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