Petro River Oil Corp. plans to accelerate drilling in the Pearsonia West Concession in Osage County, Oklahoma, according to a company press release issued on Monday. Petro River and its operating partners plan to drill four wells this fall. The Pearsonia West Concession includes 106,500 contiguous acres centered on the structural trend of the Pearsonia-Blackland-Foraker …
A Dallas law firm has completed a thorough review of the oil and natural gas industry, arriving at some astonishing results. Earlier this month, Haynes and Boone, LLP produced its Oil Patch Bankruptcy Monitor detailing many surprising oil and gas statistics during the past year. The law firm found that 90 North American oil companies …
Oil futures finished higher Tuesday, as traders continued to weigh the likelihood of a production freeze agreement by OPEC next month, according to Bloomberg MarketWatch. September West Texas Intermediate crude climbed by 84 cents, or 1.8%, to settle at $46.58 a barrel on the New York Mercantile Exchange. On London’s ICE Futures Exchange, October Brent …
Oklahoma City-based SandRidge Energy, Inc. recorded a net loss of $516 million, or 73 cents a share, in the second quarter of 2016, according to the company’s quarterly report recently filed with the U.S. Securities and Exchange Commission. That compares to a loss of $1.6 billion, or $2.78 a share, in the second quarter one …
Crude oil futures soared on Monday as investors were buoyed by hopes of a future plan by OPEC implementing production limits, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, September West Texas Intermediate crude tacked on $1.25, or 2.8%, to settle at $45.74 a barrel—the highest settlement since July 15. October Brent crude, …
Oklahoma City-based Templar Energy LLC and its affiliates announced on Monday that it has reached an agreement with most of its lenders to restructure $1.45 billion in debt and reorganize the company, according to a report by The Oklahoman. Under terms of the restructuring support agreement, the $1.45 billion in debt would be converted into …
The Williams Companies announced on Monday that it intends to appoint three new independent directors to its Board of Directors, prior to the company’s annual meeting, according to a Williams press release. The Tulsa-based pipeline company will expand the board to 10 directors, all of whom will stand for election at the company’s annual meeting set …
In an effort to reduce its mounting debt, Oklahoma City-based Chesapeake Energy Corporation has obtained a 5-year, $1 billion secured loan and will use the proceeds to refinance debt with higher interest rates, according to a NewsOK report. “Chesapeake expects this financing and the tender offers to improve its financial flexibility as it will allow …
The Oklahoma Energy Index posted positive growth for the first time nearly two years, according to a report by the Tulsa World. A comprehensive measure of the state’s oil and natural gas industry activity, the Energy Index rose to 157.6, a 3.2 percent increase from the previous month’s reading. The Energy Index is a joint …
Tulsa-based Magellan Midstream Partners, L.P. has successfully completed a $200 million, 210-mile Arkansas pipeline extension project connected to refineries in Oklahoma, Kansas and the Gulf Coast, according to a Journal Record report. “There are periods of time during the year when (those) refineries produce the lowest-cost gasoline in the region, and so now they’ll have …
