Sunday, November 24, 2024
Oil & Gas 360 - ConocoPhillips ups drilling program in Eagle Ford - Oil & Gas 360

Sundance Energy Doubles Down in Eagle Ford

Acquisition buys Pioneer JV Australian-based Sundance Energy (ticker: SNDE) doubled down on the Eagle Ford last week, buying 21,900 acres in the basin. Sundance is acquiring acreage in La Salle, McMullen, Atascosa and Live Oak counties from a JV operated by Pioneer. The assets acquired produced an average of 1.8 MBOEPD in Q4 2017, 72% of which was crude oil.

Largest-Ever U.S. Gulf of Mexico Offshore Sale Earns Only $125 Million

148 blocks receive bids of the 77 million acres the federal government offered The Bureau of Ocean Energy Management announced the successful sale of available blocks in the GOM, with final bids totaling almost $125 million. The area offered in this sale was the largest in history, with 14,431 blocks up for bidding. This is essentially the vast majority of

Surge Energy Exits 2017 with 15,850 BOEPD

Surge Energy Inc. (ticker: SGY) produced on average 15,675 BOEPD in Q4 2017 and exited 2017 with 15,850 BOEPD. For 2018, the company’s production guidance stands at 16,150 BOEPD. The company reported adjusted funds flow of $32.17 million, or $0.14 per share for Q4 2017. For 2017, the company reported adjusted funds flow of $103.81 million, or $0.45 per share.

Canada Needs Higher Takeaway Capacity and Lower Oil Price Differential

Canada is hurting for takeaway capacity—the industry needs pipelines to take its oil and gas production to market, or more locomotive hauling capacity—or both. Cenovus Energy Inc. (ticker: CVE) said it has reduced production rates due to pipeline constraints and a lower price for Canada’s oil. Cenovus is storing excess barrels in its reservoirs due to wider than normal light-heavy