A&D - Ring builds San Andres scale in $300MM buy from Wishbone - March 2019Midland’s Ring Energy is expanding its core position in the Permian’s northern Central Basin Platform, striking a $300 million cash-and-stock deal with Quantum Energy portfolio company Wishbone Energy Partners. Ring will double its current production to 12,100 boe/d and reserves to 70.9 MMboe, and boost its San Andres acreage by 49% to ~113,234 net acres and gross prospective horizontal San Andres locations by 41% to 1,245. The transaction, which consists of $270 million cash and $30 million in...
Mar 13, 2019
California Resources Corp. maintains conventional approachOn Oct. 3, California Resources Corp. held its annual investors’ day in New York.
The company remained true to form, emphasizing its opportunity set in conventional
reservoirs and commitment to being cash flow positive. CRC was cash flow
positive through all of the downturn, and with current prices on the rise, the
company is looking to invest in exploration and cash flow growth in 2019.
Additionally, it expects double-digit EBITDAX growth next year and to lower its leverage
target to...
Oct 30, 2018
CRC to increase allocation for growth projects in 2019California Resources Corp. held its annual investors day Oct. 3 in New York. The company remained true to form, emphasizing its opportunity set in conventional reservoirs and commitment to being cash flow positive. CRC was cash flow positive through all of the downturn, and with current prices on the rise the company is looking to invest in exploration and cash flow growth in 2019. Additionally, it expects double-digit EBITDAX growth next year and is lowering its leverage target to...
Oct 19, 2018
Enbridge sells $700MM more debt, has $260MM maturingEnbridge Inc. sold US$700 million principal amount of floating rate senior
subordinated unsecured notes due 2020. The notes will pay interest at a 40 bps spread
over three-month LIBOR meaning that the initial and current coupon will be 1.75%.
The company will use net proceeds of $697.5 million to pay debt, boost working capital,
fund capital projects and for other corporate purposes. Enbridge has nearly $260
million in debt across eight
instruments that will mature
by YE17, acccording to...
Oct 27, 2017
Encana closes $735MM Piceance sale to CaerusEncana closed the $735 million sale of its Piceance gas assets in northwestern Colorado to Caerus Oil and Gas, which is backed by Oaktree Capital Management and Anschultz Investment Co. Encana also disposed of $430 million of contractual pipeline obligations, with Caerus assuming these commitments. Caerus gained 3,100 operated wells on 550,000 net acres in Rio Blanco, Garfield, Mesa and Pitkin counties with 71% WI and 65% NRI inclusive of royalties and overrides. The Piceance assets produced...
Aug 15, 2017
Encana sheds Piceance gas assets onto Caerus for $735MMEncana Corp. is selling its Piceance gas assets in northwestern Colorado for $735 million to Caerus Oil and Gas LLC, which is backed by Oaktree Capital Management and Anschultz Investment Co. Encana will also dispose of $430 million of contractual pipeline obligations, with Caerus assuming these commitments, as well as market Caerus’ production from the assets. The move is the latest component of Encana CEO Doug Suttles’ strategy initiated in 2014 to shed non-core gas assets and focus on...
Jun 14, 2017
Brooks takes the helm at successor to Energy XXIFurther to Energy XXI Gulf Coast, Inc.’s announcement of retaining Morgan Stanley to develop a strategic plan, including a stand-alone financial plan and select strategic alternatives, the successor company to Energy XXI announced the appointment of Douglas E. Brooks as its new president and CEO effective April 17. Brooks replaced John Schiller, who left the company after its emergence from Chapter 11 protection last December.Brooks has over 34 years of experience in the...
Apr 19, 2017
People & Companies - December 22, 2015Bison Oil & Gas Partners launched in Denver with an equity commitment from Houston PE firm Carnelian Energy Capital Management and a plan to pursue acquisition and development of assets in the DJ Basin. CEO Austin Akers and president and COO David Gonzales founded the company after working together at Linn Energy and later as co-founders and senior executives at privately held Logos Resources. Bison has also hired Ron Morgenstern from Synergy Resources as land VP and business development...
Dec 22, 2015
Tesoro scratches waxy black Uinta lineTesoro Corp. canceled a 135 mile crude pipeline project to bring black waxy crude from Utah’s Uinta Basin to refineries in the Salt Lake City area. The company cited low oil prices and economic challenges, Reuters reported. It may reevaluate the project “in the future under more favorable conditions," a Tesoro spokeswoman said. The project was under environmental review because 14 miles of the line was going to be built on Uinta-Wasatch- Cache National Forest land. Tesoro had told the...
May 20, 2015
Sabine Oil & Gas closes Forest Oil acquisitionSabine Oil & Gas has closed its acquisition of Forest Oil Corp., creating one of the largest operators and leaseholders in East Texas with synergies expected from operations optimization and economies of scale. It will operate as Sabine Oil & Gas. In addition to a 207,000-netacre position in East Texas, Sabine now has 65,000 net acres in the Eagle Ford, a liquids-rich Granite Wash leasehold and Haynesville assets in North Louisiana. Sabine's pro forma production is 305 MMcfed...
Dec 16, 2014
People Briefs - January 06, 2016Cabot Oil & Gas elected two new directors—Dorothy M. Ables, Spectra Energy chief administrative officer and Robert S. Boswell, Laramie Energy II chairman and CEO—bringing the number of directors on its board to seven. Ables has held positions of increasing responsibility at Spectra over the last 30 years, and Boswell was chairman and CEO of Forest Oil before founding Laramie I in 2004. Longtime board member and former Oryx Energy CEO Robert...
Jan 06, 2016
People Briefs - December 15, 2015Atlas Energy Group and Atlas Resource Partners named Matthew Skelly investor relations VP. Skelly served in the same role for Atlas Pipeline Partners from 2010 until this year’s merger with Targa Resources. He previously worked in the bank and thrift sector at JP Morgan and on cross-border IR consulting and capital markets intelligence at Taylor Rafferty. He replaces Brian Begley, who has served as IR VP at Atlas Energy and its predecessors since 2006 and is now joining an investment management...
Dec 15, 2015
Drilling & Production Briefs - December 3, 2015• Corridor Energy has resumed production from its gas wells in New Brunswick’s McCully field five months after shutting in those wells on low gas prices. The company now expects volumes to average 8.5 MMcfe/d in November and December, up from 2.2 MMcfe/d in Q3. It also projects volumes for 1Q16 to average 6.6 MMcfe/d. • Emerging explorer Hawk Energy’s Q4 plans include completing and equipping a well drilled in the Eureka area of western Saskatchewan and recompleting one well in the...
Dec 03, 2015
People Briefs - November 10, 2015Atlas Energy Group and Atlas Resource Partners named Matthew Finkbeiner as CAO. He replaces Jeffrey M. Slotterback, who was appointed CFO of both companies in mid-September. Finkbeiner joins from Deloitte & Touche, where he has worked since 2002 in multiple positions including audit senior manager. Concho Resources announced a series of management changes. New Mexico VP Gayle Burleson was named business development VP; she joined the company in 2006 and has served as engineering VP...
Nov 10, 2015
A&D News Briefs - July 08, 2015Hendersonville, Tenn.-based Black Gold Resources has acquired a stake in an EOR project in Caldwell County, Texas. The project includes 12 productive vertical oil wells, two of which will be converted to water injectors to repressurize the Austin Chalk in order to increase the other wells’ daily rates and productive lives. The lease also holds a water disposal well. Black Gold operates primarily in Oklahoma, Texas and Kansas.Tengasco received an unsolicited takeover offer for...
Jul 08, 2015