From the Associated Press/US News ALBUQUERQUE, N.M. (AP) — A Houston-based oil and gas company wants New Mexico regulators to ease restrictions on well locations in two counties within one of the oldest producing basins in the U.S., saying the change will result in the capture of more natural gas. The request involving San Juan and Rio Arriba counties comes as
From Albuquerque Journal The oil and gas boom in southeastern New Mexico and West Texas is pushing electricity demand on Xcel Energy’s grid to all-time records. The regional transmission network delivered 6.15 gigawatts of electricity to customers on July 19, about 350 megawatts more than the company had predicted in peak demand on any given day for this year, and
Activists call commissioners ‘baby killers’ as local control of oil and gas brings indigestion to Sandoval County Commission meetings Commissioners are stuck in between an animated anti-oil and gas movement and concerns about their county’s economic well-being From the Daily Caller Environmentalists in a small New Mexico county are ratcheting up the rhetoric against local fracking ordinances as government officials
Permex Petroleum Corporation (ticker: OIL) has completed its initial public offering of 8,135,500 common shares at a price of $0.50 per share for proceeds of $4,067,750. The shares were listed on the Canadian Securities Exchange (CSE) on May 15, 2018 and started trading this morning (May 17, 2018) under the ticker “OIL.” Returning shut in wells to production in the
Occidental Petroleum Corporation (ticker: OXY) reported a core income of $708 million for the first quarter of 2018, or $0.92 per diluted share. Total average daily production volumes were 609,000 BOE for the first quarter of 2018, compared to 621,000 BOE in the fourth quarter of 2017. Permian average daily production volumes improved from the prior quarter by 18,000 BOE,
Cimarex running 13 rigs: 10 in the Permian, 3 Mid-Con Cimarex Energy Co. (ticker: XEC) reported first quarter 2018 net income of $186.3 million, or $1.96 per share. Total company production for the quarter came in at the high end of guidance, Cimarex said, averaging 206.1 MBOEPD, with oil production averaging 65,212 BPD. Cimarex invested $313 million in exploration and
New Mexico is the nation’s third-largest oil producing state, thanks to the Delaware Basin: EIA From the Albuquerque Journal Battle Axe Road cuts smack through the heart of New Mexico’s side of the Delaware Basin, a previously marginal zone along the Texas border that is rapidly turning the state into a global player in the oil industry. Until recently, it
Lilis Energy, Inc. (ticker: LLEX) has closed a deal to acquire approximately 2,798 net acres in the southeastern New Mexico area of the Delaware Basin. The deal was part cash ($40 million) and part stock (~6.9 million shares, or ~$25.3 million), for an approximate total of $65.3 million. “This strategic transaction enhances our overall position in the Northern Delaware Basin,
Goodnight Midstream Permian, LLC is conducting a binding open season to provide an opportunity for producers to enter into long-term contractual commitments for Goodnight’s Llano Produced Water Pipeline System. The pipeline will be constructed in Lea County, New Mexico. The open season will commence on February 8, 2018 and close on March 30, 2018. The Llano Pipeline will transport produced
Ameredev II, backed by a $400 million private equity commitment from EnCap, is currently in the process of building its core acreage in the northern Delaware basin in Lea County, New Mexico. The acreage itself rests along the state line. Ameredev is targeting to initiate production in its acreage in late 2017-early 2018, when it starts drilling delineation wells. In
Some states have hit the jackpot with massive hydrocarbon deposits. Independent oil and gas companies have turned fossil fuels in Texas, North Dakota and Pennsylvania into economic development powerhouses. These states are among the fastest growing in the country due to more job opportunities and rapidly increasing gross domestic product. However, there’s a lesser-known state carving out its own share
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