett Shale. Completed in May 2010, the Tarrant County well started production at a rate of 5,866 MCF of natural gas per day after a massive 4-stage fracture stimulation procedure. In the first 60 days of production, the Crowley Teeter #1H has sold 254,552 MCF of natural gas down the pipeline.
"I am thrilled with the performance of this monster well," says Mark Plummer, President and Founder of Chestnut Petroleum.
The Newark, East field is located primarily in Wise, Denton, and Tarrant counties in North Central Texas and is considered the core producing area of the Barnett Shale. As of May 10, 2010, Railroad Commission of Texas records show 13,902 gas wells in the Newark, East gas field, up from a total well count of just 150 in 1993. However, while the number of permits has held steady over the past fourteen months, the number of Newark, East well completions has declined from 135 wells in June 2009 to just six wells in June 2010. According to Tobin Map Data Trends, the Crowley Teeter #1H is just one of eight wells completed in May 2010 in the Newark, East field. Tobin Trends tracks lease and well activity in the Barnett Shale Play, Eagle Ford Shale Play and Haynesville Shale play.
Chestnut Petroleum is a privately owned independent owner-operator that conducts drilling, recompletion and reentry, and general operations in proven producing oil and natural gas fields primarily in Texas and Louisiana.
To learn more, visit the company's web site at http://www.chestnutpetroleum.com
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Brigham Exploration Co. (BEXP): Bakken shale update
By Andrea: http://oilshalegas.com
Brigham Exploration Company (BEXP) recently acquired a 9,900 net acre block in the Bakken shale, located in Richmond County, Montana. They plan to spud a well in the area between their Sweetman and Sedlacek wells in October.
They acquired an additional 17,300 net acres that lies further due west in Montana, northwest of the Elm Coulee Bakken field.They believe this area has very good potential. They currently plan to drill their first well in that area, which could potentially begin to move it into the core category during the first quarter of 2011.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Brigham Exploration Company (BEXP) recently acquired a 9,900 net acre block in the Bakken shale, located in Richmond County, Montana. They plan to spud a well in the area between their Sweetman and Sedlacek wells in October.
They acquired an additional 17,300 net acres that lies further due west in Montana, northwest of the Elm Coulee Bakken field.They believe this area has very good potential. They currently plan to drill their first well in that area, which could potentially begin to move it into the core category during the first quarter of 2011.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Wise County, Texas: Barnett Shale Update
By Andrea: http://oilshalegas.com
Exterra Energy, Inc. (EENI.OB) released an update today on the Barnett shale in Wise County, Texas. They recently acquired 3,100 acres in the Barnett shale, where 52 wells currently reside. They plan to develop 10 new wells on the property. Press Release below:
Aug 19, 2010 Exterra Energy, Inc. (EENI) announced today that the company has acquired 3,100 acres of mineral leases in the North West corner of the Barnett Shale in the dual oil/gas window of Texas. There are currently 52 wells on the property, of which 44 are producing an average of 35 BOPD. The non-producing eight wells are scheduled to be worked over and put back online immediately. Post work over they are projected to produce 5 BOPD each. This will bring the total daily production to 72 BOPD. The estimated 72 BOPD would calculate to approximately $114,600.00 monthly cash flow post operations and $1,375,200.00 annually.
Additional plans are to develop 10 new oil wells at an estimated cost of $75,000.00 per well, totaling $750,000.00. These 10 new wells are projected, by a third party independent engineer, to produce an estimated 20 BOPD each initially, and decline an estimated 25% the first year. The additional initial production would calculate to an estimated 200 BOPD for the 10 new Oil Wells Developed. Monthly additional cash flow is calculated at an estimated $355,000.00 monthly and $4,260,000.00 annually. Conservative cost to create this additional annual cash flow is $750,000.00. As previously announced, Exterra has a $10,000,000 LOC with Happy State Bank, TX, which can be used for the purchase of producing oil and gas properties. It is management's intention to begin to use this line in order to bring this work over and drilling project to a producing state.
This 10 well program, after being successful, will be followed by another 80 well drilling program. These drilling locations were confirmed by an independent third party engineer familiar with the field. After successfully unlocking all of the minerals in this shallow region it is Exterra's intent to go after the deeper zones which would include the dual completion Barnett Shale proven successfully in the area by EOG.
This acquisition is very exciting for Exterra and it adds to our planned acquisition of the Woodbine properties previously announced and expected to close soon. We like both of these areas and think they both hold very low risk as they combine current production, work over opportunities and new drilling deepening opportunities with extremely productive proven reservoirs.
Todd R. Royal, CEO, commented, "The acquisition of this new property located in the Barnett Oil/Gas window lends to our business plan of acquiring strong producing assets with solid upside potential that are located in proven, tested reservoirs and continue to increase shareholder value."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Exterra Energy, Inc. (EENI.OB) released an update today on the Barnett shale in Wise County, Texas. They recently acquired 3,100 acres in the Barnett shale, where 52 wells currently reside. They plan to develop 10 new wells on the property. Press Release below:
Aug 19, 2010 Exterra Energy, Inc. (EENI) announced today that the company has acquired 3,100 acres of mineral leases in the North West corner of the Barnett Shale in the dual oil/gas window of Texas. There are currently 52 wells on the property, of which 44 are producing an average of 35 BOPD. The non-producing eight wells are scheduled to be worked over and put back online immediately. Post work over they are projected to produce 5 BOPD each. This will bring the total daily production to 72 BOPD. The estimated 72 BOPD would calculate to approximately $114,600.00 monthly cash flow post operations and $1,375,200.00 annually.
