After months in a timid A&D market, interest may be starting to return at oil and gas auction houses.
The Oil & Gas Asset Clearinghouse said May 21 that it had sold the vast majority of 66 lots offered. So far sales have rung up roughly $24 million.
Clearinghouse marketed about 1,400 distinct oil and natural gas properties at the May auction. Another is planned for July, an indicator that the market for properties is returning, Clearinghouse said.
The Pine Mills property is in Wood County, Texas. The transaction is scheduled to close in June. Gale Force had a 99% working interest in the property.
The acreage is in parts of Township 1 South, Range 67 West in Adams County, Colo. Acquisition was made through strategic land and leasing services agreement with Kingdom Resources LLC.
The Permian Basin is prime for M&A interest. There could be consolidation in the Eagle Ford as producers try to drive efficiencies and lower costs, a Citigroup executive told Bloomberg.
Pavilion Energy Corp. has prospective acreage in identified drilling locations in the Paradise/Rigel area of British Columbia and the Darwin area of Alberta. Proposals will be accepted until June 11.
An undisclosed seller wants to divest its operated and nonoperated working interest in nine wells located in the Texas Panhandle as well as leasehold acreage, according to retained EnergyNet, which has been retained to handle the transaction.
The interests are being sold in a sealed bid offering.
Saginaw, Texas-based Connor Oil Tools manufactures well intervention products, and they will join the product range of Legacy Oil Tools, said David Wesson, Geodynamics’ president and CEO.
Investor Seth Klarman’s Baupost Group bought $517.8 million worth of shares in Pioneer Natural Resources Co., Bloomberg said. Investor Stan Druckenmiller’s Duquesne Family Office took a $36.7 million stake.
London-based Nostra Terra said May 18 it acquired 1% working interest in the San Miguel Prospect in South Texas. The 35,000-acre acquisition, and the 20,000-acre Don Pedro Prospect acquisition April 27, have similar characteristics.
T-Rex Oil Inc. will pay $7 million for 36 leases are on undeveloped acreage in Daniels County, Mont., with access to the Bakken, Madison, Three Forks and Red River formations.
The field is operated by Eagle Petroleum LLC and has continued to increase production since 2005, according to PLS Inc., which has been retained to handle the sale.
Commercially operable Joliet Terminal can unload about 85,000 barrels per day of crude oil. There are about 300,000 barrels of onsite storage, and connections to common carrier crude oil pipeline.
|Mid||USD 13800||Members only||Williams Partners LP|
|E&P||USD 75.2||Members only||Undisclosed|
|E&P||USD 0||Members only||Undisclosed|
|E&P||USD 17||Members only||Undisclosed|