A&D - People & Companies - October 10, 2019Denver-based Cimarex Energy Co. announced the retirement of Michael J. Sullivan from the board and the appointment of Kathleen A. Hogenson as independent director, effective Sept. 30. Hogenson is president and CEO of Zone Oil & Gas, which she co-founded in 2007. Grizzly Energy LLC announced that R. Scott Sloan stepped down as president and CEO and Jonathan C. Curth has been appointed his successor in these roles on an interim basis. Curth has served as Grizzly’s general counsel,...
Oct 10, 2019
A&D - People & Companies - September 19, 2019Alta Mesa Resources declared bankruptcy on Sept. 12 and concurrently announced management changes. Interim CEO Jim Hackett is now executive chairman and will remain involved with the board and management during the restructuring process. Former interim strategy and corporate development EVP Mark Castiglione has been promoted to CEO. Former interim president Randy Limbacher is now strategy EVP, while former COO John Campbell is now president and COO. Devon Energy named David Harris...
Sep 19, 2019
PS - People & Companies - September 9,2019Comstock Resources appointed Ronald Mills as VP of finance and investor relations. Mills is joining Comstock's new management team put in place with the company's recent $2.2 billion acquisition of Covey Park Energy and will assist the company with the corporate planning, capital markets transactions and investor relations. Mills brings almost 25 years of financial experience in the energy industry. Prior to joining Comstock, he spent his career at Johnson Rice & Company LLC covering small...
Sep 09, 2019
PS - People & Companies - November 30, 2018 Abraxas Petroleum promoted
Steven P. Harris to VP and CFO. Harris,
with over 20 years of financial experience,
joined the company in June as director of
finance and capital markets. Prior to joining
Abraxas, Harris worked for Eagle Ford
driller Sundance Energy Australia, where
he assisted that company’s business
development and investor relations efforts.Alta Mesa announced the planned
retirement of VP, CFO and assistant
secretary Michael A. McCabe. To ensure
an orderly...
Nov 30, 2018
A&D - People & Companies - October 31, 2018Amazing Energy Oil and Gas
appointed Marty Dobbins as CFO. With
over 40 years of experience in corporate
and financial management across a variety
of industries, Dobbins most recently was
President and CEO of InFocus Venture
Group. He previously worked with
companies including K&W Resources Inc,
Cafe Adobe Restaurants and Guardian
Fire Protection. Energy XXI Gulf Coast announced
in connection with the merger with Cox Oil
that President, CEO and director Douglas
E. Brooks; CFO T.J....
Oct 31, 2018
Cox completes $1.1B acquisition of Energy XXI Gulf CoastAn affiliate of privately held Gulf of Mexico operator Cox Oil completed its $1.1 billion acquisition of Energy XXI Gulf Coast Inc. The deal, announced on June 18, followed EGC’s lengthy search for options to shed legacy asset retirement obligations. In addition to the $322 million cash consideration, Cox assumed EGC’s net liabilities of $684.3 million, including future P&A costs of $673.5 million. Cox picked up EGC’s interests across 155 blocks, 55 producing fields and 577...
Oct 31, 2018
CM Developments & Trends - September 13, 2018EPEC Holdings Inc. launched a Regulation C private placement for $10,000-$535,000 of 3% convertible promissory notes due 2019 through a crowdfunding platform on Sept. 5. The notes would convert into equity designated as “CF Shadow Series Stock” when EPEC raises $1.0 million through a qualified financing. The notes offering is based on a 30-day valuation cap of $5.75 million, then a $7.1875 million cap thereafter. Plantation, Florida-based EPEC produces ethanol. Westlake Chemical Corp....
Sep 13, 2018
CM People & Companies - September 13, 2018The Bayou Companies added Altamont Capital Partners senior advisors Ed Will and Pete Lane to its board of directors following the purchase of the company by the private investment group. Evan Russell will continue as Bayou’s president. Berry Petroleum Corp. elected Anne Mariucci and C. Kent Potter to its board of directors and announced that Kaj Vazales retired from the board, all effective Sept. 12. Mariucci serves on the boards of Southwest Gas Corp., CoreCivic, Inc. and...
