Meeting set on Ponca City plant
PONCA CITY — The Oklahoma Municipal Power Authority will hold a meeting Tuesday in Ponca City for residents to learn more about a new power plant to be built north of the city. The meeting will be at 6 p.m. Tuesday at the Pioneer Technology Center, 2101 N Ash St. Construction on the Charles D. Lamb Energy Center is expected to begin in January 2014 and be complete by April 2015. The 103-megawatt, natural-gas fired plant will be used for peak demand times and be constructed on 160 acres about seven miles north of Ponca City. For more information on the meeting, call the authority's Edmond office at 359-2500.
Denise Bode changes jobs
WASHINGTON — Former Oklahoma Corporation Commissioner Denise Bode has taken a job in Washington with Cornerstone Government Affairs. Bode stepped down as CEO of the American Wind Energy Association in December. She will be a principal at Cornerstone, which specializes in state and federal government affairs and lobbying. “I am excited about the tax and energy practices at Cornerstone,” Bode said in a statement. “The stage is set for action on energy, as well as tax policy. From my experience helping to lead the business extenders' effort in the last Congress to representing various business interests in the last major tax reform bill, I am ready to contribute as part of the Cornerstone team.”
Honda Civic CNG event planned
TULSA — Don Carlton Honda will host the inaugural Honda Civic CNG Homecoming next week. The event will be in conjunction with the Tulsa Drillers' Friday night fireworks on May 24. Civic CNG owners who register at www.hondahomecoming.com will receive two free tickets to the minor league baseball game, with preferred parking near the stadium, a gift bag and the chance to win a year of free fuel. Other fans at the game will be able to win prizes, including a 2012 Honda Civic CNG.
Raber joins New Source board
Former Copano Energy LLC executive John A. Raber has been appointed to the board of the general partner of New Source Energy Partners LP. Raber will serve on the board's audit and conflicts committees. He has 37 years of experience in the energy sector, including five years as an executive vice president at Copano.
Osage is pleased with production
Osage Exploration and Development Inc.'s latest Logan County well achieved peak one-day production of 557 barrels of oil equivalent on a gas lift, the California-based company announced this week. The Horizontal Mississippian well has produced an average of 466 barrels a day since that peak. “The Blevins 1-7H is further indicative that the decision to look to Logan County as the cornerstone of our Horizontal Mississippian and Woodford exploration was the correct one,” CEO Kim Bradford said. “While this is somewhat at odds with the conventional wisdom regarding the high variability of results to be expected in the Miss Lime, we are seeing a growing consistency across not only our entire area but also across operating teams and methods. This boosts our confidence even more.”
Musket appeals Star decision
Fuel retailer Musket Corp. will ask a federal appeals court to reinstate part of a $1.6 million jury verdict in a fraud case against Star Fuel. Houston-based Musket, a sister company to Love's Country Stores, earned the verdict in November 2012 after a monthlong jury trial in federal court in Oklahoma City, but a judge subsequently dismissed the jury's decision on a breach of implied contract claim. “While we are pleased with the court's decision to uphold the jury's verdict on most of the claims against Star Fuel, we are surprised and greatly disappointed with its reversal of the jury's decision on the breach of implied contract claim,” said JP Fjeld-Hansen, managing director for Musket. “Star Fuel's lawyers argued this issue multiple times before and during trial, and the court ruled in Musket's favor each time.” Musket is appealing the decision to the 10th Circuit Court of Appeals in Denver.
Enerlabs to buy test lab
Enerlabs Inc. has signed an agreement to acquire a testing laboratory for $3.4 million, the company announced Thursday. The new laboratory is a full-service environmental testing lab with offices in Oklahoma City and Dallas. Its management has more than 50 years of experience. The deal is expected to close in 90 days, subject to financing.
EQUAL ENERGY LTD.
Equal Energy Ltd., which relocated to Oklahoma City last month, recorded net income of $1.5 million, or 4 cents a share, for the first quarter. That is down from $3.9 million, or 11 cents a share, in the same period of last year, although Equal was able to increase its production by 4 percent. “Our new strategy of focusing on the Hunton play in central Oklahoma is paying off,” CEO Don Klapko said. “We continue to target average production of 6,400 boe (barrels of oil equivalent) per day for the full year 2013.”
LAREDO PETROLEUM HOLDINGS INC.
TULSA — Laredo Petroleum Holdings Inc. reported higher first-quarter revenue Thursday, though its profit fell significantly from a year ago. Tulsa-based Laredo said it brought in $163.7 million in revenue, up from $149 million in the first quarter of 2012. First-quarter net income fell to $1.41 million, or 1 cent per diluted share, from $26.2 million, or 20 cents per share, a year earlier. Lower commodity prices caused the sharp drop in profit, said Rick Buterbaugh, executive vice president and chief financial officer.
PANHANDLE OIL AND GAS INC.
Panhandle Oil and Gas Inc. recorded net income of $1.02 million, or 12 cents a share, for its second quarter, the company reported Wednesday. Panhandle earned $676,000, or 8 cents a share, for the same period of last year. Production for the just-completed quarter increased 22 percent to 3.2 million cubic feet of natural gas equivalent, as total revenue climbed to nearly $12.6 million.
From Staff Reports