MCS - Tapstone taps Osage & Meramec in Dewey-focused program - July 1, 2020Tapstone Energy conducted a Mississippian-focused development program last year, primarily in Dewey County, Oklahoma. Of 23 completions by the company during 2019, 21 were in that county, while the other two were in Woodward County. Enverus’ DI Landing Zone analysis suggests targets in the Meramec and Osage. Effective lateral lengths for the Dewey horizontals averaged 8,298 ft and frac loads were 1,022 lb per perforated lateral ft. During 24-hour tests, the wells averaged 748 boe/d (52% oil),...
Jul 01, 2020
A&D - Tapstone hunts for more Midcon after completing restructuring - May 2020Anadarko Basin producer Tapstone Energy will focus on acquiring more Midcontinent assets after completing a restructuring plan that was launched in March. The restructuring involved a $50 million equity investment from Kennedy Lewis Investment Management, the exchange of debt for equity by Tapstone’s lenders and a new $145 million loan. Together, the measures extinguished about $450 million in debt. “The outcome of this process establishes Tapstone as an entity ready to consolidate...
May 01, 2020
CM - Tapstone exchanges $450MM in debt for new loans & equity - April 2020Tapstone Energy said a $50 million equity investment and swaps that extinguished about $450 million in debt were the main pillars of a restructuring plan to recapitalize its balance sheet and strengthen liquidity. The company plans to continue as a going concern and focus on acquiring Midcontinent assets with the support of its credit facility lenders and new equity holders. All of the company’s existing traditional credit facility lenders agreed to exchange their secured debt holdings...
Apr 24, 2020
A&D - BCE-Mach III to buy Alta Mesa assets & Kingfisher for $320MM - February 2020A federal judge approved the sale of the upstream assets of bankrupt Alta Mesa Resources and its midstream subsidiary, Kingfisher Midstream , to a JV of Bayou City Energy Management and Mach Resources in a Jan. 15 auction for a combined $320 million. The decision came after Judge Marvin Isgur earlier rejected BCEMach III’s combined $310 million stalking-horse bid because he objected to a 3% breakup fee that was a term of that bid. Still, the final bid covers only a portion of Alta Mesa’s...
Feb 06, 2020
PS - People & Companies - January 6, 2020Baytex Energy announced that Mark Bly has been appointed chairman. Bly joined the board in 2017 and last March was appointed lead independent director and chair of the human resources and compensation committee. Bly is an independent businessman with over 35 years of experience in the oil and gas industry, primarily with BP. Chaparral Energy announced that its board has appointed Charles “Chuck” Duginski as president and CEO. Duginski succeeds K. Earl Reynolds in those roles as...
Jan 06, 2020
A&D - What's on the Market - December 19, 2019ExxonMobil subsidiary XTO Energy is seeking buyers for Uinta Basin assets in Utah through a sales process conducted via EnergyNet (Enverus Deal ID: 12091). The offering consists of 50- 100% WI (41-87.5% NRI) in 601 operated wells and 6.5- 7.5% ORRI in 19 wells, as well as 7.72-75% WI (6.4-61.31% NRI) in 256 non-operated wells and 0.07-23.44% ORRI in 216 wells, located within 90,000 net leasehold acres in Carbon, Duchesne, Summit and Uintah counties. Average 12-month gross production is 47.04...
Dec 19, 2019
CM - Developments & Trends - October 04, 2018Cibolo Energy Management, LLC
closed its first fund Cibolo Energy Partners
I, L.P. at $245 million excluding affiliate
investments. Cibolo specializes in middlemarket
upstream and midstream companies.
Investors in Fund I include pension
plans, asset managers, fund of funds,
endowments and foundations, family offices,
and high net worth individuals. Run by
Justin Teltschik and JW Sikora, Cibolo now
manages over $300 million of committed
capital. Rockdale Energy is among
Cibolo’s portfolio...
Oct 04, 2018
Fed hikes rates...though we already knew it wouldThe Federal Reserve raised interest rates for the third time this year on Sept. 26. The federal funds rate went up a quarter-point to a range of 2.0-2.25%. The hike was expected, and indications are that there will be another one by the end of the year, as well as at least three rate hikes in 2019 and one in 2020, according to the expectations of Fed officials. The Fed's expected action was the impetus for a few energy companies that decided to refinance prior to the hike. Issuers like...
