Oklahoma energy briefs for June 8

Oklahoma energy briefs for June 8
Modified: June 7, 2012 at 10:10 pm •  Published: June 8, 2012


Utility to give customer credits

The Oklahoma Corporation Commission has ordered CenterPoint Energy Oklahoma Gas to provide more than $1.8 million in customer credits. The commission's order on Wednesday also lowers base rates about $24,000 a year. Commission Chairwoman Dana Murphy said residential customers will get 70 percent of the credit, or about $1.3 million. The remaining 30 percent will go to those in the general service, commercial and large commercial rate classes. The settlement is the result of an annual review of CenterPoint's rates that is required as part of CenterPoint's rate plan. The commission said residential customers will save an average of $46.50 a year under the settlement. Houston-based CenterPoint has about 102,000 customers in the state.

Osage Explorations begins well

Osage Exploration and Development Inc. has begun drilling its third well in the Logan County portion of the Mississippian oil play, the California-based company announced this week. The Davis Farms well is about two miles south of Osage's Wolf well, which yielded nearly 1,200 barrels of oil equivalent a day in its first 72 hours of production. “With Osage's recently announced 40 percent acreage expansion, our intentions should be very clear: to systematically drill every single acre that we and our partners have leased,” CEO Kim Bradford said. “Our ability to simultaneously bring in tremendous results and expand the acreage position within the core area will be an explosive combination for the Osage shareholder over the next 12 to 18 months.”

More investors join wind farm

More investors have bought into a wind farm under construction near Enid. Enel Green Power North America Inc. and EFS Chisholm LLC said a syndicate has agreed to commit $220 million to the 235-megawatt Chisholm View project in Garfield and Grant counties. J.P. Morgan leads the tax-equity syndicate, which also includes Wells Fargo Wind Holdings LLC and Metropolitan Life Insurance Co. The electricity will be sold to an Alabama utility, Alabama Power Co., under a 20-year power agreement.

Laredo Petroleum adds new VP

Laredo Petroleum Holdings Inc. has added Richard C. Buterbaugh as its senior vice president of investor relations. Buterbaugh has more than 35 years of financial planning and analysis experience in the oil and natural gas industry. He most recently served as vice president of investor relations and corporate planning for Quicksilver Resources Inc. in Fort Worth.

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