New Source debuts on NYSE
New Source Energy Partners LP began trading Friday on the New York Stock Exchange under the ticker symbol “NSLP.” The Oklahoma City-based partnership was formed by New Source Energy Corp. to own and acquire oil and natural gas properties in the United States. Its units initially were priced at $20 each, but closed Friday at $19.49.
Texas company to extend pipeline
Plains All American Pipeline LP is building a 55-mile extension to its previously announced Mississippi Lime pipeline, the Houston company announced this week. The extension is supported by a long-term commitment from an unidentified producer. The new pipeline, which is expected to be brought into service in the fourth quarter, will move up to 75,000 barrels of crude oil a day from Coldwater, Kan., to Byron in Alfalfa County. The company's existing pipeline runs from Byron to its terminal in Cushing.
Syntroleum keeps up legal fight
TULSA — Syntroleum Corp. is continuing its ongoing patent fight with a Finland oil company in Singapore. Syntroleum said Friday it has sued in Singapore alleging a Neste Oil subsidiary is operating a renewable diesel refinery that violates its patent there. The companies also are fighting a patent dispute in federal court in Delaware, when Neste accused Syntroleum of infringing on one of its patents. Syntroleum has denied Neste's claims.
GMX offers update on operations
Oklahoma City-based GMX Resources Inc. provided an operations update Friday, saying it has retired the remaining balance of its 5 percent convertible senior notes due 2013 and has no more debt maturities until May 2015. GMX also said that in the fourth quarter of 2012, it produced about 55,100 barrels of oil, 1.4 billion cubic feet of natural gas and 23,800 barrels of natural gas liquids. The company's oil production increased 319 percent from the fourth quarter of 2011. For the full year, GMX produced about 203,500 barrels of oil, 8.9 billion cubic feet of natural gas and 237,500 barrels of natural gas liquids. Crude oil production increased 119 percent from 2011.
From staff reports