An investigation revealed a Houston company profited through exaggeration of a South American prospect’s oil reserves while secretly paying a firm to promote it.
Goodrich’s Eagle Ford Shale position is located in Frio and LaSalle counties, Texas, near producers Chesapeake Energy, Cabot, Carrizo and EOG Resources.
Setbacks in oil and gas capital spending have hurt Circor but purchase of private firm Schroedahl should be accretive, analyst says.
Baker Hughes and Schlumberger also made announcements that they will cut nearly 15,000 jobs on top of already announced layoffs.
Vanguard buys LRR Energy’s Permian and Arkoma assets, including 1,290 gross producing wells and about 158,000 net acres. LRR’s proved reserves were about 203 Bcfe in December 2014.
With a JV in the Marcellus under wraps, Rex is also pursuing the sale of its 60% ownership interest in its water service subsidiary with estimated proceeds of $60 million to $80 million.
Cheap money is chasing deals, with $8 billion in equity raises keeping companies alive while Shell’s purchase of BG Group has ‘rekindled M&A animal spirits.’
The purchased acreage, which is entirely undeveloped, represents a natural bolt-on to Gulfport's existing position in the shale play and translates to $12,700 per acre.
The Viking play continues to attract attention as one of the most economic patches in Canada. In March, Canada’s Whitecap Resources said it would buy Beaumont Energy for US$476 million.
Chesapeake settles with affiliate, but will pursue case that accuses its former CEO of misappropriating “highly sensitive trade secrets from the company” about the Utica Shale and other areas.
McClendon returns to raise money and Synergy Resources is looking for deals in the Wattenberg. But the bottom line is that shale transactions suffered their weakest quarter since 2009.
After Shell’s $70 billion deal, ExxonMobil and Chevron are in the hunt with several large U.S. E&Ps. But in the Permian Basin, the bid-ask spread remains too wide for deals.
|E&P||USD 300||Members only||Paloma Partners III LLC|
|E&P||CAD 321||Members only||Penn West Petroleum Ltd.|
|Mid||USD 102.3||Members only||Exterran Holdings Inc.|
|E&P||CAD 172||Members only||Undisclosed|