Chesapeake Energy Corporation announced that it has closed the sale of its Arkoma Basin Woodford Shale assets to BP America Inc. for approximately $1.7 billion in cash.
Aubrey K. McClendon, Chesapeake’s Chief Executive Officer, commented, “We are pleased to announce the completion of the sale of our Arkoma Woodford properties to BP. This transaction was an [...]

Crusader Energy Group Inc. told the press that effective on July 18, 2008 it entered into a five-year $250 million second lien term facility with JPMorgan Chase Bank, N.A., as administrative agent. The Second Lien Term Facility replaces our existing $30 million second lien term facility with UnionBanCal Equities, Inc. The Second Lien Term Loan [...]

ReoStar Energy Corp has just published the results of its operations for the Fiscal Year (FY) ended March 31, 2008. The Company’s previous fiscal year-end for 2007 reflects activity only for the three months ending March 31, 2007 due to the accounting treatment of the partnership interests merged into the Company. In certain instances, the [...]

Petrosearch Energy Corporation announced that its wholly owned subsidiary, Barnett Petrosearch L.L.C., has agreed to sell its 5.54455% limited partnership interest in DDJET Limited LLP (“DDJET”) to Cinco County Barnett Shale LLC (“Cinco”), one of the other two partners in DDJET, for a cash purchase price of $36,000,000. Cinco paid to Barnett Petrosearch $1,800,000 as [...]

Aztec Oil & Gas, Inc. previously announced that the Company had completed the drilling of two new wells for its Aztec 2007A Limited Partnership. The wells, Williams #1 and #2, were drilled in Tyler County, West Virginia to a depth of approximately 5,000 feet each. Logs on both wells indicated substantial reserves. Today, Aztec is [...]

Parallel Petroleum Corporation has announced its estimated second quarter 2007 production, work-in-progress well operations, a change in its method of recognizing proved undeveloped (PUD) reserves related to its horizontal drilling gas projects and revised proved reserves as of March 31, 2007.
Estimated Second Quarter 2007 Production
Parallel’s estimated net daily production for the second quarter ended June [...]

Chesapeake Energy Corporation announced that it has acquired or has agreed to acquire approximately 8,500 net undeveloped leasehold acres in the heart of the Barnett Shale play in Tarrant County, Texas, from Four Sevens Resources Co., Ltd., Sinclair Oil & Gas Company and several of their affiliates and partners. In addition, Chesapeake announced that it [...]

In Texas, it seems they’ll drill for oil and gas just about anywhere.
The state’s thirst for petroleum products was underscored on Tuesday when the Chesapeake Energy began drilling operations at an unlikely location — the Dallas/Fort Worth (DFW) International Airport.
Roughnecks lowered a massive gold drill bit into the soil near one of the runways [...]

Stephens Inc.’s private equity firm will make a majority equity investment in an independent directional drilling company and provide subordinated debt financing, the company announced Tuesday.
Terms of the deal between Little Rock-based The Stephens Group LLC and Multi-Shot LLC were not disclosed.
This is Stephens’ third major capital investment in an oil and gas-related company. In [...]

Parallel Petroleum Corporation will host a conference call to discuss the Company’s financial and operational results for the first quarter ended March 31, 2007, on Thursday, May 10, 2007, at 2:00 p.m. Eastern time (1:00 p.m. Central time).
This call will be webcast by Thomson/CCBN and will be accessible at Parallel’s web site at www.plll.com.
The [...]