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
TULSA — 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.
Legislator headlines energy expo
U.S. Rep. Jim Bridenstine will deliver the keynote address at The Pipeline and Energy Expo this month in Tulsa. Bridenstine, R-Tulsa, will talk about legislation means to boost energy production on Aug. 27 during the expo’s energy trends conference at the Cox Center. That day also will feature presentations by speakers Aaron J. Burke of Hartline Dacus Barger Dreyer LLP and Charles Nevle, manager of energy analysis with Bentek Energy. There also will be a trade show with professional development opportunities on Aug. 26. For more information, visit www.pipelineenergyexpo.com.
Apco finishes Colombian drilling
TULSA — Apco Oil and Gas International Inc. has successfully completed its exploration drilling program in Colombia for this year, the company announced this week. Apco owns a stake in seven wells drilled in the Llanos basin. “We are very pleased to see success from our exploration strategy in Colombia,” CEO Michael Kyle said. “We expect these discoveries to deliver strong results and provide meaningful increases to our production in the second half of 2014 and beyond. With the intensive exploration program wrapping up, our efforts have turned to development and evaluating the resources discovered to date.”
3 SandRidge trusts pay per units
Three trusts established by SandRidge Energy Inc. announced quarterly distributions Thursday. SandRidge Mississippian Trust I will pay 35.77 cents a unit. SandRidge Mississippian Trust II will pay 48.6 cents. SandRidge Permian Trust will pay $63.2 cents. All three will be paid Aug. 14.
Helmerich and Payne Inc.
TULSA — Contract driller Helmerich and Payne Inc. on Thursday reported net income of $192.3 million, or $1.75 a share, for the third quarter. That is down from $266.2 million, or $2.46 a share, in the same period of last year despite record operating revenues of $952.1 million. “We continue to see a strong U.S. land drilling market and expect to benefit from increasing activity, recovering spot pricing levels, and additional customer commitments for new FlexRigs,” CEO John Lindsay said. “As we continue to build on our competitive advantages, our focus will remain on creating value for our shareholders through our efforts to deliver safer, more reliable and efficient operations for our customers.”
From Staff Reports