Additional plans are to develop 10 new oil wells at an estimated cost of $75,000.00 per well, totaling $750,000.00. These 10 new wells are projected, by a third party independent engineer, to produce an estimated 20 BOPD each initially, and decline an estimated 25% the first year. The additional initial production would calculate to an estimated 200 BOPD for the 10 new Oil Wells Developed. Monthly additional cash flow is calculated at an estimated $355,000.00 monthly and $4,260,000.00 annually. Conservative cost to create this additional annual cash flow is $750,000.00. As previously announced, Exterra has a $10,000,000 LOC with Happy State Bank, TX, which can be used for the purchase of producing oil and gas properties. It is management's intention to begin to use this line in order to bring this work over and drilling project to a producing state.
This 10 well program, after being successful, will be followed by another 80 well drilling program. These drilling locations were confirmed by an independent third party engineer familiar with the field. After successfully unlocking all of the minerals in this shallow region it is Exterra's intent to go after the deeper zones which would include the dual completion Barnett Shale proven successfully in the area by EOG.
This acquisition is very exciting for Exterra and it adds to our planned acquisition of the Woodbine properties previously announced and expected to close soon. We like both of these areas and think they both hold very low risk as they combine current production, work over opportunities and new drilling deepening opportunities with extremely productive proven reservoirs.
Todd R. Royal, CEO, commented, "The acquisition of this new property located in the Barnett Oil/Gas window lends to our business plan of acquiring strong producing assets with solid upside potential that are located in proven, tested reservoirs and continue to increase shareholder value."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Marcellus Shale Job Opportunities: Chesapeake Energy (CHK)
By Andrea: http://oilshalegas.com
The Intelligencer: Wheeling New Register of Wheeling, West Virginia released a heartbreaking article this morning, however; bittersweet in it's own nature.
The Intelligencer: Wheeling New Register of Wheeling, West Virginia released a heartbreaking article this morning, however; bittersweet in it's own nature.
Chesapeake Energy Corp. (CHK) launched a hiring spree in New Martinsville, WV on Wednesday, August 18. The turnout for the chance of a job, was hundreds. People lined up and waited for up to 3 hours for the chance of an interview and the possible hope for a job. As interest in the natural oil and gas industry rises, companies like Chesapeake are one of the few industries who are in need of employees. The interviewees were filed through the interview process much like an assembly line where they were first screened at the door and then thrown into one of four categories based on experience and skill level.
Two men who were looking for the chance at the appealing prospect of a steady job, Eric Westbrook and Shawn Long were thankful Chesapeake was in the area stating that "(the gas industry) is the only thing that is here", as far as jobs are concerned. Both men have been working contracting jobs without the promise of hours every week and without health insurance. While Chesapeake Energy has the means to hire and is giving towns like Martinsville, WV who have been struck hard by the economic downturn some hope, a line of hundreds looking for a job at a single company is an upsetting reminder that the U.S. is far from recovery of an economic crisis.
For more details and full story: http://www.theintelligencer.net/page/content.detail/id/540871.html?nav=515
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstock blog.blogspot.com
Two men who were looking for the chance at the appealing prospect of a steady job, Eric Westbrook and Shawn Long were thankful Chesapeake was in the area stating that "(the gas industry) is the only thing that is here", as far as jobs are concerned. Both men have been working contracting jobs without the promise of hours every week and without health insurance. While Chesapeake Energy has the means to hire and is giving towns like Martinsville, WV who have been struck hard by the economic downturn some hope, a line of hundreds looking for a job at a single company is an upsetting reminder that the U.S. is far from recovery of an economic crisis.
For more details and full story: http://www.theintelligencer.net/page/content.detail/id/540871.html?nav=515
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstock blog.blogspot.com
Wednesday, August 18, 2010
Liberty County, Texas: Bossier Shale Update: Crimson Exploration
By Andrea: http://oilshalegas.com
August 18, 2010: Crimson Exploration Co. (CXPO) announced today that they successfully completed the Schwarz #2 (65% WI) in the Lower Cook Mountain sand at approximately 15,100 feet. The well is producing at a gross rate of 5.4 MMcfd and 120 Bcpd on a 12/64" choke with flowing tubing pressure of 9,100 psi and has been flowing to sales for approximately one week. This well follows our recently announced Catherine Henderson A-7 well (66% WI) which has been producing since June at a rate of approximately 4.5 Mmcpd and 340 Bcpd. With the production additions from these two important wells, Crimson's current daily net production has increased to approximately 41 Mmcfepd.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
http://www.oilshalegas.com/bossiershale.html
August 18, 2010: Crimson Exploration Co. (CXPO) announced today that they successfully completed the Schwarz #2 (65% WI) in the Lower Cook Mountain sand at approximately 15,100 feet. The well is producing at a gross rate of 5.4 MMcfd and 120 Bcpd on a 12/64" choke with flowing tubing pressure of 9,100 psi and has been flowing to sales for approximately one week. This well follows our recently announced Catherine Henderson A-7 well (66% WI) which has been producing since June at a rate of approximately 4.5 Mmcpd and 340 Bcpd. With the production additions from these two important wells, Crimson's current daily net production has increased to approximately 41 Mmcfepd.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
http://www.oilshalegas.com/bossiershale.html
Marcellus Shale Research Center: Penn State University
By Andrea: http://oilshalegas.com
Penn State University announced today that it will launch a new education and research program dedicated to the Marcellus Shale. The program will be dedicated to working with state agencies, elected officials, communities, landowners, industry and environmental groups to provide safe and effective ways to develop Pennsylvania's natural gas deposits.