Oct 04, 2018
Tapstone Energy Highlights - April 18, 2018In Woodward County, OK, Tapstone
Energy’s Patsy 13/12-20-17 #1H
(5,000-ft lateral; 20.3 MMlbs
proppant) tested at a 24-hour rate
of 497 bo/d and 3,609 Mcf/d, or
1,099 boe/d (45% oil), from the
Mississippian on a 42/64-in. choke
at 974 psi FTP. This is a top 10 well
for the...
Apr 18, 2018
Tapstone records best IP to date in Dewey CountySTACK-focused Tapstone Energy reported production data form a recently completed well in Dewey Co., OK. The Niles Trust 20-19-17 #1H (4,912-ft lateral) averaged a 24-hour IP of 1,646 boe/d (15% oil) from the Meramec-Osage while on a 30/64-in. choke at 2,293 psi FTP. This is the company’s highest IP to date. In June 2017 newly formed Tapstone said it would drill 39 wells, of which 13 will be two-mile laterals, and it will bring 29 wells to sales.Tapstone holds 200,000 net acres in...
Feb 26, 2018
Tapstone markets southern Oklahoma propertiesRBC Richardson Barr has been retained by Tapstone Energy to market its
properties in the Verden field in Caddo and Grady Cos., OK. The assets consist of
12 MMcfe/d from 173 wells on 13,000 net acres (100% HBP, 83% operated) in the heart
of the Hoxbar play, with a predictable and shallow PDP decline of 8% and expected PDP
cash flow of $833,000/month.
The assets include upside
horizontal targets are in
the Marchland, Medrano and Springer formations. Marchland presents an...
Oct 18, 2017
HighMark Energy puts STACK on the chopping blockNatural Gas Partners portfolio company HighMark Energy aims to monetize its STACK assets primarily in Blaine County, Oklahoma, and is working with RBC Richardson Barr to find a buyer. HighMark’s largely contiguous 14,200 net acres are 60% operated with no material expirations until 2Q19. The company owns 48% WI (37% NRI) in its operated acreage. With one rig operated and four non-op rigs running and a second operated rig scheduled for mobilization in October, HighMark expects to exit 2017 with...
Jun 14, 2017
BP selling 17,400 STACK net acres spanning entire playOffers are due June 30 on BP America’s nonoperated position in the STACK. This package is being marketed through PLS Energy Advisors and offers 17,407 net acres in 116 sections throughout the play. BP’s acrsage position is also under or contiguous to all of the leading operators including Continental Resources, Newfield, Devon, Chesapeake, Cimarex, Marathon Oil, Tapstone, Alta Mesa and Jones Energy. In more detail, BP’s position covers the Tier 1 core of the play (Kingfisher, Canadian, Blaine)...
Jun 14, 2017
BP selling 17,400 net acres spanning entire STACK playBP America has hired PLS Energy Advisors to market its STACK assets in Kingfisher, Canadian, Blaine, Dewey and Custer counties, OK. The position covers 17,407 net acres in 116 sections and is under or contiguous to leading operators including Continental Resources, Newfield Exploration, Devon Energy, Chesapeake, Cimarex Energy, Marathon Oil, Tapstone Energy, Alta Mesa and Jones Energy. There are 64 rigs running in the five-county area, up from 26 a year ago. Recent area well results...
Jun 14, 2017
BP markets non-op position across STACK playBP America has hired PLS Energy Advisors to market its STACK assets in western Oklahoma, where leading operators include Continental Resources, Newfield Exploration, Devon Energy, Chesapeake, Cimarex Energy, Marathon Oil, Tapstone Energy, Alta Mesa and Jones Energy. The non-op position covers 17,407 net acres across the core and northwest extension in Kingfisher, Canadian, Blaine, Dewey and Custer counties. To date, core STACK acreage has traded up to $20,000/acre (Devon's Felix buy for...
Jun 07, 2017