Sep 13, 2018
Hilcorp spuds Big Tex, first wildcat in Gulf Coast JV drivePrivately held Hilcorp kicked off an eight-well drilling program on the Texas and Louisiana Gulf Coast with the spud of its Big Tex prospect in Plaquemines Parish, La., Australian JV partner Otto Energy reported. Using a barge-mounted rig, the well is expected to take 55 days to reach a 13,175-ft MD and 12,700-ft TVD at a cost of $8.46 million. Otto is paying 50% of drilling costs to acquire a 37.5% stake in each of the eight wells. Big Tex targets the Middle Miocene-aged Tex W 16 and...
Sep 06, 2018
Energy XXI Gulf Coast waits for Cox buy, loses $34MM in Q2Energy XXI Gulf Coast, Inc. announced that shareholders will vote at a special meeting Sept. 6 on the proposal under which the company would be acquired by Cox Oil LLC for about $322 million. If approved, the deal would close during Q4. EGC said it evaluated multiple offers but chose Cox’s, which pays EGC shareholders $9.10 a share, a 21% premium to the closing price of its shares on June 15.While waiting for the transaction, however, EGC issued Q2 results in which it reported a $34...
Aug 23, 2018
Energy XXI brings two W. Delta wells onlineEnergy XXI restored production through the previously shut-in pipeline at West Delta in Q2, enabling it to bring online its first two 2018 development wells. The West Delta 74 C-41 ST01 Cato well flowed an initial 600 boe/d, while the West Delta 73 C-27 ST02 McCloud well is still being brought online. After a recompletion at West Delta Field, the rig moved to South Timbalier field where the company is now drilling the South Timbalier 54 G-25 ST01 Koala...
Aug 17, 2018
M&A activity stifled in Q2, but primed to rebound in H2U.S. upstream deal activity fell to its slowest quarter in more than two years with deal values totaling just $8.7 billion in Q2, according to the Global M&A Database. The Q2 total was down 60% from Q1’s $22.0 billion in deals and 49% from the quarterly average of $17.1 billion that the markets had seen since the beginning of 2014. The most recent quarter with a lower deal value was 1Q16 at $6.4 billion.The slow deal activity in Q2 continued a downward trend seen in 3Q17 ($12.4 billion)...
Jul 18, 2018
Q2 winds-down with lower and slower M&AWith only a few days remaining in Q2, there has been $7.2 billion in M&A across 98 deals, down from $21.3 billion and 115 transactions in Q1 when Concho’s $9.5 billion RSP buy and TPG’s $2.6 billion acquisition of Enervest’s South Texas division accounted for ~57% of total deal value and were two of only three ‘billion dollar plus’ transactions so far this year. YTD there has been $28.5 billion in M&A across 213 deals, down from $43.6 billion and 220 deals by the same point in 2017, when eight...
Jun 27, 2018
PS - People Briefs - September 27, 2018Abraxas Petroleum promoted
regional operations manager Kenny
Johnson to operations VP to replace
Will Wallace, who has resigned after
23 years with the company to pursue
other career opportunities. Johnson has
managed operations at Abraxas and its
predecessor companies since 2000 and
previously served as a consultant to
operators in the Midcontinent, Rockies and
Gulf Coast regions. Berry Petroleum announced the
appointment of Anne Mariucci and
C. Kent Potter to and the resignation
of...
Sep 27, 2018
A&D - People Briefs - September 19, 2018Berry Petroleum elected Anne
Mariucci and C. Kent Potter to its
board of directors and announced that
Kaj Vazales retired from the
board, all effective Sept. 12.
Mariucci serves on the boards
of Southwest Gas, CoreCivic and
Taylor Morrison Home Corp. Potter
was formerly EVP and CFO of Lyondell
Basell Industries and serves on the board
of Polyus Gold, Russia’s largest gold
mining company. Cabot Oil & Gas elected Peter B.
Delaney to its board. He retired in 2015
as the chairman and...
Sep 19, 2018