“With the Marcellus Center for Outreach and Research we are bringing together the University’s considerable expertise in a number of areas to provide fact-based information on the Marcellus Shale, one of the largest gas fields in the world,” said Penn State President Graham Spanier. "It has become apparent that much more research and education is needed on the Marcellus."
Reports on the development of the natural gas deposits of the Marcellus Shale predict a boost to both Pennsylvania's economy and the energy reserves of the state and nation. At the same time, there are potential environmental and social impacts that must be researched and considered, Spanier said.
"Penn State has the capabilities and resources to examine all sides of this complex issue—and to do that well,” he said.
Leadership of Penn State’s Marcellus Center for Outreach and Research (MCOR) reflects the need for energy research and public outreach with Michael A. Arthur, professor of geosciences in the College of Earth and Mineral Sciences, and Thomas B. Murphy, extension educator, Penn State Cooperative Extension, serving as co-directors.
Read full story here: http://live.psu.edu/story/47867
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Penn State University announced today that it will launch a new education and research program dedicated to the Marcellus Shale. The program will be dedicated to working with state agencies, elected officials, communities, landowners, industry and environmental groups to provide safe and effective ways to develop Pennsylvania's natural gas deposits.
“With the Marcellus Center for Outreach and Research we are bringing together the University’s considerable expertise in a number of areas to provide fact-based information on the Marcellus Shale, one of the largest gas fields in the world,” said Penn State President Graham Spanier. "It has become apparent that much more research and education is needed on the Marcellus."
Reports on the development of the natural gas deposits of the Marcellus Shale predict a boost to both Pennsylvania's economy and the energy reserves of the state and nation. At the same time, there are potential environmental and social impacts that must be researched and considered, Spanier said.
"Penn State has the capabilities and resources to examine all sides of this complex issue—and to do that well,” he said.
Leadership of Penn State’s Marcellus Center for Outreach and Research (MCOR) reflects the need for energy research and public outreach with Michael A. Arthur, professor of geosciences in the College of Earth and Mineral Sciences, and Thomas B. Murphy, extension educator, Penn State Cooperative Extension, serving as co-directors.
Read full story here: http://live.psu.edu/story/47867
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Topaz Resources, Inc. (TOPZ); Barnett shale Update
By Andrea: http://oilshalegas.com
Topaz Resources, Inc. (TOPZ) released an update on August 18, 2010 concerning their operations in the Barnett shale:
Topaz Resources, Inc. reported on the status of drilling operations on its Barnett Shale well located in the "oil" leg of the Barnett shale formation in North Texas.
"We are pleased to report that drilling operations have passed the 6,000 foot level on this the first of three Barnett Wells as part of the Drilling Program we announced earlier this summer," stated Bob Lindsay, COO of Topaz Resources. "The well is planned to TD at 7,900 feet vertically in the Barnett Shale. Other shallower potential productive formations include the Strawn series and the Conglomerates. After reaching the planned TD depth, we will run a log and make the decision whether to complete it as a vertical well or to come up hole and kick it off as a horizontal well. This process has become common practice in the Barnett shale formation and enables us to achieve optimum results."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates,visit: http://daytradingstockblog.blogspot.com
Topaz Resources, Inc. (TOPZ) released an update on August 18, 2010 concerning their operations in the Barnett shale:
Topaz Resources, Inc. reported on the status of drilling operations on its Barnett Shale well located in the "oil" leg of the Barnett shale formation in North Texas.
"We are pleased to report that drilling operations have passed the 6,000 foot level on this the first of three Barnett Wells as part of the Drilling Program we announced earlier this summer," stated Bob Lindsay, COO of Topaz Resources. "The well is planned to TD at 7,900 feet vertically in the Barnett Shale. Other shallower potential productive formations include the Strawn series and the Conglomerates. After reaching the planned TD depth, we will run a log and make the decision whether to complete it as a vertical well or to come up hole and kick it off as a horizontal well. This process has become common practice in the Barnett shale formation and enables us to achieve optimum results."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates,visit: http://daytradingstockblog.blogspot.com
Bradford County, PA - Marcellus Shale Update
By Andrea: http://oilshalegas.com
Range Resources Corp. (RRC) announced that they are combining 14,000 net acres in the Marcellus shale in Bradford County, PA with Talisman Energy Inc. (TLM) current acreage. The two companies will combine technical teams and drilling rigs in the joint acreage. Range Resources estimates that the joint venture will add $25 million to their 2010 capital spending. Talisman Energy is currently producing more than 190 million cubic feet a day from the Marcellus shale.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Range Resources Corp. (RRC) announced that they are combining 14,000 net acres in the Marcellus shale in Bradford County, PA with Talisman Energy Inc. (TLM) current acreage. The two companies will combine technical teams and drilling rigs in the joint acreage. Range Resources estimates that the joint venture will add $25 million to their 2010 capital spending. Talisman Energy is currently producing more than 190 million cubic feet a day from the Marcellus shale.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
DeSoto Parish, LA: Top Haynesville Shale Wells
By Andrea: http://oilshalegas.com
According to a press release for Mexco Energy, not only has the Haynesville shale area been estimated to become the largest gas resource in the U.S. and the fourth largest in the world, DeSoto Parish, Louisiana has been recognized as one of the top six parishes in Louisiana where the most productive Haynesville wells are located. Among the companies operating in DeSoto Parish, LA, are Chesapeake Energy Corp. (CHK), Petrohawk Energy Corp. (HK) and Mexco Energy (MXC).
