May 16, 2016 archive

Crude Oil Surges on Monday as Current Demand Outweighs Supply

Oil futures staged a resurgence on Monday, jumping more than 3% as traders heralded the recent news of a supply shortfall, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, June West Texas Intermediate crude gained $1.40, or 3.3%, to $47.72 a barrel. That was the highest settlement since early November. July Brent crude, …

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Completion Reports May 17, 2016

ELLIS COUNTY Jones Energy Llc Cleveland(7386): Oil 157 Gas 410 Water 387 Pump 22 20N 25W Packers 22 6h, September 20, 2015 HH, OIL, TD: 12941 ft Lat: 36.18833, Long: -99.85120 API: 35045235880001 Jones Energy Llc Cleveland(8322): Oil 39 Gas 259 Water 308 Pump 22 20N 25W Packers 22 5h, September 10, 2015 HH, OIL, …

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Permits to Drill May 17, 2016

Blaine County MCBEE #1-3H, May 13 2016 10 15N 12W SENWNWNE API: 01123603 Lat: 35.796666824674816, Long: -98.46169331875001 CONTINENTAL RESOURCES INC HH, DR, 16135 ft, MISSISSIPPIAN(11220) Grady County MICHELLE ABEL #1-11-2XH, May 16 2016 11 3N 6W NWNENENE API: 05124037 Lat: 34.74761368199109, Long: -97.79222172082798 MARATHON OIL COMPANY HH, DR, 23362 ft, MORROW(10887), SPRINGER(12791), MISS (DEEP)(12815) Kingfisher …

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Gasoline Hits $2 average in Oklahoma

Oklahoma’s gasoline prices are now up to $2 a gallon, according to the latest report from AAA Oklahoma. The $2 threshold was broken on Saturday for the first time since mid-November 2015 but the average dipped slightly on Sunday, finally settling at $2.003. A week ago, the statewide average was $1.95 a gallon. “There’s quite …

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Nation’s Smallest Nuclear Power Plant Could be Shuttered by Year’s End

The nation’s smallest nuclear power plant could be closed by the end of the year. Located in Nebraska, the Fort Calhoun Nuclear Station is no longer financially sustainable, according to Tim Burke, President and CEO of the Omaha Public Power District. He said recently it makes no economic sense to keep it open. “It’s just …

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Bankrupt Firm Might Move to Houston

A recent Chapter 11 bankruptcy filing by a Pennsylvania energy company could be a gain for Houston. Penn Virginia Corp, a firm that focuses on the Eagle Ford Shale in south Texas filed bankruptcy last week and listed $1.43 billion in debts and total assets of $517.7 million. It reached a restructuring support agreement with …

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Impact of Linn Energy’s Bankruptcy

Management at Linn Energy LLC say they believe by filing for Chapter 11 reorganization last week like they did will enable the company to continue to operate normally without lining up new bankruptcy financing. With debt of $8.3 billion, the company leaders reached agreement with lenders to obtain 2.2 billion in financing. the debt restructuring …

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$4.4 billion deal by Range Resources Corporation of Fort Worth

A $4.4 billion deal has been announced by Fort Worth-based Range Resources Corp. in its acquisition of Houston-based Memorial Resource Development Corporation. The all-stock deal is expected to close in the second half of 2016 as Range assumes Memorial’s net debt of $1.1 billion. When the deal closes, Memorial shareholders will own about 31 percent …

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SandRidge Leaders Said Future was in Doubt Without Chapter 11

  In filing Chapter 11 bankruptcy Monday, Oklahoma City-based SandRidge Energy listed $4.3 billion in liabilities. And it made it clear, the company’s future was in great doubt had it not filed for financial restructuring. It also filed a Form 10-Q with the Securities and Exchange Commission, stating, “The Company believes that a filing under …

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SandRidge Energy Files Chapter 11 Bankruptcy Listing Billions in Debt

Oklahoma City-based SandRidge Energy ended the speculation on Monday by filing for Chapter 11 bankruptcy in the Southern District of Texas, listing billions in debt. At least 24 affiliates joined SandRidge in the bankruptcy filing in Houston. The company said it had up to 49 creditors and liabilities ranging from $1 billion to $10 billion …

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