** Mirage Energy Corp. has known financial hardship. In a recent regulatory filing, company officials raised the possibility that Mirage may not survive as a “going concern.” Yet the San Antonio natural gas pipeline and storage company said earlier this month it had secured a $4 billion loan to build pipeline and natural gas projects in Mexico. …
June 30, 2020 archive
ConocoPhillips set to resume crude production in July
ConocoPhillips announced its estimated production curtailment amounted to 225,000 barrels of oil equivalent a day in the second quarter of 2020. It also intends to resume production in most operations beginning in July. The company said 65% of the curtailments were in the Lower 48 and 15% were in Alaska. Another 15% were in …
Increased revenues reported by Prime Energy
Houston-based Prime Energy, a firm with major operations in Oklahoma, Texas and West Virginia reported increased revenues in the first quarter that ended March 31, 2020. The company stated its revenues were $26,108,000 compared to $24,419,000 reported one year ago. Prime Energy also reported a net loss of $170,000 compared to more than $3 …
XTO reports southern Oklahoma success
Southern Oklahoma is where a Texas energy firm has completed 5 wells on a single pad with crude oil production of more than 1,500 barrels a day. XTO Energy Inc., based in Spring, Texas filed amended completion reports on the wells that had spud dates in October and November 2018 and January of 2019. …
Chesapeake trading suspended on NYSE
A day after announcing its bankruptcy filing, Oklahoma City’s Chesapeake Energy received a delisting warning from being traded on the New York Stock Exchange. The NYSE notified the company on Monday that it intended to being proceedings to delist the company’s common stock and to suspend trading following Chesapeake’s Chapter 11 bankruptcy reorganization. The …
“First day relief” approved in Chesapeake Energy’s bankruptcy
Chesapeake Energy Corporation announced that the U.S. Bankruptcy Court for the Southern District of Texas has approved the Company’s motions seeking a variety of “first-day” relief, including authority to pay owner royalties, employee wages and benefits, and certain vendors and suppliers in the ordinary course for goods and services provided. Chesapeake intends to use the …
New Federal Class Action Lawsuit Involves Cushing and Failed WTI Investment Strategy
Cushing, Oklahoma may be the self-proclaimed Pipeline Crossroads of the World but it’s now the epicenter of a contentious federal securities class action complex litigation matter. A federal lawsuit was filed last week in the United States District Court for the Southern District of New York on behalf of investors of the United …
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