Read more: http://www.centredaily.com/2010/08/17/2156727/mexco-energy-corporation-announces.html#ixzz0wxcTR4Yj
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
According to a press release for Mexco Energy, not only has the Haynesville shale area been estimated to become the largest gas resource in the U.S. and the fourth largest in the world, DeSoto Parish, Louisiana has been recognized as one of the top six parishes in Louisiana where the most productive Haynesville wells are located. Among the companies operating in DeSoto Parish, LA, are Chesapeake Energy Corp. (CHK), Petrohawk Energy Corp. (HK) and Mexco Energy (MXC).
Read more: http://www.centredaily.com/2010/08/17/2156727/mexco-energy-corporation-announces.html#ixzz0wxcTR4Yj
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
DeSoto Parish, LA: Haynesville Shale
By Andrea: http://oilshalegas.com
Mexco Energy Corp. (MXC) announced that they are purchasing 5,120 acres in the Haynesville shale area of DeSoto Parish, LA. Among the operating companies on the land, include Petrohawk Energy Corp. (HK) and Chesapeake Energy Corp. (CHK). In addition to the 5 horizontal wells already operating on the land, there is an estimate of 59 addition drill sites. Press release below:
Mexco Energy Corporation (MXC) announced the purchase of overriding royalty interests in 5,120 gross acres covering eight sections in the Haynesville trend area of DeSoto Parish, Louisiana, for an approximate purchase price of $1.65 million, prior to closing adjustments. Mexco paid $1.46 million in cash and 26,833 shares of its Common Stock. The Company funded the cash portion of the purchase from working capital and primarily from its $5.0 million credit facility. The stock was issued from Mexco's treasury shares.
This acreage currently contains five (5) horizontal wells producing from the Haynesville Shale formation and operated by Petrohawk Operating Company which will operate six of the eight sections. The two remaining sections will be operated by Chesapeake Energy. The Company owns average overriding royalty interests of approximately .28%.
These 5,120 acres contain an additional 59 potential drill sites in the Haynesville Shale. Other wells drilled in the Haynesville area show the presence of at least two (2) other potential producing zones, the Bossier and Cotton Valley, which are held by production and available for development should conditions warrant. Hundreds of Haynesville, hundreds of Cotton Valley and several dozen Bossier Shale wells are currently producing in the Haynesville trend area. The development of these royalties is free to Mexco of expenses for drilling, development and operations.
The Haynesville area has been estimated to become the largest gas resource in the United States and the fourth largest in the world subject to realization of technical estimates, according to World Oil in its June 2010 edition. World Oil recognizes DeSoto Parish as one of the top six (6) parishes of Louisiana where the most productive Haynesville wells are located.
"This acquisition represents a significant addition of the natural gas reserves for Mexco and future development potential," said Nicholas C. Taylor, President and CEO of Mexco
Read more: http://www.centredaily.com/2010/08/17/2156727/mexco-energy-corporation-announces.html#ixzz0wxXZBHCY
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Mexco Energy Corp. (MXC) announced that they are purchasing 5,120 acres in the Haynesville shale area of DeSoto Parish, LA. Among the operating companies on the land, include Petrohawk Energy Corp. (HK) and Chesapeake Energy Corp. (CHK). In addition to the 5 horizontal wells already operating on the land, there is an estimate of 59 addition drill sites. Press release below:
Mexco Energy Corporation (MXC) announced the purchase of overriding royalty interests in 5,120 gross acres covering eight sections in the Haynesville trend area of DeSoto Parish, Louisiana, for an approximate purchase price of $1.65 million, prior to closing adjustments. Mexco paid $1.46 million in cash and 26,833 shares of its Common Stock. The Company funded the cash portion of the purchase from working capital and primarily from its $5.0 million credit facility. The stock was issued from Mexco's treasury shares.
This acreage currently contains five (5) horizontal wells producing from the Haynesville Shale formation and operated by Petrohawk Operating Company which will operate six of the eight sections. The two remaining sections will be operated by Chesapeake Energy. The Company owns average overriding royalty interests of approximately .28%.
These 5,120 acres contain an additional 59 potential drill sites in the Haynesville Shale. Other wells drilled in the Haynesville area show the presence of at least two (2) other potential producing zones, the Bossier and Cotton Valley, which are held by production and available for development should conditions warrant. Hundreds of Haynesville, hundreds of Cotton Valley and several dozen Bossier Shale wells are currently producing in the Haynesville trend area. The development of these royalties is free to Mexco of expenses for drilling, development and operations.
