Share “Plugging in: Energy briefs for Feb. 8”

Plugging in: Energy briefs for Feb. 8

Plugging in: Energy briefs for Feb. 8
Modified: February 7, 2013 at 8:16 pm •  Published: February 8, 2013
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Osage launches new website

Osage Exploration and Development Inc. has launched a new website to spotlight its operations focused in Oklahoma's Horizontal Mississippian and Woodford plays. The California company's site may be viewed at osageexploration.com.

Evolution optimistic about wells

Evolution Petroleum Corp. completed its first two wells in Oklahoma's Mississippi Lime play during the just-completed quarter, the Houston-based company announced this week. CEO Robert Herlin said both of the company's initial Mississippian Lime producers are taking longer than expected to dewater and depressurize. However, “both wells have begun to produce small, but increasing amounts of oil and liquids-rich gas,” he said. “Since other operators in the area have reported similar dewatering results, we remain cautiously optimistic as to our projected reserves and expectations of increased drilling activity in the play later this fiscal year.” An independent reservoir engineer has determined there are 112 additional drilling locations on Evolution's leasehold, so the company plans to ramp up drilling in its fourth quarter.

EARNINGS

PANHANDLE OIL AND GAS INC.

Panhandle Oil and Gas Inc. on Thursday reported net income of $2.1 million, or 26 cents a share, for the first quarter. That is down from $3.4 million, or 41 cents a share, for the same period last year, even though Panhandle recorded the highest quarterly natural gas production in company history and boosted its oil production by 23 percent. CEO Michael C. Coffman said current market prices for natural gas could make 2013 a challenging year for the company. “But our strong financial position, mineral acreage ownership in numerous oily plays, especially in western Oklahoma, and our capital efficient strategies will allow us to continue to invest capital in projects with favorable rates of return, which will further enhance Panhandle's share value over the long term.”

From staff reports