Oklahoma energy briefs, Aug. 1

Oklahoma energy briefs for Aug. 1, 2014
Oklahoman Modified: July 31, 2014 at 11:06 pm •  Published: August 1, 2014


Petroflow finishes Equal buy

Tulsa-based Petroflow Energy Corp. announced Thursday it has completed its purchase of Equal Energy Ltd. Petroflow bought all of Equal’s outstanding stock for $5.43 a share after the Oklahoma City company’s shareholders approved the deal last month. Equal also paid an additional dividend of 5 cents a share as part of the deal.

Dover Corp. acquires WellMark

The WellMark Co. has been sold to Dover Corp., a diversified global manufacturer with revenues of $8 billion. Oklahoma City-based WellMark is a leading manufacturer of flow control solutions for systems used in oil and natural gas and petrochemical industries. Terms of the sale by Platte River Equity were not disclosed. “We are proud of what we have accomplished during our partnership with Platte River. We have expanded our sales footprint and developed exciting new products to better serve our customer base,” WellMark CEO Luis Gomez said. “We now look forward to the next chapter of growth as a part of Dover and its great complementary brands.”

Templar pays $588M for assets

Oklahoma City-based Templar Energy LLC has agreed to pay $588 million for Newfield Exploration Co.’s assets in the western Oklahoma and the Texas Panhandle. Newfield’s assets in the Granite Wash include about 42,000 net acres, with current daily production of nearly 65 million cubic feet of natural gas equivalent a day. Proved reserves at the end of 2013 were about 38 million barrels of oil equivalent.

Gulfport reports 2.4M barrels

Gulfport Energy Corp. produced more than 2.4 million barrels of oil equivalent in the second quarter, the company reported this week. That equates to 26,725 barrels a day, just shy of the company’s estimate of 27,100 barrels per day. Nearly 80 percent of Gulfport’s second-quarter production came from Ohio’s Utica Shale. Gulfport said it finalizing an agreement with Rice Energy Inc. to operate natural gas gathering pipelines to serve its interests there. The company is working on a similar deal with MarkWest Energy Partners LP in another part of its Utica operations. Gulfport also has entered into a firm transportation agreement with Rockies Express Pipeline to move natural gas out of Ohio starting in the middle of next year.

WPX Energy names senior officer

WPX Energy has selected J. Kevin Vann as its senior vice president and chief financial officer. Vann, who has more than 20 years of experience in accounting and risk management, had been serving in both roles on an interim basis since March. He has been with WPX since its spinoff from parent company The Williams Cos. Inc. He had been the company’s controller since 2006. “I really appreciate Kevin’s ability, confidence and outlook,” CEO Rick Muncrief said. “He’s well regarded throughout the organization and is eager to be a part of the team that is charged with transforming WPX and delivering improved performance, both financially and operationally.”

Ward partners with Trilantic

An oil and natural gas company with offices in Enid and Oklahoma City is partnering with a New York-based private equity firm to explore various basins in Oklahoma and eastern Colorado. Ward Energy Partners was formed by Trilantic Capital Partners and Ward Petroleum Corp. “We are delighted to work with Trilantic in this venture. Their deep experience in creating value within the energy sector will be a great asset to us as we look to grow Ward Energy Partners,” CEO Bill Ward said. “We see great potential in each of these liquid-rich basins and are excited to capitalize on the opportunities ahead of us.” Equity committed to the new company also will be used to develop Ward’s existing leasehold position and acquire additional acreage.

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