Trusts announce distributions
Three trusts owning royalty interests in SandRidge Energy Inc. wells announced quarterly distributions on Thursday. SandRidge Mississippian Trust I will pay 65.0747 cents a unit. SandRidge Mississippian Trust II will pay 53.2557 cents a unit. SandRidge Permian Trust will pay 60.3032 cents a unit. The distributions are expected to occur on or before March 1.
Pipeline delivers record gas
TULSA — The Transco interstate pipeline delivered a record amount of natural gas to meet demand spurred by bitter cold along the Eastern Seaboard last week, owner Williams Partners LP reported Thursday. The pipeline delivered 10.4 million dekatherms of gas on Jan. 22, surpassing the previous high of 9.7 million dekatherms from early last year. Transco also set a three-day record between Jan. 22 and Jan. 24, when it delivered an average of 9.9 million dekatherms a day. The 10,000-mile pipeline system, which runs from south Texas to New York, serves major markets along the Eastern Seaboard. Williams Partners plans to expand the Transco pipeline by nearly 2 million dekatherms by 2015.
Chesapeake wins Penn. contract
A Chesapeake Energy Corp. subsidiary has secured a contract to develop 1,200 acres of state game land in Pennsylvania. Chesapeake Appalachia LLC will rent the acreage for a year for a one-time payment of $2,500 an acre. The company pledged to pay 23.25 percent in royalties on all oil and gas development there in a competitive bid opened Nov. 2 by the Pennsylvania Board of Game Commissioners.
LoneStar buys seismic system
EDMOND — LoneStar Geophysical Surveys has purchased a new seismic system for environmentally sensitive work in Kansas, Nebraska, Colorado and Montana, the company announced this week. CEO Heath P. Harris said the 4,000-node ZLand system from Fairfield-Nodal has performed well in challenging environments. “We have tried many other similar systems, and found ZLand to be the clear choice for us,” Harris said. LoneStar also announced it has taken delivery of a fleet of vibrator machinery for its U.S. projects.
Homeland Resources expands
Homeland Resources Inc. is expanding its production capacity at its Liberty Ridge natural gas project in Oklahoma, the New Mexico-based company announced this week. Continued development of the multi-well drilling project is expected to give Homeland and its partners a stake in numerous new wells.
Cisco Energy's success continues
Cisco Energy LLC continues to find success from drilling in the Mississippi Lime formation in northern Oklahoma, the Texas-based company announced this week. Cisco has completed four wells along the Garfield and Grant county line with strong flow rates. The company's most recent well, which was completed last month, produced 288 barrels of oil equivalent in its initial 30-day test. More than three quarters of that production was oil. “We are excited about what we've achieved in the Mississippi Lime where we have had great results across the core of our acreage position in 2012,” CEO David Myers said. “Our team has executed every phase of our original strategy that we initiated in early 2010 when we undertook a sizable geology-based leasing effort, acquiring about 30,000 net acres at extremely favorable terms. Our largely contiguous leasehold position reflects our early understanding of the importance of operational control and infrastructure development.”
HELMERICH & PAYNE INC.
TULSA — Contract driller Helmerich & Payne Inc. on Thursday reported record first-quarter earnings of $159.6 million, or $1.48 a share. That is up from $144.3 million, or $1.32 a share, in the same period of 2012. CEO Hans Helmerich said the company is pleased with its record-breaking pace. “Going forward, E&P (exploration and production) spending plans appear poised for increases as our customers remain focused on innovative technology and productivity improvements that are transforming the energy sector in this country,” he said. “Our competitive advantages are well aligned with this ongoing industry transformation and should allow us to continue to expand our market share while sustaining premium day rates and margins.” The company also announced agreements to build and operate three new FlexRigs, which will push its global fleet to 299 rigs.
From Staff Reports