Energy survey touts Oklahoma
Oklahoma again ranked as the most attractive jurisdiction for oil and natural gas investment in the world, according to the Fraser Institute's 2013 Global Petroleum Survey. “Oklahoma has been and will continue to be our nation's leading energy-producing state,” Oklahoma Independent Petroleum Association President Mike Terry said. “The oil and natural gas produced here powers our country, and the Oklahoma-based companies involved in the oil and natural gas industry have proven to be worldwide leaders and innovators.” He said the Fraser Institute recognized Oklahoma for state policies and regulations that encourage oil and gas investment. “Oklahomans, including elected officials and policymakers, understand the impact this industry has on employment and the overall economic health of the state,” Terry said. “Twenty-seven percent of taxes paid in Oklahoma come from the oil and natural gas industry. One out of every three dollars spent in Oklahoma comes from the industry, and one out of every six jobs is tied to the exploration and production of oil and natural gas.”
Board celebrates anniversary
The Oklahoma Energy Resources Board marked its 20th anniversary this month. OERB was formed in 1993 when oil producers and royalty owners worked with the Legislature to create an entity to promote the oil and natural gas industry through student education and well-site restoration. “The creation of the OERB was such a milestone in the history of the oil and natural gas industry in Oklahoma,” said Oklahoma Independent Petroleum Association President Mike Terry, who was OERB's original director. “At the time, there really wasn't anything like it anywhere in the U.S., let alone in Oklahoma. So to be a part of it from the ground up has been the highlight of my career.” OERB, which is funded by voluntary assessments on oil and natural gas produced in Oklahoma, has reached more than 1 million students with its education programs and cleaned up more than 13,000 abandoned well sites over the past two decades.
Commitments due for pipeline
TULSA — Magellan Midstream Partners LP is once again giving shippers more time to commit to using a potential pipeline that would carry refined petroleum products in Arkansas. The proposed line would transport up to 750,000 barrels of gasoline, diesel and jet fuel a day from Magellan's Fort Smith terminal to Little Rock. Officials remain optimistic about the prospects for the project, given their advanced discussions with potential shippers. Binding commitments are due by Dec. 13 after the latest extension, the third for the project's open season.
Lakewood Midstream expanding
TULSA — Lakewood Midstream and Energy Spectrum Capital have acquired three companies to help expand its footprint as a maintenance, transport and disposal service for energy producers in western Oklahoma and west Texas' Permian Basin. “Challenges the crude oil producers and terminal operators face regarding basic sediment and water disposal varies,” Lakewood CEO Tim Purcell said. “We have the technology as well as knowledge to service their vast array of needs. Our customers will benefit greatly from Lakewood's cost-effective, environmentally compliant approach.” Terms of the deals to acquire BS&W Solutions LLC, West OK Disposal LLC and the assets of West OK Trucking Inc. were not disclosed.
Water storage system marketed
Oklahoma City-based Crescent Service Inc. is partnering with portable dam supplier Portadam to expand its water management and environmental services into new territories. The pair will market the new Portabasin water storage system, which was designed to hold water used in hydraulic fracturing operations. Officials said the system can be installed and removed quickly, making it easy to move to multiple locations.
Seismic technology center opens
ION Geophysical Corp. has opened a new technology center in Oklahoma City as part of the ongoing expansion of its seismic data processing network. The Houston-based company has similar operations in Denver and Calgary. “Our new facility in Oklahoma City increases our land processing footprint and makes available extensive unconventional experience, which comprises over 300 projects spanning 30,000 square miles of data across all major North American shale plays, to our Mid-Continent customers,” said Chris Usher, chief operating officer of ION's geoscience division.
New Source Energy acquires MCE
New Source Energy Partners LP has acquired MCE LP and its general partner for $43.6 million in cash and stock. MCE is an oil-field services company that specializes in increasing efficiencies and safety in drilling and completion processes. “The acquisition of MCE marks an exciting development for New Source as it begins our conversion from a pure play E&P MLP into a fully-integrated partnership: an E&P MLP focused on full-cycle economics,” CEO Kristian Kos said. “This expands our growth opportunities, as it is comprised of a successful, driven team of employees whose senior management is very knowledgeable regarding the operating environments throughout the U.S. We believe that the achievement of our long-term goals is greatly enhanced by this addition.” New Source's board and its conflicts committee signed off on the deal because Kos is one of MCE's previous owners.
Gastar completes $172.4M deal
A subsidiary of Houston-based Gastar Exploration Inc. has completed its $172.4 million acquisition of 24,000 acres in four Oklahoma counties from Lime Rock Resources II-A LP and Lime Rock Resources II-C LP. All of the acreage in Kingfisher, Logan, Oklahoma and Canadian counties is adjacent to Hunton Limestone assets Gastar acquired last year.
From Staff Reports