- Tight Gas & Oil
- Gas Hydrates
Larry E. Lee, who helped create the company that became Halcón Resources Corp. (NYSE: HK), is on the move again, buying Permian Basin assets and, more recently, interest in the general partner of an MLP.
Through the deal, Lee would be able to acquire control of the E&P activities of New Source Energy Partners LP (NYSE: NSLP) if certain conditions are met, including the purchase of some of Lee’s oil and gas assets. The transaction is another sign that E&P MLPs may be struggling more than their publically traded cousins in the downturn.
New Source said April 27 that Lee’s 2100 Energy LLC acquired an 18.4% interest in New Source Energy GP LLC. The interest was purchased from Kristian B. Kos, New Source’s chairman and CEO. New Source is an Oklahoma City company with conventional resource reservoirs in east-central Oklahoma and oilfield services that specialize in increasing efficiencies and safety in drilling and completion processes.
Demand for Midcontinent drilling has come to a halt outside of efforts to hold leases, though some contractors anticipate activity will improve late third quarter.
Creating value and focusing on returns was a recurring theme at the 21st annual OGIS energy conference in New York, sponsored by IPAA.
Anadarko’s leader praises contributions of both.
Lower oil prices have prompted companies to ramp up the search for technologies aimed at improving efficiency, growing production and adding profits.
The desire to maintain market share in the long run and avoid losing business when the market recovers likely means proppant companies will not force customers to live up to their contracts.
Goodrich’s Eagle Ford Shale position is located in Frio and LaSalle counties, Texas, near producers Chesapeake Energy, Cabot, Carrizo and EOG Resources.
With current oil export exemptions for Canada that may also be granted to Mexico, Murkowski asks why allies such as Italy and Poland cannot benefit from the U.S. oil boom.
Baker Hughes and Schlumberger also made announcements that they will cut nearly 15,000 jobs on top of already announced layoffs.
Enhanced completion techniques developed in tight oil plays are beginning to show up in traditional dry gas shales such as the Haynesville with operators adopting extended laterals and higher proppant loading.
Vanguard buys LRR Energy’s Permian and Arkoma assets, including 1,290 gross producing wells and about 158,000 net acres. LRR’s proved reserves were about 203 Bcfe in December 2014.
Oil and gas companies are increasingly turning to technology and improved techniques to become more efficient and grow output as low oil prices slowly rebound.