Early today Earthstone Energy, Inc. (Ticker: ESTE) completed the sale of its Bakken assets. According to the company’s press release, the assets were sold to an unaffiliated party for about $27 million in cash. The effective date of the transaction is December 1, 2017. Earthstone Energy plans to use the proceeds from this transaction to pay down debt under its
The plant will have emissions so low it won’t require an EPA permit – Meridian Energy Group, Inc. Davis Refinery 49,500 bpd state-of-the-art crude oil refinery, over 700 acres of land near Belfield, N.D. The Burlington Northern Santa Fe rail line runs directly through the refinery site, facilitating the construction of a crude oil feedstock offloading and refined fuels uploading
Earthstone Energy, Inc. (ticker: ESTE) said that its borrowing base under its senior secured revolving credit facility has been increased from $150 to $185 million in connection with its regularly scheduled fall redetermination. The $185 million borrowing base will not be reduced upon closing of the company’s previously announced agreement to sell its Bakken assets. Executive VP and CFO Mark
Earthstone Energy, Inc. (ticker: ESTE) announced today that it entered into an agreement to sell its Bakken assets for approximately $27 million in cash to an unaffiliated party. The effective date will be December 1, 2017 and is expected to close by year-end 2017. According to an Earthstone investor presentation, Earthstone’s Bakken/Three Forks assets include 5,900 net core acres predominantly
Water is not a traded commodity in the U.S., like iron ore, copper or coal, but it has become a critical factor to the companies that produce oil and gas from North America’s shale basins One of the biggest environmental and oil and gas production cost factors in the ongoing development of the U.S.’s massive shale basins is how the
All four basins are competing very strongly. That’s a great problem to have – Tillman Q3 highlights Total production excluding Libya averaged 371,000 net BOEPD, up 6% sequentially and above top end of guidance; 23,000 net BOEPD from Libya U.S. resource play production increased 12% sequentially, averaging 227,000 net BOEPD; oil up 14% sequentially Eagle Ford production of 101,000 net
James Volker will serve as Whiting’s executive chairman through year end Beginning next Wednesday former Anadarko EVP U.S. Onshore E&P Bradley Holly will take the reins of Whiting Petroleum Corporation (NYSE: WLL), replacing outgoing Chairman, President and CEO James Volker who is retiring after a 34-year career at Whiting, having served as president and CEO since 2002 and who was instrumental
Demand for Bakken oil: Bakken appears to be emerging as a new export grade of crude In a webinar hosted by Argus Media this week, Argus VP Jeff Kralowetz said something interesting with respect to his company’s analysis of the various crude oil grades and exports coming out of the U.S.–Bakken oil in particular. “We’ve seen pretty dramatic growth in
13,981 producing wells is another new all-time high The North Dakota Industrial Commission released its oil and gas production report, covering oil and gas activity for June and July of 2017. The production of oil and gas has increased from June to July. In only one month oil production increased by 14,653 BOPD and gas production increased by 24,917 mcf/day.
Whiting Petroleum Corporation (ticker: WLL) is one of the largest oil producers in one of America’s leading oil producing regions—the Bakken-Three Forks play in the Williston basin. Whiting is among several large producers in the Bakken, including Continental Resources, Hess, XTO, Statoil and EOG Resources. Whiting controls 443,310 net acres in the oil productive sweet spots of the Williston basin, encompassing
Northern Oil and Gas, Inc. (ticker: NOG) reported a cumulative production of 1,196,924 BOE, at an average rate of 13,299 BOEPD during Q1, 2017 out of its Williston acreage, where it holds approximately 155,000 net acres. Through the remainder of 2017, the company believes it will add 12 net wells to its production on a capital budget of $102.2 million.
PetroShale (ticker: PSH) holds multiple assets throughout the Bakken/Three Forks plays. The company is partnered with several Bakken operators and has 64,500 gross (4,136 net) acres. Across this acreage, the company holds 49 net potential drilling locations—representing approximately $450 million in drilling inventory, the company reported. PetroShale produced an average of 3,349 BOEPD during its first quarter of 2017. Its
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