PostRock oil production up
PostRock Energy Corp. said Thursday its net oil production in April and May averaged 590 barrels per day, up 38 percent from the first quarter and up more than 90 percent from the second quarter of 2012. “Our ongoing oil development and cost improvement projects continue to add value for our shareholders,” President and CEO Terry W. Carter said.
WPX Energy adding Colorado rigs
TULSA — WPX Energy is adding two drilling rigs in western Colorado's Piceance Basin for the rest of the year, the company announced Wednesday. The increase from five rigs to seven is expected to add production of 1.9 billion cubic feet of natural gas equivalent this year, allowing WPX to approach the upper end of its guidance for 2013. “Now's the right time for us to accelerate our natural gas production and the Piceance is the right place to start,” CEO Ralph A. Hill said. “Natural gas prices are stronger, and this helps lay the groundwork for our 2014 development.
New Source extends portfolio
New Source Energy Partners LP announced this week it has acquired additional oil and natural gas properties from New Source Energy Corp. for about $7 million. CEO Kristian Kos said the deal extends New Source's core portfolio while increasing its proved reserves and prospective acreage. The deal adds nine gross wells completed in 2013 and eight proved undeveloped drilling locations to New Source's inventory, with proved reserves of 1.1 million barrels of oil equivalent. “We have now achieved our targeted guidance on production and maintenance capital spending six months ahead of the forecast we issued in our IPO filing,” Kos said. “We are pleased with our performance to date and remain focused on growing further for our unit holders.”
Company triples its dividend
TULSA — Helmerich and Payne Inc. has more than tripled its dividend to 50 cents a share for the third quarter, the company announced Wednesday. The prior quarter's dividend was 15 cents a share. “We are pleased to be in position to deliver a meaningful level of yield to our shareholders while retaining a strong ability to continue to pursue growth opportunities,” CEO Hans Helmerich said. The dividend is payable Aug. 30.
CenterPoint adds to its CNG fleet
CenterPoint Energy will add 35 natural gas vehicles to its fleet across six states, including Oklahoma, the Houston-based energy delivery company announced Thursday. The company also expects to provide natural gas service to at least 17 new CNG fueling stations in its service territory. “Vehicles powered by affordable, clean, safe and domestic natural gas can create American jobs, save businesses and consumers money, protect the environment, and bring us energy independence for the decades ahead,” said Joe McGoldrick, division president of CenterPoint's gas operations. “Natural gas can compete with other vehicle fuels, but we need to expand our infrastructure and nurture the growing natural gas vehicle market.”
Pipeline capacity expanded
Southern Star plans to expand the capacity of its Straight Blackwell natural gas pipeline segment in western Oklahoma, the Kentucky-based company announced last week. Southern Star has executed agreements with two shippers to add transportation service of 225,000 dekatherms a day. “This project helps us serve the growing Oklahoma production corridor including the Mississippi Lime Play with access to markets in Oklahoma, Kansas and Missouri and access to other intrastate and interstate pipelines,” CEO Jerry Morris said. “These new regional supplies support our effort to add to the reliability, security and diversity of gas supply on our gas transportation system.”
Synthroleum files lawsuit
TULSA — Syntroleum Corp. has filed a second patent lawsuit in Singapore against a Finland oil company operating there. The Tulsa-based synthetic fuel-maker contends a subsidiary of Neste Oil operates a “renewable diesel refinery” there using a process that falls within its patent. Syntroleum's patent, which was issued on May 31, expires in August 2028. Syntroleum filed its first lawsuit against Neste in Singapore in February to protect its proprietary “Bio-Synfining” technology, which is used to convert renewable feed stocks into drop-in fuels.
SageRider acquires company
Oklahoma City-based oil and natural gas service company SageRider Inc. on Thursday announced its acquisition of EXiiUS, fiber optics company in which it already owned an equity position. Terms were not disclosed. The deal enhances SageRider's position as an industry leader in multi-drop pressure and temperature sensing. SageRidger, which has offices in Oklahoma, Texas and Colorado, operates in major oil and gas plays in the U.S., Canada and abroad.
Brinx abandons first well
Brinx Resources Ltd. and its operating partner have abandoned the first well drilled in their Oklahoma program because it was noncommercial, the Denver-based company announced this week. “Although we were unsuccessful with the first well at the Oklahoma-2013 drilling program, we remain confident in our operating partner's knowledge of and outstanding exploration track record in the area,” Brinx officials Ken Cabianca said. “Drilling of the remaining seven prospects at the Oklahoma-2013 program is expected to continue with the same rig and crew moving to the next location.”
Event has record attendance
More than 1,700 people participated in the International School of Hydrocarbon Measurement last month in Oklahoma City. That is a record for the 88th annual event, which included more than 250 lectures, panel discussions and workshops on a variety of flow control and hydrocarbon gas and liquid measurement. Next year's school is set for May 13-15, 2014. More information will be available soon at www.ishm.info.
From Staff Reports