EnLink announces offering
EnLink Midstream Partners LP on Thursday announced an underwritten public offering of nearly 18 million common units. The units represent limited partner interests owned by GSO Crosstex Holdings LLC and its affiliates. Underwriter Citigroup may offer the units in transactions on the New York Stock Exchange, in the over-the-counter market or through negotiated transactions at market prices or at negotiated prices. EnLink will not receive any proceeds from the offering. Dallas-based EnLink was formed earlier this month when Devon Energy Corp. combined its midstream assets with Crosstex Energy Inc.
Enable enters pact with XTO
Enable Midstream Partners LP has entered into a long-term agreement with XTO Energy Inc. to gather the Exxon Mobil Corp. subsidiary’s crude oil production in North Dakota’s Bakken Shale. The new system will include 85 miles of gathering lines capable of moving up to 30,000 barrels of oil a day. A second agreement includes the construction of a gathering and transport system for produced water. That system will include 75 miles of gathering lines. “These new contracts allow us to expand our asset infrastructure and to increase our crude oil and water service offerings in the Williston Basin,” Enable CEO Lynn Bourdon said. “Having a successful customer like XTO sign up as an anchor tenant on a second gathering system in this region demonstrates their confidence in our abilities as a service provider.” Enable was formed last year with OGE Energy Corp. combined its midstream division with the interstate pipeline assets of Houston-based CenterPoint Energy Inc.
Osage starts horizontal well
Osage Exploration and Development Inc. began drilling its first operated horizontal well this week in Logan County. The well, which is being drilled by Nabors Industries Ltd., is targeting the Mississippian formation. “For Osage shareholders, this is the beginning of a period from which we believe Osage will emerge from as a radically changed entity,” said Jack Zedlitz, Osage’s vice president of corporate development. “We intend to keep one rig running continuously this year in Logan County, steadily drilling one well per month.” Osage expects to begin drilling its first Woodford well in April. “For the first time, Osage is now in control of the timing of our capital expenditures and the methods of drilling, completion, and production,” Zedlitz said.
Tree practices win OG&E Praise
Oklahoma Gas and Electric Co. was recognized for its efforts to care for trees this week during a statewide Arbor Day celebration. The utility company has participated in the Tree Line City USA program for 17 years. OG&E has practiced quality tree care along utility rights-of-way and provided sponsorship for Arbor Day events and conferences that disseminated proper tree care information, according to the Oklahoma Department of Agriculture, Food and Forestry. The company also distributed thousands of seedlings and educational material at the Oklahoma State Fair.
PostRock to lose board member
PostRock Energy Corp. is losing a member of its board at the end of the month, according to a regulator filing. Director Mark A. Stansberry notified the company last week of his intent to resign to pursue another opportunity. Stansberry, who is chairman of the board’s nominating, corporate governance, safety and environment committee, has been on the board since March 2010. He also served on the board of Quest Energy GP LLC, one of PostRock’s predecessor companies, from November 2007 to March 2010.
Apco names new financial officer
TULSA — Apco Oil and Gas Inc. has appointed Benjamin A. Holman to serve as chief financial officer, effective March 31. Holman, who has been the company’s chief accounting officer and controller since December 2012, will succeed Rodney J. Sailor, who is retiring. Sailor will take a similar role at Oklahoma City-based Enable Midstream Partners. Apco replaced Sailor on its board with J. Kevin Vann, who succeeded him as senior vice president and chief financial officer at WPX Energy, which is Apco’s majority shareholder.
EQUAL ENERGY LTD.
Equal Energy Ltd. this week reported net income of $2.6 million, or 7 cents a share, in the fourth quarter. The company lost $12.4 million, or 35 cents a share, in the same period of 2012. “This was another year of solid performance for Equal Energy. Excluding 2012 asset sales, we maintained production levels, increased our booked reserves and supported our dividend, while at the same time conducting a comprehensive review of strategic alternatives for the company,” CEO Don Klapko said. That review resulted in Equal’s board accepting on overture by Tulsa-based Petroflow Energy Corp. to acquire the company. Petroflow has offered to buy all outstanding Equal shares for $5.43 each, but the deal still must be approved by two-thirds of Equal’s shareholders. “Until the arrangement agreement closes, we will continue to operate our assets prudently and in the interests of the company and our shareholders, with a continued focus on maintaining our strong balance sheet,” Klapko said.
From Staff Reports