Panhandle directors re-elected
Incumbent directors Robert O. Lorenz of Edmond and Robert R. Robotti of New York City were re-elected to another three-year term on the board at Panhandle Oil and Gas Inc. last week at the company's annual meeting. Shareholders also ratified the appointment of Ernst and Young LLP as the company's independent
CVR refinery posts $97.9M loss
CVR Energy Inc.'s Wynnewood refinery posted a fourth-quarter loss of $97.9 million, the Texas-based company reported this week. The company's petroleum business reported earnings of $198.2 million, with throughput of 162,603 barrels a day. The Wynnewood refinery's crude oil throughput averaged more than 23,000 barrels a day, despite a major scheduled turnaround. CVR's petroleum business was launched as a master limited partnership in January, trading as CVR Refining LP under the ticker “CVRR” on the New York Stock Exchange.
New Source sells 250K more units
The underwriters of New Source Energy Partners LP's just-completed initial public offering have purchased an additional 250,000 units at $20 each, the partnership announced Wednesday. New Source sold 4 million units in its IPO, which closed on Feb. 13, leaving the public owning about 55 percent limited partner interest.
Warwick Energy CEO is honored
Katherine Richard, the founder and CEO of Warwick Energy Group, was recognized as a young global leader by the World Economic Forum's 2013 Davos Session, the Oklahoma City-based oil and natural gas company announced this week. The honor recognizes distinguished leaders under the age of 40, as selected by a committee headed by Queen Rania Al Abdullah of Jordan. Other honorees include Chelsea Clinton and statistician Nate Silver. Richard founded Warwick Energy Group in 2010 after overseeing international oil and gas investments for MSD Capital, Michael Dell's private investment firm.
Tulsa fuel stations go on block
Three Tulsa fueling stations with easy access to Interstate 244 will be auctioned off next month by AmeriBid LLC. “The location alone should really spur the attention of anyone looking not just for fueling stations, but commercial real estate at high traffic locations,” said Matt Fisher, AmeriBid's manager of operations. “With two of these properties, you aren't just bidding on ordinary frontage; this is a prime location from an access point to Interstate 244. Buyers can come name their price for an opportunity to own any or all of these locations — the possibilities are endless.” The properties will be available April 4 in a live, on-site auction at 3204 W 45th St. S, the site of one of the stores. The others are located at 4903 E Admiral Blvd. and 621 S Sheridan Rd.
First Titan well to complete
First Titan Corp. expects to complete a potentially lucrative well in Logan County this week. The Florida-based company estimates the Breaux No. 2 could produce more than $14 million worth of oil and natural gas. The reserve report prepared by sponsor Bedford Energy Inc. indicates the well has proven reserves of 160,000 barrels of oil and 1.5 billion cubic feet of natural gas, based on nearby wells. “We expect Breaux No. 2 to be a good producer for us,” First Titan CEO Harvey S. Bryant said. “All of the reporting has been tremendously positive. All that remains now is to complete the well.”
BP well cement could be evidence
NEW ORLEANS — A lawyer for the cement contractor on the Deepwater Horizon drilling project says the company has found cement samples possibly associated with BP's Macondo well that weren't turned over to the Justice Department for testing. Halliburton lawyer Donald Godwin told U.S. District Judge Carl Barbier on Thursday that the company believes the material found this week at its lab in Lafayette, La., has no bearing on the ongoing trial over the 2010 oil spill in the Gulf of Mexico. But a plaintiffs' attorney countered that the samples are cement a Halliburton employee used for testing of the well before a blowout triggered a deadly explosion. In an email to the court late Wednesday, Godwin says Halliburton is investigating whether the material should have been turned over in response to subpoenas.
From Staff and Wire Reports