Cobalt International made huge discoveries in a seven-year period offshore Angola but cedes interest after a federal investigation, low oil prices and uncertainty for all oil producers.
After a decade in the Haynesville, the company shifted from natural gas to a broader asset base that included liquids. The company also gains relief from obligations to its midstream assets.
This downturn is proving not to be V-shaped after all. Here’s how buyers and sellers can make the best of it.
Torchlight offers 168,000 contiguous acres in the heart of the Orogrande and has executed a five-year drilling lease with a second five-year option with the state of Texas University Land System.
The farm-in deal comes in the wake of reports that McClendon was eyeing Australia’s McArthur Basin as a shale hotspot for his first venture out of the U.S.
The companies’ assets have over time included areas on the U.S. Gulf Coast and in California, the Illinois Basin, Texas and Louisiana, according to ERG Resources LLC’s website.
The Delta House floating production system dropdown is scheduled to close before year-end 2015, for $162 million. ArcLight’s remaining interest in Delta House could potentially be dropped down.
Penn Virginia, facing tightening liquidity and a shrinking borrowing base, may sell assets or equity in an unfavorable market in order to maintain production.
PwC analysis of energy sector transactions shows overall uptick, with upstream expected to pick up pace in second half of year.
Total consideration price was CA$27.6 million. This was based on Powder’s CA$21.7 million estimated working capital surplus and the CA$5.9 million attributed value of Powder’s existing lands, production and reserves.
The Fort Worth, Texas, company will be able to drill while hunting down more acquisitions—and without taking a major hit to its balance sheet.