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Oklahoma energy briefs for June 15

Oklahoma energy briefs for June 15
Modified: June 14, 2012 at 5:03 pm •  Published: June 15, 2012


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

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.

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