Source: Economic Times BP terminated contracts for two deepwater oil drilling rigs in the Gulf of Mexico as the British oil company slashes its exploration budget due to fallen oil prices. Offshore drilling company Ensco said it had received notice to terminate BP-operated rig DS-4 in the Gulf of Mexico. Rival Seadrill Partners announced this week that BP had also
Source: Petrobras Petrobras announces that the Board of Directors of Petrobras Argentina (PESA) has approved to dispose of all of its assets located in the Austral Basin, in the Santa Cruz province, for US$ 101 million to Compañia General de Combustibles S.A. (CGC). The PESA assets that are part of the deal include 26 onshore exploration production concessions, with an
Kosmos Energy Ltd. (“Kosmos”) (KOS) announced today that the borrowing base under its reserves-based lending facility has remained unchanged at $1.5 billion following its lenders’ semi-annual redetermination process. For the first time, the borrowing base calculation includes value related to the Tweneboa, Enyenra and Ntomme (TEN) development project in Ghana, as well as the Jubilee field. Total undrawn availability on
Sanchez Energy Corporation (NYSE: SN or the “Company”) today announced that it has executed and closed an agreement with Sanchez Production Partners LP (NYSE MKT: SPP) to sell wellbore and certain associated interests in certain producing oil and gas wells to a subsidiary of the SPP for aggregate consideration of approximately $85.0 million to the Company, subject to normal and
Syracuse University study: fracing does not affect methane levels in drinking water In a new study that examined 11,309 drinking water wells, researchers at Syracuse University in New York discovered that background levels of methane in the water are unrelated to their proximity to wells using hydraulic fracturing. The finding suggests that fracing operations are not significantly contributing to the
ZaZa Energy Corporation (the “Company” or “ZaZa”) (ZAZA) today announced results for the year ended December 31, 2014. 2014 Financial Highlights Total production of 231.6 Mboe as compared to 131.3 Mboe in 2013, a 76.7% increase. Proved reserves increased by ~47% to 1,011 Mboe. Revenues of $11.5 million as compared to $8.9 million in 2013, an increase of 29.2%. 33%
PEDEVCO Corp. d/b/a Pacific Energy Development (NYSE MKT: PED) (the “Company”) reported year-end results today with significant increases in revenues, production and reserves. Year-End 2014 Results Compared to Year-End 2013 Results: Revenue increased over 3x to $5.1 million in 2014 from $1.5 million in 2013 Total Net Production increased 4x to 73,583 BOE in 2014 from 18,325 BOE in 2013 Total
Acorn Energy, Inc. (ACFN), an energy technology holding company, today announced its results for the fiscal year ended December 31, 2014. For 2014, revenues from continuing operations were $19.6 million compared to $20.3 million in 2013. The net loss for 2014 was $27.1 million, or $1.19 per share, compared to a net loss of $29.7 million, or $1.57 per share,
Delek Logistics Partners Completes Purchase of Rail Offloading Racks and Crude Oil Storage Tank Delek Logistics Partners, LP (DKL) (“Delek Logistics”) announced that subsidiaries of Delek Logistics have acquired, from subsidiaries of Delek US Holdings, Inc. (DK) (“Delek US”), a crude oil storage tank constructed in 2014 adjacent to Delek US’ Tyler, Texas refinery and rail offloading racks constructed in
Williams Seeks FERC Approval for Atlantic Sunrise Pipeline Expansion to Serve Growing Demand for Natural Gas in Mid-Atlantic and Southeastern U.S. Williams (WMB) announced today that Transco has filed an application with the Federal Energy Regulatory Commission (FERC) seeking authorization for its Atlantic Sunrise expansion project, which would transport about 1.7 billion cubic feet of natural gas per day to
With the deadline for peace talks fast approaching, the actual amount of Iranian oil that could reach markets may not be the torrent some predict The March 31 deadline for a nuclear deal with Tehran has arrived, and the market is watching. Many worry that lifting sanctions, initially imposed due to disagreements concerning Iran’s nuclear program, would let Iran’s remaining
Joint venture agreement in Moraine East Area and Legacy Butler Operated Area Operating capital expenditures reduced by ~30% New senior secured leverage covenant of 3.0x with total leverage covenant removed STATE COLLEGE, Pa., March 31, 2015 (GLOBE NEWSWIRE) — Rex Energy Corporation (REXX) (“the company”) announced a new joint venture agreement in the Butler Operated Area, re-determined borrowing base and
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