Lime Rock Resources II Closes at $410 Million

Lime Rock, a private equity firm focusing on the global energy sector, today announces the closing of Lime Rock Resources II with $410 million in total capital commitments. Like the first Lime Rock Resources fund, Lime Rock Resources II will seek to acquire, directly operate, and improve lower-risk oil and gas properties in the United States. Together with the Lime Rock Partners funds, which invest... 

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WW Oil & Gas Inc. Shareholders Vote in Favour of Paco Oil & Gas Inc. Takeover

WW Oil & Gas Inc. have tabulated the returned voting forms regarding the takeover offer from Texas based Paco Oil & Gas Inc. The deadline to return share certificates and vote on the offer expired October 31, 2008. The majority of WW Oil & Gas Inc. shareholders have voted in favor of the Paco takeover offer. Paco Oil & Gas Inc. has informed company president Joseph Anthony Smith... 

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Sunoco Logistics Manages Order-to-Cash Process and Crude Gathering Pipelines With Synthesis(TM) Release 5.0

Entessa Inc. — the leading provider of Oil and Gas Logistics Management Solutions — delivered Release 5.0 of its Synthesis(TM) enterprise software suite to Sunoco Logistics Partners L.P.. The introduction of crude gathering pipeline support now enables Sunoco Logistics Partners to manage the entire order-to-cash logistics for its Western pipeline operations with Synthesis. Entessa is pleased... 

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CREDO Updates Calliope and Drilling Operational Activities

CREDO Petroleum Corporation updated operational activities. James T. Huffman, President, stated, “Since the last operational update, we have made good progress on both our drilling and Calliope projects. CREDO has recently drilled seven wells of which four are producers, yielding a 57% success rate. A total of eight new wells are either awaiting completion or pipeline connection. Twelve wells are... 

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Chesapeake Energy Corporation and BP America Announce Fayetteville Shale Joint Venture

Chesapeake Energy Corporation and BP America announced the execution of a Letter of Intent for a joint venture whereby BP will acquire a 25% interest in Chesapeake’s Fayetteville Shale assets in Arkansas for $1.9 billion. The assets have current daily net production of approximately 180 million cubic feet of natural gas equivalent and include approximately 540,000 net acres of leasehold which the... 

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Avalon Releases Report of Gas and Oil Reserves

Avalon Oil & Gas, Inc., announced that the Company has over $3,000,000 in proven hydrocarbon reserves, as summarized in the Company’s Form 10-KSB filing for the year ending March 31, 2008. The 10-KSB references a commissioned reserve report of Avalon’s natural gas and oil holdings which was completed by Petroleum Consulting Services of Oklahoma. The reserve report details Avalon’s oil and... 

Bronco Drilling Company, Inc. Announces Second Quarter Results

Bronco Drilling Company, Inc., announced financial and operational results for the three months ended June 30, 2008. Revenues for the second quarter of 2008 were $69.8 million compared to $62.3 million for the first quarter of 2008 and $74.7 million for the second quarter of 2007. Net income for the second quarter of 2008 was $4.3 million compared to $8.1 million for the previous quarter and $8.7 million... 

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Merger Agreement Between Grey Wolf and Basic Energy Services is terminated

A quite surprising news has been announced today saying that Grey Wolf and Basic Energy Services have terminated the agreement and plan of merger formerly entered into Three major Companies i.e. Basic Energy Services, and Horsepower holdings, Inc on April 20th 2008 pursuant to Section 7.1(b)(iii) of the Merger Agreement. The termination of the merger agreement was decided and taken after Grey Wolf’s... 

Chesapeake Energy reportedly dropping ‘Coal Is Filthy’ campaign

Chesapeake Energy Corp. is dropping its support for a series of controversial ”Coal is Filthy” advertisements in Texas. Tom Price, a Chesapeake Energy vice president, said today, ”The reason that we’re dropping the support is, it (the advertising campaign) was intended to further the discussion about our nation’s energy supply and whether clean coal at this stage is... 

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Despite belief in peak oil, Pickens still believes in oil and gas

“All I can see is the future of the oil and gas industry as we know it is good,” he said. “The biggest problem we have is finding oil and gas. I see a great future for energy and oil and gas will be there. We’re all going to live in the hydrocarbon era.” But the native Oklahoman sees numerous changes in store for the industry, where he began his career with Phillips Petroleum...