CenterPoint searches for exec
There is one fewer candidate in the search for an executive to head the new midstream partnership formed by OGE Energy Corp. and CenterPoint Energy last month. C. Gregory Harper, the head of CenterPoint's midstream business, has withdrawn from consideration, the company announced Thursday. Harper will leave CenterPoint on June 30 to pursue other opportunities. “The CEO selection process is ongoing and is the top priority for the senior executives of both OGE Energy and CenterPoint Energy,” OGE Energy spokesman Brian Alford said Thursday. The name and base of operations for the new master limited partnership also have not been determined.
Energy group names honorees
The Oklahoma Independent Petroleum Association has honored Panther Energy Co. CEO Berry Mullennix and Select Energy Services. Mullennix was recognized for his work as chairman of OIPA's federal issues committee, traveling repeatedly to Washington to talk to lawmakers about the role of independent producers in Oklahoma and nationwide. “Our industry and way of life has been under attack from multiple fronts over the last few years,” Mullennix said. “The OIPA as an organization has gone above and beyond in fighting these attacks and protecting its members' rights to do business and provide our country with safe, cheap and reliable energy.” Houston-based Select, which provides end-to-end waters solutions and well site services, received OIPA's 2013 Partner Award, which is presented to service companies for their support of Oklahoma oil and natural gas producers. “Companies like Select are the reason oil and natural gas production is the leading industry in Oklahoma,” OIPA President Mike Terry said. “Select's tireless efforts to promote the OIPA and the industry as a whole deserve our recognition and our gratitude.”
New Source boosts borrowing
New Source Energy Partners LP has increased its borrowing base to $75 million to bolster its operations in central Oklahoma, the Oklahoma City-based company announced this week. “The pace of our drilling program in the Hunton Reservoir has been rapidly increasing,” CEO Kristian B. Kos said. “With $75 million in borrowing capacity at attractive rates under our revolving credit facility, we are well positioned to continue to expand and execute on our strategic plan.” New Source has about $27 million available after boosting its revolving credit facility from $60 million. The company has $48 million in outstanding debt.
Whiting to sell recovery outfit
Denver-based Whiting Petroleum Corp. has agreed to sell its enhanced oil recovery operations in Texas County to BreitBurn Energy Partners LP for nearly $860 million. The sale includes the related gathering and plant processing facilities, oil delivery pipeline, 60 percent interest in the 120-mile Transpetco-operated carbon dioxide transportation pipeline, carbon dioxide supply contracts and certain crude oil swaps. Los Angeles-based BreitBurn also will acquire some other assets for an additional $30.2 million. “These assets are an excellent fit for our portfolio, with significant recoverable oil in place and a long horizon of production visibility,” BreitBurn CEO Hal Washburn said. “We anticipate a decade or more of very low decline production from these assets, which balances some of our more development-focused acquisitions completed last year.”
Apache helps town buy trucks
Apache Corp. has donated $20,000 to Elk City to help the city buy two new natural gas-powered pickups. The Houston-based oil company's contribution will offset the added cost of the CNG option on the pickups, which will be used by Elk City's streets and inspection departments. Apache also is contributing $2,000 to pay for a year's supply of compressed natural gas for the trucks. Apache built the first of its 20 CNG fueling stations in Elk City in 2009. “Oklahoma has been home to Apache employees since the company's first well was drilled here more than 50 years ago,” said Larry Bledsoe, Apache's district manager. “Both the city and community here have been very good to us and we're pleased to support the city's efforts to use clean-burning natural gas in its vehicles.”
Osage reports ‘best quarter yet'
Osage Exploration and Development Inc. began drilling 10 horizontal wells on its Logan County acreage during the second quarter, the California-based company announced this week. “This has been the best quarter yet for Osage, with respect to drilling operations,” CEO Kim Bradford said. “With 10 new wells this quarter, and 19 to date this year, we are maintaining a pace which will take us far beyond our stated goal of drilling 24 wells this year.” Osage targeted the oil-rich Mississippian formation with nine wells in the second quarter. The other was drilled into the Woodford formation. Osage also built out the electrical grid across its Logan County acreage block and a state-of-the-art natural gas gathering system spanning its entire Nemaha Ridge project.
Enerlabs plans $1.7M lab deal
Energy and environmental laboratory company Enerlabs Inc. announced this week that it has signed a letter of intent to acquire a testing lab in California for $1.7 million. The unidentified laboratory has provided specialized air testing for 16 years. “This lab appears to be a great fit to our growth model and we have already noticed opportunities for crossover sales as the other participating laboratories do not offer many of these types of air analyses,” Enerlabs President George Shaw said.
Huckabee to appear at pipe expo
Former Arkansas Gov. Mike Huckabee will be the keynote speaker at the Tulsa Pipeline Expo. The Fox News contributor will speak at the Aug. 26 benefit dinner and silent auction that kicks off the three-day event at Hard Rock Hotel Tulsa. “Gov. Huckabee's participation is a testament to the expo's phenomenal growth in only five years,” Chairman Bill Solomon said. “Each year, the expo attracts more out-of-state companies anxious to do business with Oklahoma, and Gov. Huckabee will help increase awareness of Oklahoma as a place to do business for all energy sectors.”
From staff reports