The U.S. Securities and Exchange Commission has filed a $1.2 million claim in SandRidge Energy Inc.’s bankruptcy case over the termination of a whistleblower alleging inaccuracies with the company’s reporting of oil and natural gas reserves, according to the Tulsa World. On June 16, the SEC filed a $1.2 million claim in SandRidge’s pending bankruptcy …
Category: Oil & Gas
Brent Crude Settles Above $50, Ushers In Bull Market on Thursday
The bulls are back! Brent crude closed above $50 a barrel with West Texas Intermediate trailing close behind at $48 a barrel as undaunted traders stayed the course to reach a two-month high on Thursday, according to Bloomberg MarketWatch. A larger-than-expected weekly decline in U.S. crude stockpiles lifted prices by more than 20% from …
Diamond Pipeline Finalizes Water Protection Agreement With Arkansas Utility
Diamond Pipeline LLC and Clarksville Light and Water Co. announced Wednesday that a $6.6 million deal has been finalized to protect drinking water sources from potential spills, according to an Arkansas Online report. Diamond Pipeline will place $6.6 million in escrow to extend a pipe that feeds a Johnson County, Arkansas water intake facility so …
Continental Unloads Non-Strategic Bakken Properties for $222 Million
Oklahoma City-based Continental Resources, Inc. will sell a portion of its non-strategic properties in North Dakota and Montana to an undisclosed buyer for $222 million, according to an announcement issued by the company on Thursday. The sale includes 68,000 acres of leasehold primarily in western Williams County, North Dakota, with 12,000 acres in Roosevelt County, …
Jones Energy Pays $136.5M for STACK/SCOOP Acquisition
The highly coveted STACK and SCOOP areas have caught the interest of an Austin, Texas independent oil and natural gas company with ties to Oklahoma’s storied past. Jones Energy, Inc. announced on Thursday that it signed a definitive purchase and sale agreement to acquire approximately 18,000 acres primarily in southern Canadian and northern Grady counties …
Continental Completes New Record-Breaking Well in STACK, New Multi-Well Test Being Planned
As was announced on our Completion Reports for Wednesday, Continental Resources recently completed the Madeline well in Section 9-16N-12W of Blaine County. The Madeline, which is two miles west of Watonga and two miles north, produced initial production of 2513 barrels of oil and 6148 MCF’s of gas. The Madeline well narrowly nudged Continental’s previous …
News of Supply Drop Allows Crude Prices to Climb on Wednesday
Larger-than-expected declines in U.S. oil inventories buoyed the crude oil futures market on Wednesday as trading finished higher for the day, according to Bloomberg MarketWatch. September West Texas Intermediate crude rose 21 cents, or 0.5%, to end trading at $46.79 a barrel on the New York Mercantile Exchange. On London’s ICE Futures Exchange, October Brent …
T. Boone Pickens Boosts Energy Stock Holdings
After proclaiming that America’s oil industry was ‘dead in the water’ earlier this year, billionaire energy investor T. Boone Pickens has changed course and doubled down on energy investments. Energy stocks held by Dallas-based BP Capital Fund Advisors LLC rose by $55 million, or 34%, to $218 million in the second quarter, according to data …
Government Advisory Bulletin Issued on Operational Status of Pipelines
The U.S. Department of Transportation’s Pipeline and Hazardous Materials Safety Administration (PHMSA) issued an advisory bulletin on Tuesday clarifying the regulatory requirements regarding abandoned pipelines based on their operational status. PHMSA regulations do not recognize status of “idle,” “inactive,” or “decommissioned” for hazardous liquid or gas pipelines. The regulations consider pipelines to be either active …
Callidus Technologies Cuts 10% of Workforce at Tulsa Headquarters
Honeywell subsidiary, Callidus Technologies LLC, announced it is eliminating 30 positions at its south Tulsa headquarters, according to a Tulsa World report. The layoffs are a result of volatility in oil prices coupled with sluggish market conditions, according to a statement issued by company officials on Tuesday. “Today we announced to our employees that we …