Canada-based Equal Energy has struck a deal to sell its acreage in northern Oklahoma for $40 million, but the company announced this week it will retain its liquids-rich holdings in central Oklahoma. CEO Don Klapko said he expects the moves to benefit the company's shareholders. “Equal's remaining Central Oklahoma assets are very focused with identified drilling inventory backed by a proven track record of drilling success as well as upside from improving commodity prices,” he said. Equal will sell about 8,500 acres in Grant, Garfield and Alfalfa counties to Atlas Resource Partners LP, using proceeds from the deal to reduce its debt.
SandRidge dividends are due
SandRidge Energy Inc. will pay a semiannual dividend of $3.50 a share to holders of its perpetual preferred stock, the company announced last week. The dividend will be paid Nov. 15 on 3 million outstanding shares of preferred stock.
Company considers expansion
TULSA — White Cliffs Pipeline LLC is mulling an expansion of its crude oil pipeline between Platteville, Colo., and the storage hub at Cushing. White Cliffs announced a binding open season last week to gauge interest in the proposed expansion, which would provide capacity for 80,000 barrels of oil a day from Colorado's Denver-Julesburg Basin.
From Staff Reports