Plugging In business briefs for June 20

Plugging In business briefs for June 20, 2014
Oklahoman Published: June 20, 2014
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PLUGGING IN

Columbus Oil president honored

Columbus Oil Co. President Darlene Wallace has been named Member of the Year by the Oklahoma Independent Petroleum Association. Wallace took the reins of the Seminole-based company in 2005 after the death of her husband, Dan, the previous year. She joined OIPA’s Wildcatters Club and later served on the association’s board of directors. Wallace said she joined OIPA to learn about the industry. “I knew nothing. I was a stay-at-home wife,” she said. “I realized I had to get involved. This is important to my business, my industry and my life.” OIPA President Mike Terry said Wallace has become one of the association’s most active members, making the decision to name her member of the year an easy one. “She supports our political advocacy efforts, she’s active in our committees and, most importantly, she wants to build a stronger oil and natural gas industry,” Terry said.

Public utility given award

The Oklahoma Municipal Power Authority this week received the 2014 Public Power Wind Award from the U.S. Department of Energy and American Public Power Association. The award recognizes public utilities that demonstrate leadership in advancing wind power in the United States. Seventeen other utilities have earned the award over the past 12 years. OMPA, which became the first commercial wind power to municipal customers in Oklahoma more than a decade ago, has steadily built its renewable energy portfolio. Wind accounts for about 10 percent of its annual power production.

Panhandle Oil closes Texas deal

Panhandle Oil and Gas Inc. this week closed on its acquisition of assets in south Texas’ oil-rich Eagle Ford Shale. The Oklahoma City-based company spent $80.4 million to acquire a 16 percent nonoperated working interest in more than 11,000 gross acres of leasehold that includes 63 producing wells and 109 undeveloped locations. Another well currently is being drilled by operator Cheyenne Petroleum Co., a private Oklahoma City firm. Panhandle also increased its bank credit facility to $200 million with a current borrowing base set at $130 million.



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