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Oklahoma business theme briefs, Sept. 13

Oklahoma business theme briefs for Sept. 13, 2013.
Published: September 13, 2013


Gulfport lowers guidance

Gulfport Energy Corp. this week dropped its third-quarter guidance due to pipeline infrastructure delays and higher-than-anticipated downtime. Gulfport's current estimate indicates production this quarter will be between 12,250 and 12,750 barrels of oil equivalent a day. The company had expected to average as much as 15,000 barrels a day. Gulfport's full-year guidance remains unchanged.

Cooperative receives loan

A western Oklahoma electric cooperative will receive a more than $10 million loan from the U.S. Department of Agriculture. Agriculture Secretary Tom Vilsack announced Thursday that Kiwash Electric Cooperative Inc. in Cordell will receive $10,127,000. The money is to be used to build 178 miles of distribution line and make other system improvements. The loan includes $74,000 for smart grid projects. The loan is part of more than $136 million in USDA loan guarantees announced Thursday for projects in seven states.

Montclair increases its bid

Equal Energy Ltd. has received another acquisition proposal from Montclair Energy LLC. Montclair increased its offer to $4.85 in cash for all outstanding Equal shares in a “revised nonbinding conditional expression of interest” that was delivered after the close of markets on Sept. 6. The offer became public as a result of a regulatory filing by some of Montclair's affiliates, Equal said this week.

Tribe earns environmental grant

Oklahoma's Otoe-Missouria Tribe is one of 29 nonprofit and tribal organizations to earn grants from the U.S. Environmental Protection Agency to address environmental issues. “These environmental justice grants are one more step in EPA's efforts to help communities with environmental and public health issues,” said EPA Regional Administrator Ron Curry. “We're giving residents and community-based organizations the tools they need to make informed decisions about the environment around them.”

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