EXCO gets new chief executive
Former SandRidge Energy Inc. executive Matthew Grubb has been named CEO of private oil and natural gas venture EXCO/HGI GP LLC. The company was formed in February as a joint venture between Harbinger Group Inc. and EXCO Resources Inc. “We're very excited to have a seasoned energy executive with Matt's reputation and proven operational excellence leading our already strong team,” said Carl Giesler Jr., Harbinger's managing director of investments. Grubb, who has 25 years of industry experience, most recently was president and chief operating officer for SandRidge. He was fired last year after the Oklahoma City-based oil producer began shuffling its leadership team after a proxy fight with one of its largest investors.
PetroTech development to grow
PetroTech Oil and Gas Inc. is expanding its development plans in Oklahoma after its acreage was evaluated by a geologist who specializes in the Nowata area. The evaluation revealed PetroTech's lease is situated over a well-known oil-producing zone. The Texas-based company intends to drill 18 wells, while converting five existing wells into injection wells. PetroTech will inject water and carbon dioxide into its wells to boost production. PetroTech estimates its acreage includes 40,000 barrels of recoverable oil.
Crews lose control of gas well
NEW ORLEANS — Crews lost control of a natural gas well being drilled off the Louisiana coast Thursday, but officials say no injuries or pollution have been reported and efforts are underway to stop the flow of gas. The Bureau of Safety and Environmental Enforcement says most crew members were evacuated from the rig, which was drilling in 262 feet of water about 108 miles southwest of Lafayette. The rig operator is EnVen Energy Ventures of Metairie, La. EnVen Chief Operating Officer Jonathan Garrett says gas, water and sand are flowing, but no pollution has reached the Gulf. He says gas is being vented off the rig while crews work to kill the well. A BSEE spokeswoman says an adjacent platform that was producing oil and gas was shut down as a precaution.
HELMERICH AND PAYNE INC.
TULSA — Contract driller Helmerich and Payne Inc. on Thursday reported net income of $173.2 million, or $1.59 a share, for the first quarter, fueled by record revenues. The company earned $159.6 million, or $1.48 a share, in the same quarter of last year. “It is satisfying to once again report record quarterly levels in both revenue and operating income,” CEO Hans Helmerich said. “We have also continued to see signs of market improvement in the U.S., both in terms of spot pricing and demand for additional FlexRigs.” The company announced it has entered into agreements to build and operate nine additional FlexRigs in the U.S. Helmerich and Payne's fleet included 309 land rigs at the end of 2013.
From Staff and Wire Reports