The deal underlines investors still see value in North Sea related businesses, despite a slump in oil prices and high operating costs.
The development is capable of supporting a multiple unit-train per day rail terminal for liquid hydrocarbons, in addition to storage, blending and export operations.
In April Vanguard and LRR Energy LP announced a similar deal worth $539 million, which was announced closed on Oct. 5.
P.O.&G. Resources LP is marketing two packages of Permian Basin assets that include operated interests in HBP acreage in the Hobo and Clark fields in West Texas.
The Houston-based company says on its website that it acquired the first of several properties in West Texas about seven years ago and subsequent acquisitions, leasing and development drilling have grown it into P.O.&G.’s largest operating area.
EnergyNet will handle the transactions, which are available through sealed bid offerings.
The JV significantly increases Rice's leading midstream position in the core of the Utica Shale.
Resolute also said the borrowing base of its revolving credit facility has been set at $165 million as part of its fall redetermination.
Talen has to divest assets in the PJM market, which covers parts of the U.S. mid-Atlantic and Midwest, to meet FERC rules.
Under Chief Executive Doug Suttles, Encana is transforming into a major oil producer by concentrating spending on regions rich in gas liquids and oil and selling off natural gas assets.
Investors have more time to weigh Suncor’s unsolicited all-stock offer for Canadian Oil after its board approved poison pill shareholder rights plan, Reuters said. Company is worth about CA$4.3 billion.
In all, 36 companies from 17 countries - including Petrobras, ExxonMobil, BP and Shell - registered. No majors have bid so far. A few sold blocks were contested, Reuters said.
If the potential acquisition closes, the company will have increased its horizontal development inventory in the core of the Midland Basin by more than 25% in the past few months.
The day after Group 42 and Radoff disclosed their ownership in VAALCO, the company's board of directors adopted a shareholder rights plan—or a poison pill.
|Mid||USD 345||Members only||Sanchez Energy Corp.|
|E&P||USD 27||Members only||Bill Barrett Corp.|
|E&P||USD 50||Members only||Torchlight Energy Resources Inc.|
|E&P||USD 259.4||Members only||EnerVest Ltd.|