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Energy briefs for July 4, 2014

Energy briefs for July 4, 2014
Oklahoman Published: July 3, 2014


NGL Energy acquires stake

NGL Energy Partners LP has completed its acquisition of Morgan Stanley’s stake in affiliate TransMontaigne Partners LP, a Denver-based terminaling and transportation company. NGL Energy paid $200 in cash for TransMontaigne, plus an additional $347 million for inventory transferred at closing. NGL Energy expects the deal to boost its quarterly cash distribution by nearly 4 cents to 58.875 cents a unit for the fiscal first quarter.

Canaan to sell OK assets

Canaan Resources LLC is looking to sell its shallow Arkoma Basin assets in four Oklahoma counties, the Dallas-based company announced this week. Canaan’s asset package includes more than 64,000 net acres with 560 wells that produce 11 million cubic feet of natural gas equivalent a day. The company’s leasehold is spread across Pittsburg, Hughes, McIntosh and Haskell counties with net total proved reserves of 43.3 billion cubic feet of natural gas equivalent. Canaan has retained Energy Capital Solutions LLC to assist with the sale, with non-binding indications of interest due by July 25.

Activist to speak about oil

A retired marine biologist and environmental activist from Alaska will be in Oklahoma next week to talk to several state groups about oil spills and the Keystone XL pipeline. Ricki Ott is on a tour of the Keystone XL pipeline from Houston to Nebraska. She will speak in Tulsa at 7 p.m. July 8 at Foolish Things Coffee Co., 1001 S Main St., in an event hosted by Clean Energy Future Oklahoma. Ott will be in Oklahoma City at 7 p.m. July 9 at the Cocina De Mino Restaurant, 6022 S Western. She will be in Stillwater for an event hosted by Stop Fracking Payne County at 6:30 p.m. July 10 at the Stillwater Public Library, 1107 S Duck. Ott’s visit is sponsored by Clean Energy Future Oklahoma; the Oklahoma chapter of the Sierra Club; Stop Fracking Payne County; Grand Riverkeeper; and the Great Plains Tar Sands Resistance. For more information, contact Earl Hatley, Grand Riverkeeper, at (918) 256-5269.

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