Oklahoma energy briefs for Feb. 7

Published: February 6, 2014
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TU wins solar power grant

The University of Tulsa will receive a federal grant worth about $1.7 million to develop a way to provide low-cost solar energy even when the sun is not shining. The hybrid solar project is one of 12 being funded by $30 million from the U.S. Department of Energy. The projects are expected to help advance solar energy beyond current photovoltaic and concentrated solar power technologies to drive lower-cost, reliable solar energy deployment. TU is working to develop a hybrid solar converter that capture non-visible wavelengths of light to heat a fluid containing light-absorbing nanoparticles that are far too small to be seen with the naked eye. This heat in the fluid can be stored to provide energy even when the sun is not shining.

ONE Gas officials to ring bell

Officials with newly former ONE Gas Inc. will ring the closing bell Friday at the New York Stock Exchange. “We are excited to have the opportunity to celebrate our new company,” CEO Pierce H. Norton II said. “ONE Gas is well positioned for long-term success, and we continue to look forward to sharing our company’s story with our stakeholders.” ONE Gas, a former ONEOK Inc. subsidiary, is the parent company of Oklahoma Natural Gas and its counterparts in Texas and Kansas. It began trading on the exchange Monday under the ticker symbol “OGS.”

Crosstex plans merger voting

Dallas-based Crosstex Energy Inc. has scheduled a special meeting for March 7 to allow shareholders to vote on the company’s proposed merger agreement with Devon Energy Corp. Crosstex and Devon have agreed to combine their domestic midstream holdings to form EnLink Midstream Partners. At least two-thirds of Crosstex’s shareholders must approve the deal, which was announced Oct. 21. The Crosstex board already voted unanimously in favor of the deal. Also, Crosstex announced Thursday it willl expand its natural gas gathering and processing capabilities in the Permian Basin through a new long-term, fee-based agreement with an unnamed producer.

Commissioner will lead board

Oklahoma Corporation Commissioner Dana Murphy has been tabbed to lead the advisory board for the Financial Advisory Board at the University of Missouri. The institute’s public utility division provides a neutral environment for stakeholders in the regulated utility industry to come together to examinecurrent issues relating to public utility policy. Murphy said utility companies and their customers are now in a time of unprecedented change. Murphy has been on the advisory board for two years. Her term as chairman runs through September 2015.

Enviro Clean acquires Cardinal

Enviro Clean Group LLC has acquired Cardinal Engineering, the Oklahoma City-based company announced this week. Cardinal specializes in environmental consulting, but it also offers surveying and civil engineering services from offices in Oklahoma City, Norman, Tulsa and Woodward. Enviro Clean has been steadily adding services over the past seven months as it opened four offices in Oklahoma and Texas.

Gastar plans to drill in state

Gastar Exploration Inc. plans to spend more than half of its 2014 capital budget in Oklahoma, the Texas-based company announced this week. CEO J. Russell Porter said Gastar will spend about 60 percent of its $147 million drilling budget in the Hunton Limestone oil play, which will help the company increase its liquids mix. Gastar has drilled nine wells in the play so far. “While we are continuing to analyze optimum drilling and completion techniques and the potential return of the play, based on the actual results we have seen to date, we continue to believe that a portfolio of horizontal Hunton Limestone wells could generate an internal rate of return in excess of 60 percent, and possibly as high as 90 percent, at current NYMEX forward strip pricing,” he said. “This analysis considers the variability in the performance we have seen so far in these wells, including the time required to reach peak production, with individual well production above, below and in line with our estimated type curve.”

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