State energy index falls slightly
The Oklahoma Energy Index, which measures the oil and natural gas industry’s impact on the state’s economy, dipped slightly on April data, but it is still up more than 4 percent for the year. The index, a joint project of the Oklahoma Independent Petroleum Association, Bank SNB and the Steven C. Agee Economic Research and Policy Institute, reflects Oklahoma’s drilling rig activity, crude oil prices and energy-specific stock portfolio. “Oil and gas activity in Oklahoma continues to power the state’s economic engine,” said Russell Evans, the institute’s executive director. “Given the critical role the industry plays in determining state economic outcomes, broad strength across nearly all components over the last 12 months offers economic optimism for the state.”
Two female executives honored
Executives from Chesapeake Energy Corp. and Devon Energy Corp. have been named to the National Diversity Council’s Top 50 Most Powerful Women in Oil and Gas. Cathy Thompkins is Chesapeake’s senior vice president of information technology and chief information officer. She leads the company’s IT department, which has more than 3,500 employees. Sue Alberti is Devon’s senior vice president of marketing. She has been at Devon since 2008.
PostRock plans to sell assets
PostRock Energy Corp. is looking to sell its oil and natural gas assets in West Virginia, the company said Wednesday. Its holdings include about 32,000 acres of leasehold and 407 gross wells with reserves worth about $17 million, according to a third-party analysis. PostRock also reported it has completed 12 workovers in central Oklahoma over the past 75 days, boosting oil production to an average of 700 barrels a day. That is up 18 percent over PostRock’s first-quarter results. “We are delighted with our continuing operational progress,” CEO Terry W. Carter said. The company expects to use proceeds from the sale of its Appalachia assets on higher return projects, primarily focused on oil development in central Oklahoma.
Syntroleum to delist stock
TULSA — Syntroleum Corp. has notified NASDAQ of its intent to voluntarily delist its common stock, subject to the completion of the sale of most of its assets to Renewable Energy Group Inc. The renewable and synthetic fuel maker would have no further ongoing operations if its shareholders approve the sale next week. Syntroleum expects its stock to stop trading once the deal is consummated and it files paperwork with the U.S. Securities and Exchange Commission.
Riley Exploration finishes wells
Blanchard-based Riley Exploration Group and partner FieldPoint Petroleum Corp. have completed the first three wells in their Ranger Project, with the horizontal leg on a fourth underway. FieldPoint CEO Phillip Roberson said pad drilling is expected to save the companies time and money, as they still plan to drill as many as 12 horizontal wells this year in the Serbin Field in Lee and Bastrop counties, Texas.
Adviser to help in Redbud sale
Redbud Exploration and Production Inc. has retained an adviser to help sell its natural gas-producing properties in Oklahoma’s Arkoma Basin. The Dallas-based company holds more than 70,000 net acres in Haskell, Latimer, Le Flore, McIntosh and Pittsburg counties that produced an estimated 9.7 million cubic feet of natural gas equivalent a day in April. Net proved reserves are 82.1 billion cubic feet of natural gas equivalent, worth about $52.3 million. Redbud also is selling more than 135 miles of gathering systems in the area. Bids are due by July 1.
From Staff Reports