Continental gets 3 directors
Continental Resources Inc. shareholders on Thursday elected three directors to the company's board. Continental's annual meeting lasted only about 15 minutes as former energy executive Lon McCain and former North Dakota Gov. Ed Schafer, who was appointed in November, received 99 percent of the shareholder vote. Mark Monroe earned 92 percent. Shareholders did not ask any questions of CEO Harold Hamm or other executives during the brief meeting.
Laredo executive plans to retire
TULSA — One of the top executives at Laredo Petroleum Holdings Inc. will retire within the next year, the company announced Thursday. W. Mark Womble, Laredo's senior vice president and chief financial officer, on Thursday informed the company's board of his retirement plans. “During the past 10 years Mark has helped our team in building successful oil and gas companies, and he has been an integral part of Laredo`s disciplined growth,” CEO Randy A. Foutch said. “I consider him a close friend and business partner, and I am pleased that he will be able to spend more time with his family in Virginia, which now includes his first two grandchildren.” Laredo has initiated a search for Womble's successor. Womble will aid in the search and be available to the company for consultation after his retirement to ease the transition.
Energy group honors member
Oklahoma Independent Petroleum Association has named an executive of Oklahoma City's JMA Energy Co. LLC as its member of the year. The association honored Chad McDougall, vice president of JMA Energy, and credited his help in passing the Energy Litigation Reform Act in the recently concluded state legislative session. “Without this bill, the business environment for oil and natural gas exploration and production companies investing in Oklahoma would be forever changed,” said OIPA President Mike Terry. “This association and the oil and natural gas industry as a whole owe Chad McDougall a debt of gratitude for his tireless efforts to ensure the economic viability of this industry.” McDougall joined JMA Energy in 1994 and is a former petroleum engineer with Mewbourne Oil Co.
Apache revises drilling estimates
Houston-based Apache Corp. released new estimates Thursday for its oil and liquids portfolio, including estimates in several Oklahoma plays. Among the new estimates, Apache said it has identified 32,500 drillable locations in the Anadarko Basin in western Oklahoma and the Texas Panhandle with an estimated net resource of 5.4 billion barrels of oil equivalent. It also built a 580,000 net acre position in the Mississippian Lime play in Kansas and Nebraska with an inventory of 7,200 potential locations that could yield up to 2 billion barrels of oil. “For Apache, this is the time to drill more wells: We have captured a vast, liquids-rich resource base, and drilling costs are declining,” said G. Steven Farris, Apache's chairman and CEO.
Helmerich & Payne adds to board
TULSA — Helmerich & Payne Inc. has appointed a Denver investment banker to its board of directors. Thomas A. Petrie is chairman of Strategic Energy Advisors, which offers financial advisory services to the oil and gas industry. He has advised companies on more than $200 billion in deals during stints at First Boston Corp., Petrie Parkman & Co., Merrill Lynch and Bank of America. Petrie's appointment to the Helmerich & Payne board was effective June 6.
GMX completes 6th Bakken well
Oklahoma City-based GMX Resources Inc. said Thursday it completed its sixth horizontal well in the Bakken in North Dakota. GMX said its Johnston 31-4-1H well in McKenzie County achieved a peak rate of 1,479 barrels of oil equivalent per day. GMX said it started its seventh Bakken well, the Fairfield State 21-16-1H on May 13. Drilling on its eighth operated well in the Bakken, the Basaraba 24-35-1H, is expected to start later this month.
OPEC keeps oil production target
VIENNA — OPEC oil ministers have decided to keep a production target of 30 million barrels a day, citing mounting world economic concerns for their decision. The move Thursday by the Organization of the Petroleum Exporting Countries was expected, with ministers signaling such an outcome ahead of entering their meeting. An OPEC statement cited “downside risks facing the global economy” that could result in lowered demand for the 12-nation organization's crude as a key consideration in agreeing to keep output targets steady.
From staff and wire reports