Unit revises reserve estimates
TULSA — Unit Petroleum Co. increased its estimated proved reserves by 29 percent in 2012 to 150 million barrels of oil equivalent, parent company Unit Corp. announced Thursday. The company's estimated reserves were 15 percent oil, 23 percent natural gas liquids and 62 percent natural gas. Unit replaced about 337 percent of last year's production from all sources. The company produced 14.2 million barrels of oil equivalent last year, an increase of 18 percent over 2011. Unit expects to produce as much as 16.5 million barrels this year.
Tulsa to host energy experts
TULSA — The University of Tulsa College of Law will host energy experts from across the country next month to discuss industry career paths for young attorneys. The 2013 Hartrick Symposium will be March 1-2. “We are very fortunate to have recognized leaders in the field of energy, law and education coming together to discuss potential career opportunities for law students and young attorneys in the dynamic energy sector,” Dean Janet Levit said. “Tulsa is the perfect setting for this discussion as the historic oil and gas capital of the world, and we hope that those in attendance gain a valuable perspective on the important role that energy plays in all our lives.”
Gulfport boosts production
Gulfport Energy Corp. boosted its annual production to nearly 2.6 million barrels of oil equivalent last year, the company reported this week. That is up from 2.33 million barrels in 2011. Gulfport also increased its total proved reserves to nearly 14 million barrels of oil equivalent, with almost 60 percent classified as proved developed reserves.
Siemens to supply OMPA plant
Siemens Energy Inc. will supply a 103-megawatt combustion turbine-generator for Oklahoma Municipal Power Authority's Charles D. Lamb Energy Center. OMPA officials signed a procurement contract with Siemens last week. The new power plant will be built on a 160-acre site in Kay County, close to Ponca City and Blackwell. Both are among the 39 cities that get their electricity from OMPA.
Osage launches new website
Osage Exploration and Development Inc. has launched a new website to spotlight its operations focused in Oklahoma's Horizontal Mississippian and Woodford plays. The California company's site may be viewed at osageexploration.com.
Evolution optimistic about wells
Evolution Petroleum Corp. completed its first two wells in Oklahoma's Mississippi Lime play during the just-completed quarter, the Houston-based company announced this week. CEO Robert Herlin said both of the company's initial Mississippian Lime producers are taking longer than expected to dewater and depressurize. However, “both wells have begun to produce small, but increasing amounts of oil and liquids-rich gas,” he said. “Since other operators in the area have reported similar dewatering results, we remain cautiously optimistic as to our projected reserves and expectations of increased drilling activity in the play later this fiscal year.” An independent reservoir engineer has determined there are 112 additional drilling locations on Evolution's leasehold, so the company plans to ramp up drilling in its fourth quarter.
PANHANDLE OIL AND GAS INC.
Panhandle Oil and Gas Inc. on Thursday reported net income of $2.1 million, or 26 cents a share, for the first quarter. That is down from $3.4 million, or 41 cents a share, for the same period last year, even though Panhandle recorded the highest quarterly natural gas production in company history and boosted its oil production by 23 percent. CEO Michael C. Coffman said current market prices for natural gas could make 2013 a challenging year for the company. “But our strong financial position, mineral acreage ownership in numerous oily plays, especially in western Oklahoma, and our capital efficient strategies will allow us to continue to invest capital in projects with favorable rates of return, which will further enhance Panhandle's share value over the long term.”
From staff reports