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 …
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 …
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 …
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 …
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 …
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 …
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 …