The Haynesville area has been estimated to become the largest gas resource in the United States and the fourth largest in the world subject to realization of technical estimates, according to World Oil in its June 2010 edition. World Oil recognizes DeSoto Parish as one of the top six (6) parishes of Louisiana where the most productive Haynesville wells are located.
"This acquisition represents a significant addition of the natural gas reserves for Mexco and future development potential," said Nicholas C. Taylor, President and CEO of Mexco
Read more: http://www.centredaily.com/2010/08/17/2156727/mexco-energy-corporation-announces.html#ixzz0wxXZBHCY
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Tuesday, August 17, 2010
UGI Corp. (UGI) : Marcellus Shale Infrastructure
By Andrea: http://oilshalegas.com
UGI Corp. (UGI) plans to anti up their stakes in the Marcellus shale by investing roughly $300 million into projects dedicated to the development of natural gas.
Lon R. Greenberg, chairman and chief executive officer of UGI, said, "The natural gas in the Marcellus Shale region of Pennsylvania is in areas in which we have a significant amount of assets, including much of our utility and gas marketing service territories. We believe these and future projects will provide our utility and transportation service customers with cost effective and reliable gas supply. Our ultimate investment will depend on many factors, but given our strategic assets, supplier relationships, customer base and expertise in energy logistics, we are confident in our ability to invest wisely for the benefit of our stakeholders."
Among these investments are the recently announced agreement between UGI's midstream and energy marketing unit, UGI Energy Services, Inc., and NiSource Gas Transmission and Storage (NGT&S) to market and develop a major pipeline project to provide Marcellus Shale producers in Pennsylvania improved access to high-value markets. This project would be subject to approval by the Federal Energy Regulatory Commission (FERC) and is planned to be available for service in late 2012.
In addition, UGI plans to enhance the delivery options from its Meeker and Tioga storage fields located in north central Pennsylvania by drilling additional storage wells and adding dehydration and compression capacity. UGI's storage fields are ideally situated to enable Marcellus gas to efficiently serve temperature sensitive end-use markets. In addition, the fields are connected to UGI's gas utility distribution system, as well as to the Dominion Gas Transmission, Inc. and Tennessee Gas Pipeline Company interstate pipeline systems. The proposed pipeline by NGT&S and UGI also would connect to these storage fields. This storage enhancement project, which would be subject to regulatory approval, is planned to be available for service in 2013.
Additional projects to construct gathering facilities and purchase gas from Marcellus producers would bring locally produced gas to Pennsylvania and interstate markets during 2012. These projects would not be subject to FERC approval.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
UGI Corp. (UGI) plans to anti up their stakes in the Marcellus shale by investing roughly $300 million into projects dedicated to the development of natural gas.
Lon R. Greenberg, chairman and chief executive officer of UGI, said, "The natural gas in the Marcellus Shale region of Pennsylvania is in areas in which we have a significant amount of assets, including much of our utility and gas marketing service territories. We believe these and future projects will provide our utility and transportation service customers with cost effective and reliable gas supply. Our ultimate investment will depend on many factors, but given our strategic assets, supplier relationships, customer base and expertise in energy logistics, we are confident in our ability to invest wisely for the benefit of our stakeholders."
Among these investments are the recently announced agreement between UGI's midstream and energy marketing unit, UGI Energy Services, Inc., and NiSource Gas Transmission and Storage (NGT&S) to market and develop a major pipeline project to provide Marcellus Shale producers in Pennsylvania improved access to high-value markets. This project would be subject to approval by the Federal Energy Regulatory Commission (FERC) and is planned to be available for service in late 2012.
In addition, UGI plans to enhance the delivery options from its Meeker and Tioga storage fields located in north central Pennsylvania by drilling additional storage wells and adding dehydration and compression capacity. UGI's storage fields are ideally situated to enable Marcellus gas to efficiently serve temperature sensitive end-use markets. In addition, the fields are connected to UGI's gas utility distribution system, as well as to the Dominion Gas Transmission, Inc. and Tennessee Gas Pipeline Company interstate pipeline systems. The proposed pipeline by NGT&S and UGI also would connect to these storage fields. This storage enhancement project, which would be subject to regulatory approval, is planned to be available for service in 2013.
Additional projects to construct gathering facilities and purchase gas from Marcellus producers would bring locally produced gas to Pennsylvania and interstate markets during 2012. These projects would not be subject to FERC approval.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Caddo Parish, Louisiana: Haynesville shale update
By Andrea: http://oilshalegas.com
Cubic Energy Inc. (QBC) announced a new well that was spud in the Haynesville shale, located in Caddo Parish, Louisiana:
Cubic Energy, Inc.) announces today that the Crow 8 No. 1 spud on August 10, 2010 and surface casing was set at 1,925 feet on August 11, 2010. The Crow 8 No. 1 is currently drilling its vertical portion of the well. This well is located in Section 8,
Township 14 North - Range 15 West in Caddo Parish, Louisiana located in Cubic's Bethany Long street acreage. Cubic has a 24% working interest in this well.
Richard Sepulvado, Cubic's Vice President of Exploration and Production states, "This is the third well to be drilled under our existing drilling credit and we look forward to continued development of our Haynesville Shale acreage."
Cubic Energy, Inc. is an independent company engaged in the development and production of, and exploration for, crude oil and natural gas. The Company's oil and gas assets and activity are concentrated primarily in Louisiana and Texas.
