Panhandle Oil and Gas Inc. increased its total proved reserves by 12 percent in fiscal year 2012, the company announced this week. Panhandle estimated its total proved reserves were 124.7 billion cubic feet of natural gas equivalent as of Sept. 30. The company was able to boost its production and new reserves by increasing drilling activity in several plays in western Oklahoma and the Texas Panhandle. Panhandle also purchased acreage in the Arkansas' Fayetteville Shale that included 193 producing wells. “This strategy continues to add to and build on the company's reserve base year over year,” CEO Michael C. Coffman said. “We expect to continue to expand our reserve base and increase production volumes in fiscal 2013 by drilling on our existing minerals and leasehold. Mineral acreage or producing property acquisitions would further add to this growth.”
Kirkpatrick adds vice president
Kirkpatrick Oil Co. has added Tim Newville as its vice president of operations. Newville, a 31-year veteran of the oil and natural gas industry, most recently was resource development manager for Chesapeake Energy Corp.'s eastern division, spearheading the company's operations in south Texas' oil-rich Eagle Ford Shale. Newville is a University of Oklahoma graduate who is a member of the Society of Petroleum Engineers. Family-owned Kirkpatrick Oil, established in 1950 by John E. Kirkpatrick, has oil and natural gas operations in Oklahoma, Texas, Kansas, Colorado and Louisiana.
From Staff Reports