Oklahoma energy briefs

Oklahoma energy briefs
Published: May 11, 2012
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EPA names UCO green champion

The University of Central Oklahoma has been named the 2011-12 Green Power Champion of the Mid-America Intercollegiate Athletics Association for the second consecutive year by the U.S. Environmental Protection Agency. The Edmond university was cited for using more green power than any other conference school, and it currently gets all of its electricity from wind power.

EARNINGS

POSTROCK ENERGY CORP.

PostRock Energy Corp. on Thursday reported first quarter net income of $7.3 million, or 43 cents a share. The company lost about $3.9 million, or 74 cents a share, in the same period of last year. PostRock's production fell about 5 percent to an average of 48.7 million cubic feet of natural gas equivalent. “We continue to face significant challenges in the current gas price environment, and have been taking measures to try and weather the storm,” CEO Terry Carter said. “We have halted all expenditures related to nonessential gas projects, we are aggressively focusing on where we can make high rates of return on oil projects, we have reorganized our field operations, saving $2 million per year going forward, and we are going to continue making prudent cost-cutting decisions across the company.”

LAREDO PETROLEUM HOLDINGS INC.

Laredo Petroleum Holdings Inc. posted net earnings of $26.2 million, or 20 cents a share, in the first quarter, the company reported Wednesday. The company's net income for the same period of last year was about $4.7 million. Laredo's production increased 35 percent to 2.5 million barrels of oil equivalent. “Laredo delivered another solid quarter of growth as we continue to explore and develop our expanding opportunity set of attractive potential drilling locations located in the oil and liquids-rich Permian Basin and the liquids-rich Anadarko Granite Wash,” CEO Randy Foutch said.

FROM STAFF REPORTS



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