Chesapeake executive gets raise
Chesapeake Energy Corp. executive Steve Dixon is getting a raise to $975,000 a year as the company's acting CEO, according to a regulatory filing. Dixon will continue to serve as Chesapeake's executive vice president of operations and geosciences and chief operating officer in addition to his new duties as acting CEO. Chesapeake's board continues to search for a replacement for co-founder Aubrey McClendon, who stepped down as chief executive April 1. Dixon earned $860,000 a year before his promotion. His new position also gives him the opportunity to earn additional bonuses.
Judgment favors Chesapeake
A U.S. district judge has granted summary judgment in favor of Oklahoma City-based Chesapeake Energy Corp. in a class-action lawsuit over a 2008 secondary public offering of Chesapeake common stock. The lawsuit led by the United Food and Commercial Workers Union claimed Chesapeake left out of its stock offering registration statement key information, including a $2 billion noncash, after-tax loss from natural gas price hedges. Judge Timothy D. DeGiusti found that Chesapeake “did not violate any duty to disclose additional information and cannot be liable on this contention.” Chesapeake praised the ruling Thursday. “We respect the court's well-considered, detailed ruling in favor of the Chesapeake defendants,” said Robert Varion, Chesapeake's attorney.
Month stresses safe digging
Gov. Mary Fallin has declared April to be Safe Digging Month in Oklahoma. Fallin and the Oklahoma Corporation Commission's pipeline safety department reminded residents to call 811 or (800) 522-OKIE before starting any project that involves digging. “Oklahoma has certainly seen its share of injuries and loss of vital utility services that could have been prevented with just one call,” commission Chairman Patrice Douglas said.
LoneStar opens Houston branch
EDMOND — LoneStar Geophysical Surveys has opened a branch office in Houston to offer more specialized service to clients. Industry veteran R. Doak Anderson has been hired to head the seismic data acquisition company's Houston office.
Panhandle CEO nominated to board
Panhandle Oil and Gas Inc. CEO Michael Coffman has been nominated to serve on the board of Canada's Equal Energy Ltd. Equal is based in Calgary but has a U.S. operations office in Oklahoma City. Also nominated to join the board are industry veterans Lee Canaan and Kyle Travis, outgoing board chairman Dan Botterill said this week.
Osage revenues rise
Osage Exploration and Production Inc. saw total revenues rise 74 percent to $6.1 million in 2012, due to its 107 percent growth in oil production, the California-based company said this week. Osage, which is focused on the Horizontal Mississippian and Woodford plays in Oklahoma, boosted its oil production to nearly 40,000 barrels in 2012, up from 19,000. Osage also has accelerated its drilling program, with drilling started on 10 wells this year. Osage and its partners are employing two rigs full-time, with a third in use when possible.
Partnership has first acquisition
New Source Energy Partners LP has completed its first acquisition. The partnership acquired oil and natural gas properties in central Oklahoma from New Source Energy Corp., Scintilla LLC and W.K. Chernicky LLC by issuing nearly 1.4 million limited-partner interests. “This transaction ... further strengthens our asset portfolio for our unit holders,” CEO Kristian Kos said. “We are also pleased to be able to finance the transaction with equity thereby strengthening our balance sheet.”
LRR closes $38.2M acquisition
Houston-based LRR Energy LP has closed its $38.2 million acquisition of oil and natural gas properties in Oklahoma and crude oil hedges from its sponsor, Lime Rock Resources. LRR Energy funded the purchase with borrowings under its revolving credit facility.
Renewable energy cap grows
Oklahoma's renewable energy capacity increased to more than 17 percent in 2012, a report by the Oklahoma Corporation Commission said. The state had 3,528 megawatts of installed renewable energy capacity last year, up from 2,755 megawatts in 2011. The agency said an additional 251 megawatts was saved through energy efficiency and demand-side measures by utilities and customers. Oklahoma's renewable energy goal called for the state to reach 15 percent by 2015.
From Staff Reports