Visit www.cubicenergyinc.com for more information on Cubic Energy, Inc.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Cubic Energy Inc. (QBC) announced a new well that was spud in the Haynesville shale, located in Caddo Parish, Louisiana:
Cubic Energy, Inc.) announces today that the Crow 8 No. 1 spud on August 10, 2010 and surface casing was set at 1,925 feet on August 11, 2010. The Crow 8 No. 1 is currently drilling its vertical portion of the well. This well is located in Section 8,
Township 14 North - Range 15 West in Caddo Parish, Louisiana located in Cubic's Bethany Long street acreage. Cubic has a 24% working interest in this well.
Richard Sepulvado, Cubic's Vice President of Exploration and Production states, "This is the third well to be drilled under our existing drilling credit and we look forward to continued development of our Haynesville Shale acreage."
Cubic Energy, Inc. is an independent company engaged in the development and production of, and exploration for, crude oil and natural gas. The Company's oil and gas assets and activity are concentrated primarily in Louisiana and Texas.
Visit www.cubicenergyinc.com for more information on Cubic Energy, Inc.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Wilson County, Texas: Eagle Ford shale
By Andrea: http://oilshalegas.com
Lucas Energy (LEI) recently completed 3 wells in the Eagle Ford shale, located in Wilson County, Texas.
The first well, called the Wall No. 1 well was producing at 91 barrels/day with no water. The second well, know as Stoeltje No.2, produced 23 barrels of oil/day along with 23 barrels of water/day. Gescheidle No.1 was the third well drilled by Lucas Energy and produced 254 barrels of oil/day in addition to 130 barrels of water/day.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Lucas Energy (LEI) recently completed 3 wells in the Eagle Ford shale, located in Wilson County, Texas.
The first well, called the Wall No. 1 well was producing at 91 barrels/day with no water. The second well, know as Stoeltje No.2, produced 23 barrels of oil/day along with 23 barrels of water/day. Gescheidle No.1 was the third well drilled by Lucas Energy and produced 254 barrels of oil/day in addition to 130 barrels of water/day.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Zavala County, Texas: Eagle Ford Shale
By Andrea: http://oilshalegas.com
Petrohawk Energy (HK) currently owns 87,000 net acres in the Eagle Ford shale of Zavala County, Texas. They completed the Ranch C #1H well in 2Q 2010 with a production rate of 350 barrels of oil/day. They plan to spud their third well in Zavala County by the end of 2010.
Crimson Exploration (CXPO) owns a 95% working interest in roughly 4,600 gross acres in southeast Zavala County, Texas. Activity has increased greatly in the Eagle Ford Shale in the oil corridor of the play for Crimson. They are in the process of reviewing the area for potential late 2010 or early 2011 drilling activity.
Chesapeake Energy Corp. (CHK) has increased its acreage position in the Eagle Ford Shale to 550,000 net acres, an increase of 150,000 net acres from the first quarter of 2010. Chesapeake Energy has drilled and completed 7 gross wells to date on its acreage in the Eagle Ford Shale, and estimates that it will operate an average of 5 rigs during 2010. Their most recent well completed in Zavala County, the Traylor North 1H, produced 300,000 cubic feet of natural gas per day and approximately 930 barrels of oil per day.
Doxa Energy currently operates on 1,138 net acres in Zavala County, Texas in the Eagle Ford shale. They plan to spud their first well by Q3 2011.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
DeWitt County, Texas: Eagle Ford Shale Update
By Andrea: http://oilshalegas.com
Petrohawk Energy Corp. (HK) confirmed its strong belief in the growth potential in their Eagle Ford Shale projects in DeWitt County, TX. In their 2010 2Q earnings call, Floyd Wilson, Chairman and CEO of Petrohawk Energy, stated:
"We expect to see a meaningful oil production component grow, fueled from new areas of our portfolio. Our growing Black Hawk area in the Eagle Ford Shale and our Red Hawk project, also in Eagle Ford Shale, should provide for this growth. This could bring the oil component of production to approximately 5% by year end and possibly much higher in future years. We will look for these higher-margin oil areas to meaningfully support cash flow growth and organic reserve growth."
Petrohawk Energy will have 90-some miles of gas and condensate gathering the line in the ground in the Black Hawk area by year end. In Hawkesville, the company has been putting pipes in the ground there for over a year now, and they are on track with their wells program.
Petrohawk Energy currently operates an approximate 20 wells in the Eagle Ford shale.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Petrohawk Energy Corp. (HK) confirmed its strong belief in the growth potential in their Eagle Ford Shale projects in DeWitt County, TX. In their 2010 2Q earnings call, Floyd Wilson, Chairman and CEO of Petrohawk Energy, stated:
"We expect to see a meaningful oil production component grow, fueled from new areas of our portfolio. Our growing Black Hawk area in the Eagle Ford Shale and our Red Hawk project, also in Eagle Ford Shale, should provide for this growth. This could bring the oil component of production to approximately 5% by year end and possibly much higher in future years. We will look for these higher-margin oil areas to meaningfully support cash flow growth and organic reserve growth."
Petrohawk Energy will have 90-some miles of gas and condensate gathering the line in the ground in the Black Hawk area by year end. In Hawkesville, the company has been putting pipes in the ground there for over a year now, and they are on track with their wells program.
