Gulfport expands acquisition
Gulfport Energy Corp. is adding more acreage to its pending acquisition in Ohio's Utica Shale, the Oklahoma City company announced Thursday. Gulfport will pay an additional $70 million for about 7,000 acres, pushing its total deal to about $372 million. The company announced earlier this week it had struck a deal with an unnamed seller for about 30,000 net acres for $302 million. The expanded deal will boost Gulfport's leasehold in the Utica Shale to about 106,000 net acres.
Purchase of company is near
Mathena Inc., an El Reno-based oil-field equipment rental company, is on the verge of being acquired by The Weir Group PLC, of Scotland. The Weir Group will make an initial payment of $240 million for Mathena, with deferred payments of up to $145 million over the next two years depending on whether the company meets profit growth targets. “Mathena is a well-regarded business in the U.S. upstream oil and gas markets, with a strong management team and market share in the pressure control drilling markets,” Weir CE Keith Cochrane said.
Williams Partners eye region
TULSA — Williams Partners LP is seeking regulatory approval to serve growing markets in Virginia and North Carolina with its Transco natural gas pipeline. Transco has filed an application with the Federal Energy Regulatory Commission to provide 270,000 dekatherms of natural gas transportation capacity a day to those markets. An ongoing expansion of the 10,200-mile pipeline is expected to be completed by September 2015. “Historically low natural gas prices and the public's desire for cleaner energy have fueled an increasing need for natural gas service,” said Frank Ferazzi, general manager of Williams' Transco pipeline. “This project is a great opportunity for us to support these utilities in serving the growing electric power and gas distribution needs in this region.”
Joint venture is planned
A midstream company backed by Williams Partners LP is forming a $1.5 billion joint venture to serve producers in the Utica Shale in Ohio and parts of Pennsylvania. Caiman Energy II LLC is teaming with Dominion to create Blue Racer Midstream LLC. Caiman will provide private equity capital and Dominion will contribute midstream assets.
PostRock secures credit
PostRock Energy Corp. has secured a new four-year revolving credit facility, the Oklahoma City company announced Thursday. The facility's initial borrowing base was set at $90 million, with $61.3 million outstanding at closing.
Coal plant begins operation
Southwestern Electric Power Co.'s new coal plant in Arkansas began commercial operation this week, the American Electric Power subsidiary announced Thursday. The 600-megawatt John W. Turk Jr. Power Plant is the first ultra-supercritical generating unit to go into operation in the United States, using higher temperatures to produce electricity more efficiently. Ultra-supercritical units burn less coal with fewer emissions than conventional coal plants. Oklahoma Municipal Power Authority owns a 7 percent stake in the $1.8 billion power plant.
Service company opens lime yard
Oil-field service company Fluid Delivery Solutions has opened its Mississippi Lime yard in Alva, the Texas-based company said this week. The company specializes in water transfers for completions and location containment liners. Officials said the 5-acre yard is in a prime location to enable the company to serve clients in the oil-rich play in Oklahoma and Kansas. “Our goal has always been to expand our locations to accommodate all the major unconventional resource plays in the Lower 48,” CEO Lance Lammons said.
Mesa Energy drills new area
Mesa Energy Holdings Inc. has begun drilling its first Mississippi Lime well in Garfield County, the Dallas-based company said this week. The well will be drilled more than 11,000 feet deep, with a horizontal lateral of about 4,000 feet. Mesa also expects to drill a salt water disposal well at the same location to serve multiple wells. “We are excited to be kicking off our drilling program in the Mississippian Lime and look forward to expanding our drilling program and acreage position in 2013,” CEO Randy M. Griffin said. “We expect to begin preparations for the commencement of an additional horizontal drilling program in the Niobrara Shale in southeast Wyoming in 2013.”