Chaparral Energy strikes deal
Chaparral Energy Inc. has struck a deal to sell its Central Basin holdings in Texas and New Mexico to RAM Energy LLC for $48.1 million in cash, according to a regulatory filing. The properties currently produce about 600 barrels of oil equivalent a day. Chaparral has decided to concentrate on its Mid-Continent assets, so it is selling its holdings in Arkansas, Louisiana and Texas. This latest deal, which expected to close by July 25, will reduce the company’s borrowing base to $484.5 million. Proceeds from the sale will be used to repay debt.
Grillot to retire in June
NORMAN — Larry R. Grillot, a geophysicist who guided University of Oklahoma’s Mewbourne College of Earth and Energy from its inception, announced plans to retire effective June 30, 2015. OU President David Boren will recommend a search committee to the Board of Regents for their consideration at the board’s June meeting. A national search will be conducted for a permanent replacement. Under Grillot’s leadership, $20 million in facilities improvements were made, enrollment increased from 450 students to 1,300 students, total scholarship awards doubled, and graduates of the college achieved an almost 100 percent employment rate. Grillot joined OU in 2006 after working in leadership positions with Phillips Petroleum for 30 years.
MetaFund donates storm cellars
MetaFund Corp. helped residents in Moore prepare for this year’s tornado season by giving away two in-ground storm cellars. The storm cellars were raffled away at a community block party in Moore sponsored by Fresh Start Community Church. The two winners were provided fiberglass storm cellars manufactured by Custom Composites, a subsidiary of MetaFund Corp.
NGL Energy Partners LP
TULSA – NGL Energy Partners LP on Friday reported net income of $48.8 million, or 51 cents a unit, for fiscal year 2014, which ended March 31. That is up from $48.2 million, or 96 cents a unit, for the previous year. NGL acquired the midstream business of Gavilon Energy LLC and a 50 percent stake in the Glass Mountain pipeline during the year, when it logged adjusted earnings of $270.5 million. The partnership reported adjusted earnings of $183.5 million in fiscal year 2013.
From Staff Reports