From MexicoNOW For the first time ever, Texas authorities have issued a drilling permit to a Mexican company for gas and oil extraction in the state. The Texas Railroad Commission, the agency that regulates the energy industry in the state, authorized Petrobal Omega 1 LLC to drill a 5,000-foot (2,524-meter) deep vertical well in the Barnett Shale basin located in
Hurricane Harvey, which is expected to make landfall around one o’clock in the morning on Saturday, August 26, may have an impact on the near-term energy outlook for the U.S. As of now, Harvey is classified as a Category-2 storm and is expected to be re-characterized to a Category-3 storm around the time it makes landfall. The last Category-3 hurricane
EnerCom conference presenter QEP adds 730 potential Hz drilling locations in the new acreage QEP Resources (ticker: QEP) followed its southwestern Wyoming Pinedale anticline divestiture with an acquisition of more acreage in the Permian. QEP said its subsidiary company, QEP Energy Company, had purchased 13,800 net acres in Martin County, Texas, for a sum of $732 million. The new purchase
Yuma Energy Inc. (ticker: YUMA) has producing assets in North Dakota, California, Louisiana, and Texas, with the majority of its acreage centered in South Louisiana and Texas. The company holds a total of 16,210 net acres across all of its producing assets, with a proved reserves value of 8,898 MBOE. Yuma’s expected production for the remainder of 2017 is between
U.S. Energy Corp. (ticker: USEG) has multiple working interests with companies in the Bakken and Three Forks formations and throughout Texas and Louisiana. The company produced 50,628 BOE during 2016, and has projected that it will produce approximately 49,885 BOE during the course of 2017. Bakken/Three-Forks In the Williston basin, USEG partnered with Brigham Exploration Company to conduct exploratory work
Founded in Oklahoma City in 1926, Panhandle Oil and Gas (ticker: PHX) boasts a foundation of 255,000 net acres of perpetually owned mineral rights spread primarily over Arkansas, Oklahoma, and Texas. Panhandle is in the position of holding large tracts of prospective acreage without operating that acreage. Instead, Panhandle allows large independent companies to lease and explore its holdings. Of
Yuma Energy, Inc. (ticker: YUMA) said it has sold its wholly owned subsidiary’s El Halcón property for $5.5 million. The assets are located in Brazos County, Texas, and Yuma held an average working interest of approximately 10% (1,557 net acres) producing approximately 140 Boe/d net from 50 Eagle Ford wells and one Austin Chalk well. Yuma also announced that on May 19, 2017 the lenders under its
No slowdown for the Permian Everybody is getting into the action in the Permian basin and in the Delaware portion of the basin in particular. Even Norway’s TGS-NOPEC Geophysical Company (ticker: TGS) has landed in the Permian. TGS announced today that it has commenced field operations on the West Kermit 3D seismic survey in the Delaware Basin. The project will encompass a
Permian rig count growth a boon to Texas’s overall economy Dallas-based Comerica Bank (ticker: CMA), released its Texas Economic Activity Index last week, saying its measure of the Texas economy advanced for a second consecutive month, gaining 0.4 percentage points in October to a level of 91.0. September’s index reading was 90.6. October’s index reading is 25%, above the index cyclical
Land tax revenues increasing amid the oil downturn Texas is one of the country’s preeminent wealth generators for both agriculture and oil and gas. In fiscal 2016, the two industries contributed a combined $3.4 billion in tax revenues to the state. The downturn in oil and gas activity has had a significant impact on Texas’ tax receipts, however, and land
Fraser Institute Study Compares How Texas and Alberta Managed Public Finances between 2004 and 2014 A new report from the Fraser Institute, titled “One Energy Boom, Two Approaches: Fiscal Restraint Has Left Texas in Better Shape than Alberta,” concludes that Alberta’s undisciplined spending and fiscal mismanagement rather than the drop in energy prices was been responsible for its history of deficits
Total oil and natural gas production per day has rolled over and started to decline in Texas, according to data recently released by the Texas Railroad Commission. Total oil production for August 2016 was 84.8 MMbls, a six percent decrease from July production at 90 MMbls and an 18% decrease from August 2015 levels of 103.9 MMbls. Gas followed a
