Chesapeake trust plans payout
Chesapeake Granite Wash Trust will pay a quarterly distribution of 65.88 cents a unit, the trust announced Thursday. The payment, which will be made May 31, is related to production from the trust's royalty interest in Chesapeake Energy Corp. wells in the Colony Granite Wash play in Washita County.
CAVU acquires stake in company
TULSA — CAVU Resources Inc. has struck a deal to acquire a 40 percent stake in a newly formed company with oil and natural gas reserves and technology worth more than $200 million, the company announced Thursday. CAVU Global Energy LLC owns oil and gas leases in three states and new mobile oil refinery technology. The partnership is targeting specific development opportunities in Oklahoma, Texas and Louisiana, while CAVU Global plans to begin placing mobile miniature refineries directly on production sites. CAVU Resources CEO William Robinson said the joint venture will help accelerate the company's growth. “The reserves and projected income from the current projects inside CAVU Global should allow CAVU to exceed all previous earnings projections, and future earnings per share could easily be 2 to 3 times the current stock price,” he said.
OCCC to offer safety program
Oklahoma City Community College is offering a safety orientation program for professionals in the oil and natural gas industry. SafeLand USA classes are set for Monday and June 27. The program will focus on the safety hazards associated with the industry, while covering topics like incident reporting, material handling and accident prevention. It is certified by SafeLand USA and the Energy Training Council of Oklahoma. The all-day classes, which cost $150 per person, will run from 7 a.m. to 5:30 p.m. in the Keith Leftwich Library. For more information, contact John Claybon at 682-7855 or firstname.lastname@example.org.
GMX completes successful well
GMX Resources Inc. has completed its fifth horizontal well in North Dakota's Bakken Shale, the company announced this week. The Akovenko well in McKenzie County has achieved peak production of 1,483 barrels of oil equivalent. “The Akovenko result is our fifth consecutive successful completion and continues to demonstrate the productivity of our acreage base,” President Michael J. Rohleder said. “The Akovenko completed well costs were substantially less than our previous wells due to the fact that our drilling efficiency is better and the fracture stimulation costs are more competitive.”
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.
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.
TULSA — 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