Petrohawk Energy currently operates an approximate 20 wells in the Eagle Ford shale.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Roosevelt County, Montana: Bakken Shale Update
By Andrea: http://oilshalegas.com
Brigham Exploration Company (BEXP) announced three Bakken discoveries in Roosevelt County, Montana. Brigham operates on roughly 75,000 net acres in Roosevelt County. They currently have one well completed, the Rogney well which has proven to be a good learning experience that will pave the way for subsequent wells. Brigham fraced the initial nine stages in the lateral lower frac rates to ensure that they could gain valuable data from the initial test, despite the fact that it reduced the productivity of the well.
Brigham Exploration Company (BEXP) engages in the exploration, development and production of onshore natural oil and gas reserves in the United States. It currently trades at around $16.00/share on the NASDAQ.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Brigham Exploration Company (BEXP) announced three Bakken discoveries in Roosevelt County, Montana. Brigham operates on roughly 75,000 net acres in Roosevelt County. They currently have one well completed, the Rogney well which has proven to be a good learning experience that will pave the way for subsequent wells. Brigham fraced the initial nine stages in the lateral lower frac rates to ensure that they could gain valuable data from the initial test, despite the fact that it reduced the productivity of the well.
Brigham Exploration Company (BEXP) engages in the exploration, development and production of onshore natural oil and gas reserves in the United States. It currently trades at around $16.00/share on the NASDAQ.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Richmond County, Montana: Bakken Shale update
By Andrea: http://oilshalegas.com
Brigham Exploration Company (BEXP) recently acquired a 9,900 net acre block in the Bakken shale, located in Richmond County, Montana. They plan to spud a well in the area between their Sweetman and Sedlacek wells in October.
They acquired an additional 17,300 net acres that lies further due west in Montana, northwest of the Elm Coulee Bakken field.They believe this area has very good potential. They currently plan to drill their first well in that area, which could potentially begin to move it into the core category during the first quarter of 2011.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Brigham Exploration Company (BEXP) recently acquired a 9,900 net acre block in the Bakken shale, located in Richmond County, Montana. They plan to spud a well in the area between their Sweetman and Sedlacek wells in October.
They acquired an additional 17,300 net acres that lies further due west in Montana, northwest of the Elm Coulee Bakken field.They believe this area has very good potential. They currently plan to drill their first well in that area, which could potentially begin to move it into the core category during the first quarter of 2011.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Piceance Basin: Ruby Pipeline
By Andrea: http://oilshalegas.com
The Federal Energy Regulatory Commission approved construction of the Ruby Pipeline, which will give Piceance Basin energy companies access to West Coast markets. The pipeline was licensed in April and began construction in various areas on Saturday, July 31. The pipeline will carry an approximate 1.5 billion cubic feet of natural gas per day, running from Opal, Wyoming to Main, Oregon.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
The Federal Energy Regulatory Commission approved construction of the Ruby Pipeline, which will give Piceance Basin energy companies access to West Coast markets. The pipeline was licensed in April and began construction in various areas on Saturday, July 31. The pipeline will carry an approximate 1.5 billion cubic feet of natural gas per day, running from Opal, Wyoming to Main, Oregon.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Garfield County, CO: Drill Permits
By Andrea: http://oilshalegas.com
Colorado has seen a huge influx in drill permits this year. Officials have issued 6,500 drill permits this year with Garfield County, Colorado claiming the highest number, at 1,327 of those permits. Statewide, the total number of permits issued this year is the second highest number of permits ever issued in 1 year in the state of colorado.
Read full story here: http://mortgage-monster.com/grand-junction/colorado-oil-and-gas-drilling-permits-as-well-as-lease-prices-climb-in-2010/
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Colorado has seen a huge influx in drill permits this year. Officials have issued 6,500 drill permits this year with Garfield County, Colorado claiming the highest number, at 1,327 of those permits. Statewide, the total number of permits issued this year is the second highest number of permits ever issued in 1 year in the state of colorado.
Read full story here: http://mortgage-monster.com/grand-junction/colorado-oil-and-gas-drilling-permits-as-well-as-lease-prices-climb-in-2010/
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Drilling Permits: Piceance Basin
By Andrea: http://oilshalegas.com
Officials announced on August 13, that they plan to issue 6,500 permits to drill in the Piceance Basin located in northwest Colorado this year. “We continue to have a pretty consistent high level of activity at this point,” Thom Kerr, permitting manager for the Colorado Oil and Gas Conservation Commission, said during a meeting of the commission. This is the second highest number of permits ever listed in the state of Colorado.
Full story here: http://www.gjsentinel.com/news/articles/drilling_rig_numbers_start_to/
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Officials announced on August 13, that they plan to issue 6,500 permits to drill in the Piceance Basin located in northwest Colorado this year. “We continue to have a pretty consistent high level of activity at this point,” Thom Kerr, permitting manager for the Colorado Oil and Gas Conservation Commission, said during a meeting of the commission. This is the second highest number of permits ever listed in the state of Colorado.
