Kimray manufactures switch
Equipment manufacturer Kimray Inc. recently released its first pneumatic level switch. It is designed as a liquid level controller for oil and natural gas separators, water knockouts, gas scrubbers and accumulators, with a magnet and check valve system and diaphragm pilot mechanism to increase flow rate. “We've utilized the best design and materials to withstand the rigors of the oil and gas production process and will deliver services that are better than what our customers expect,” CEO Tom Hill said. “We believe these products will benefit the oil and gas industry through reducing cost and maintenance while increasing productivity and flow rate.”
Gulfport hires ex-chairman
Gulfport Energy Corp. has entered into a consulting agreement with former chairman Mike Liddell. Liddell, who opted not to seek re-election to Gulfport's board, resigned as chairman at last week's annual shareholders meeting. Liddell will be paid $65,000 a month under the deal, which runs through 2015. He also will continue to be eligible for future equity awards under the company's stock incentive plan.
Canadian agrees to sanctions
A Canadian man has agreed to sanctions after admitting to illegally selling securities in a company that purportedly owned an oil lease in Oklahoma. Richard Gozdek sold partnership agreements in a Nevada-based company called Armadillo to at least 26 investors in British Columbia between December 2010 and April 2011, according to the province's securities commission. Gozdek received a fee of about $40,000 for selling more than $1.4 million worth of partnership agreements. As part of his agreement with the British Columbia Securities Commission, he will pay the agency more than $65,000 and resign any position as a director or officer of any issuer, registrant or investment fund manager. He also is banned from trading in securities for five years.
Calif. firm drills 2 wells in state
BNK Petroleum Inc. is drilling the lateral section of one well in Oklahoma's Tishomingo Field, while starting fracture stimulation of another, the California-based company announced this week. The well is expected to completed in the next week, although results won't be available for another three to four weeks.
Retired exec to join Access board
Retired oil and natural gas industry executive William B. Berry has been appointed to the board of Access Midstream Partners LP's general partner. Berry, who retired in 2008 as executive vice president of ConocoPhillips, has 37 years of industry experience. He also serves on the boards for Willbros Group, Nexen Inc. and Teekay Corp. Berry was granted about $50,000 worth of Access units as part of his appointment. He is expected to be granted about $50,000 in units each year, plus an annual retainer of $80,000 and reimbursement of travel costs for board meetings.
Gulfport launches public offer
Gulfport Energy Corp. is selling more than 1.6 million shares of Texas-based Diamondback Energy Inc. in an underwritten public offering launched earlier this week. Shares are priced at $34.25 each. Diamondback is an independent oil and natural gas company focused on West Texas' Permian Basin. The offering included 6 million shares of Diamondback's common stock, sold by entities controlled by Gulfport and Wexford Capital LP. Underwriters can purchase an additional 750,000 shares from the sellers.
Constitution files for pipeline
TULSA — Constitution Pipeline Co. LLC has filed an application with the Federal Energy Regulatory Commission to build a 122-mile pipeline to connect natural gas production in northeastern Pennsylvania with northeastern markets by early 2015. The pipeline has been designed to transport up to 650,000 dekatherms of natural gas a day from Williams Partners' gathering system in Susquehanna County, Pa., to the Iroquois Gas Transmission and Tennessee Gas Pipeline systems in New York. The project is expected to cost $683 million. Constitution is owned by subsidiaries of Williams Partners, Cabot Oil and Gas Corp., Piedmont Natural Gas Company Inc. and WGP Holdings Inc.
Oil producers opt for trains
BISMARCK, N.D. — The percentage of North Dakota oil shipped by pipelines has slipped in the past year as producers have turned to trains to reach faraway U.S. refineries where premium prices are fetched based on foreign crude prices. But officials believe the pendulum may be swinging back in favor of pipelines as the price differential narrows between domestic and overseas crude. Rail shipments accounted for about three-fourths of the record 794,000 barrels of crude produced daily in April, said Justin Kringstad, director of the North Dakota Pipeline Authority. Trains accounted for only 39 percent of the North Dakota's oil shipments for the same month a year ago, data show.
From staff and wire reports