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Oklahoma energy briefs, May 16, 2014

Oklahoma energy briefs, May 16, 2014
Oklahoman Published: May 15, 2014
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OnCue plans 17th CNG fuel station

OnCue Express is building its first compressed natural gas fueling station for heavy-duty trucks. The new station in Hennessey will be the first such station in Oklahoma that is not on an interstate highway. It also will serve pickups and sedans that run on CNG. “OnCue is excited to work with both heavy-duty and light-duty fleets throughout Oklahoma,” CEO Jim Griffith said. “Every gallon of CNG we sell is one less gallon we purchase from overseas.” . The new station on the south side of Hennessey will be OnCue’s 17th location with CNG. OnCue plans to open as many as 10 CNG stations this year.

Clean Line Energy to host talks

Clean Line Energy Partners will have office hours next week at Indian Capital Technology Center in Sallisaw to discuss its planned electric transmission line across Oklahoma. The company will have project representatives and land agents on hand from 9 a.m. to 4 p.m. Tuesday to discuss the Plains and Eastern Clean Line, a $2 billion transmission line meant to carry wind power across Oklahoma and Arkansas to markets in the southeast.

NEW CEO takes reins at WPX

Rick Muncrief started his new job Thursday as chief executive officer of WPX Energy. “I believe in the future of WPX and want to lead a transformation of this company that we and our shareholders are proud of. That’s why I’m here,” Muncrief wrote in a letter to WPX employees. The former Continental Resources Inc. executive will join WPX’s board after the company’s annual meeting next week. Muncrief intends to visit each of WPX’s operating areas during his first three weeks on the job. WPX, which has about 1,200 employees, has 16 drilling rigs active in the Piceance, Williston and San Juan basins.

Matrix adds board member

Matrix Service Co. is expanding its board to seven members, adding James H. Miller to fill the new position, according to a regulatory filing Thursday. The move was recommended by the board’s nominating and corporate governance committee. Miller is executive vice president of the Americas for Kvaerner ASA, which last year sold its North American business to Matrix in a $88.1 million deal. Miller’s term, which began May 9, expires at Matrix’s annual shareholders meeting.

Panhandle Oil & Gas pays dividend

Panhandle Oil and Gas Inc. will pay a regular quarterly dividend of 8 cents a share, the company reported Thursday. The dividend will be paid on June 10.

New Gulf secures $500M loan

New Gulf Resources LLC has secured $500 million in financing to help with its acquisition of a key East Texas asset, the company announced this week. New Gulf issued senior and subordinated debt and granted warrants to purchase equity in the company. It also closed on the $450 million acquisition of 83,000 net acres in five Texas counties from subsidiaries of Houston-based Halcon Resources. The deal includes production of 3,600 barrels of oil equivalent a day, a natural gas gathering and processing system that spans three counties and rights to 330 square miles of new 3D seismic data. “We have married a first class hydrocarbon rich asset with a team that has successfully exploited and developed two prior projects in the basin,” CEO Ralph Hill said. “We expect to increase production substantially as we deploy a multiple rig program in these proven areas.”

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