Full story here: http://www.gjsentinel.com/news/articles/drilling_rig_numbers_start_to/
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Williams Companies (WMB): Piceance Basin
By Andrea: http://oilshalegas.com
Williams Companies (WMB) is currently running 12 rigs in the Piceance Basin and they plan to add at least one more rig by the end of 2010. They plan to see production increase by 12% in 2011 and by 16% in 2012. The company currently accounts for more than 1/3 of the drilling in the Piceance Basin and has the largest stake in the Piceance Basin, followed by EnCana Corp. (ECA) who currently operates 7 rigs in the Piceance Basin.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Williams Companies (WMB) is currently running 12 rigs in the Piceance Basin and they plan to add at least one more rig by the end of 2010. They plan to see production increase by 12% in 2011 and by 16% in 2012. The company currently accounts for more than 1/3 of the drilling in the Piceance Basin and has the largest stake in the Piceance Basin, followed by EnCana Corp. (ECA) who currently operates 7 rigs in the Piceance Basin.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Concho Resources, Inc. (CXO): Avalon shale update
By Andrea: http://oilshalegas.com
Concho Resources, Inc. (CXO) announced recently that it plans to drill its first horizontal well in the Avalon shale by the end of 2010.
Concho Resources is an independent oil and gas company with an interest in the acquisition, exploration and development of natural gas properties. Their resources lie mainly in the Permian Basin of southeast New Mexico and west Texas. The Permian Basin is the largest onshore oil and gas basin in the United States.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Concho Resources, Inc. (CXO) announced recently that it plans to drill its first horizontal well in the Avalon shale by the end of 2010.
Concho Resources is an independent oil and gas company with an interest in the acquisition, exploration and development of natural gas properties. Their resources lie mainly in the Permian Basin of southeast New Mexico and west Texas. The Permian Basin is the largest onshore oil and gas basin in the United States.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Monday, August 16, 2010
Devon Energy Corp. (DVN): Avalon Shale Update
By Andrea: http://oilshalegas.com
Devon Energy Corp (DVN) has been building a position in the Avalon Shale play recently. To date, they have assembled 235,000 perspective net acres in this conensate and liquids-rich gas play. Although they are still in the early evaluation of the play, initial drilling results indicate an attractive, repeatable play with outstanding economics. The best wells Devon Energy has drilled to date, have IP-ed at over 500 barrels of condensate per day, 500 barrels of NGLs per day and 3 million to 5 million cubic feet per day of gas. Well costs in the play run between $3.3 million and $4 million. Devon expects Avalon wells to have average IPs of 300 barrels of condensate per day, 300 barrels of NGLs per day and 2 million cubic feet of gas per day in the heart of the play. They expect per-well recoveries to average over 600,000 barrels of oil equivalent. They believe Avalon shale has great return potential and they plan to participate in 32 Avalon wells by the end of 2010, 20 of which they will operate.
As of June 30, 2010 Devon assembled more than 700,000 net acres of leasehold targeting the Avalon Shale, Bone Spring, Wolfberry and other conventional formations. Devon is currently running 11 rigs to de-risk and develop its Permian Basin acreage position.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Devon Energy Corp (DVN) has been building a position in the Avalon Shale play recently. To date, they have assembled 235,000 perspective net acres in this conensate and liquids-rich gas play. Although they are still in the early evaluation of the play, initial drilling results indicate an attractive, repeatable play with outstanding economics. The best wells Devon Energy has drilled to date, have IP-ed at over 500 barrels of condensate per day, 500 barrels of NGLs per day and 3 million to 5 million cubic feet per day of gas. Well costs in the play run between $3.3 million and $4 million. Devon expects Avalon wells to have average IPs of 300 barrels of condensate per day, 300 barrels of NGLs per day and 2 million cubic feet of gas per day in the heart of the play. They expect per-well recoveries to average over 600,000 barrels of oil equivalent. They believe Avalon shale has great return potential and they plan to participate in 32 Avalon wells by the end of 2010, 20 of which they will operate.
As of June 30, 2010 Devon assembled more than 700,000 net acres of leasehold targeting the Avalon Shale, Bone Spring, Wolfberry and other conventional formations. Devon is currently running 11 rigs to de-risk and develop its Permian Basin acreage position.
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Anadarko Petroleum (APC): Avalon Shale update
By Andrea: http://oilshalegas.com
Anadarko Petroleum Corp. (APC) is currently testing Avalon shale to see if the formation is profitable: Robert Daniels, Senior VP states: "On the Avalon, what we've done so far is in the Bone Spring itself. And we have looked at the Avalon which does seem to have some characteristics that would make it attractive to test. And so we do have some plans to go out and test the Avalon shale and see what sort of producibility it may have, what kind of recoveries we would get, what type of hydrocarbon. We do plan to drill two wells in there right now. We have 170,000 acres out in the West Texas area that would be prospective for the Bone Spring and Avalon Shale. So we would be testing it and see what we get out of it."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
Anadarko Petroleum Corp. (APC) is currently testing Avalon shale to see if the formation is profitable: Robert Daniels, Senior VP states: "On the Avalon, what we've done so far is in the Bone Spring itself. And we have looked at the Avalon which does seem to have some characteristics that would make it attractive to test. And so we do have some plans to go out and test the Avalon shale and see what sort of producibility it may have, what kind of recoveries we would get, what type of hydrocarbon. We do plan to drill two wells in there right now. We have 170,000 acres out in the West Texas area that would be prospective for the Bone Spring and Avalon Shale. So we would be testing it and see what we get out of it."
For more shale updates, visit: http://blackberrystocks.blogspot.com
For more stock updates, visit: http://daytradingstockblog.blogspot.com
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