Business Plugging In briefs for June 13, 2014

Business Plugging In briefs for June 13, 2014
Oklahoman Published: June 13, 2014
Advertisement
;

PLUGGING IN

PostRock teams with Silver Creek

PostRock Energy Corp. has entered into a joint venture with Silver Creek Oil and Gas LLC on about 17,900 gross acres in Cleveland and Pottawatomie counties. The first two horizontal wells targeting the Woodford Shale should be completed by the end of the year, with Silver Creek serving as the operator. “We are very pleased to enter into this agreement, which will allow us to begin testing the Woodford on the leasehold we have acquired at an accelerated pace, while limiting risk and capital,” PostRock CEO Terry W. Carter said. “It also aligns us with an experienced partner whose management and technical team have drilled over 50 horizontal Woodford wells in southeast and south-central Oklahoma. If the wells drilled prove as successful as hoped, we can apply the knowledge and experience gained to our remaining Central Oklahoma acreage.” The companies are swapping about 3,800 net acres, while PostRock will sell about 1,150 net acres to Silver Creek for $446,000 in cash.

WPX earns Best Discovery award

WPX Energy earned the Best Discovery award from Oil and Gas Investor magazine for its natural gas find in western Colorado’s Niobrara Shale, the company announced this week. “We’re grateful for this acknowledgment. It comes from a source that understands and covers the industry inside and out,” CEO Rick Muncrief said. “WPX has a long record of innovation, investment and technical achievement in western Colorado, where we have developed more than 4,400 wells in a highly efficient manner.” WPX originally announced the discovery in January 2013. The company’s discovery well since has produced more than 2.5 billion cubic feet of natural gas, as WPX works to assess the resource and improve its recovery operations. WPX has leased about 180,000 net acres in the play, which lies under its existing leasehold in the Piceance Basin.

Clean Line sets office hours

Clean Line Energy Partners has scheduled office hours in five eastern Oklahoma cities this month to answer questions about a proposed electric transmission line that delivers carry wind power to Tennessee and other southeastern states. Company representatives will be in Muldrow on Tuesday, Muskogee on Wednesday and Okmulgee on Thursday. They also will be available to discuss the Plains and Eastern Clean Line in Beggs on June 24 and Bristow on June 25. For more information, visit www.plainsandeasterncleanline.com.

SandRidge announces dividend plan

SandRidge Energy Inc. will pay semi-annual cash dividends on shares of its convertible perpetual preferred stock, the company announced Thursday. SandRidge will pay $3 a share on its 6 percent preferred stock on July 15. The company will pay $4.25 a share on its 8.5 percent preferred stock on Aug. 15.

OGE to call outstanding notes

Oklahoma Gas and Electric Co. intends to call all $140 million of its outstanding 6.5 percent senior notes due in 2034, parent company OGE Energy Corp. announced Thursday. The notes will be redeemed at 103.25 percent of their principal amount, plus accrued interest, on Aug. 1.

Continue reading this story on the...