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Magazine - October 2007

FEATURES
RISING STAR

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22 HOLES-IN-ONE

To a golfer, 22 holes-in-one would represent a fantasy, if not a lifetime goal. To Tulsa, Oklahoma's The Williams Cos., ...

CORDILLERA, THE SEQUEL

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RESERVE ADDS PER WELL

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THE BIGGER FISH

Financial, legal and other advisory experts who facilitate energy deal-making eventually conclude, "After making sure deals close for others and ...

NORTH AFRICA RISING

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THE IDR

The master limited partnership (MLP) continues to be the hottest funding trend in the energy space, as evidenced by a ...

CHINESE E&P

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UPSTREAM MICROCAPS

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ATHABASCA ATTACK

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POWERING UP

Petascale computing refers to both petaflops, a million-billion calculations per second, and petabytes, a million-billion bytes of data. This level ...

COSCO Private Capital Energy Index

The COSCO Private Capital Energy Index, an eight-year-old index created and managed by COSCO Capital Management LLC, is currently comprised ...

ENERGY BILL LOGJAM

Apparently, even $80 oil is not strong enough to break through the partisan politics currently playing out in Washington. Despite ...

NEWSWELL
 
FROM THE EDITOR-IN-CHIEF
OFF TO THE RACES

This October issue has so many gems of wisdom. You'll learn more about the pros and cons of upstream MLPs, ...

COMPLETIONS
TARGET 4.75

Capital markets don't lie. Oh, the stories they will tell in the coming months. At press time, the Federal Open ...

TRENDS AND ANALYSIS
SURGING COSTS BITE PROFITS

Revenues for upstream oil and gas companies grew by a solid 19% in 2006, compared with the previous year, but ...

E&P MOMENTUM
POWDER RIVER GAS FACTORY

In the span of a decade and a half, Wyoming's Powder River Basin has been transformed from an inconsequential gas-producing ...

EXPLORATION HIGHLIGHTS
WESTERN U.S.

1 The U.S. Court of Appeals for the Ninth Circuit temporarily stayed the Minerals Management Service's February 15, 2007, approval ...

INTERNATIONAL HIGHLIGHTS

BPZ Energy Inc., Houston, has encountered potential oil and gas pay in its third well in Corvina Field, offshore Peru. ...

GULF COAST

1 J-W Operating Co., Addison, Texas, plans to drill 15,000-ft. #1 McKinney in the Edward W. Hacket Survey, A-25, a ...

MIDCONTINENT & PERMIAN BASIN

1 Palomino Petroleum Inc., Newton, Kan., plans a wildcat to evaluate the Lansing-Kansas City pool about 8.5 miles south of ...

EASTERN US

1 Pruet Production Co., Jackson, Miss., scheduled a directional Smackover wildcat in the southern portion of Alabama's Conecuh County 0.75 ...

NEW FINANCINGS
COMPANY BRIEFS
BreitBurn offers $1.45B for Quicksilver package

BreitBurn Energy Partners LP, Los Angeles, (Nasdaq: BBEP) plans to acquire the E&P and midstream assets in Michigan, Indiana and ...

Rady reenters with $1B from Warburg Pincus

Paul Rady and privately owned Antero Resources Corp., Denver, are back in the game, with a $1-billion line-of-equity funding led ...

Additional news

• New York-based private-equity firm Riverstone Holdings LLC has named John Browne managing director and managing partner of Riverstone Europe. ...

IN MEMORIAM

Richard (Dick) M. Riggs, an advisory member of the board of Abraxas Petroleum Corp., San Antonio, died on Aug. 19 ...

ON THE MONEY
MLPs: GOOD BUY OR GOOD-BYE?

As this month's cover story suggests, Wall Street is going to see a spate of new upstream master limited partnerships ...

EDITORS COMMENT
Energy Bill Logjam

Apparently, even $80 oil is not strong enough to break through the partisan politics currently playing out in Washington. Despite ...

Major Oil M&A Veteran Advises On How To Buy From The Majors

Exploration-focused independents and start-ups looking to buy land might find their perfect prospects in a major producer's portfolio, and the ...

Cordillera, The Sequel

Movie buffs hold dear the precept that the first movie in a series is usually the best. That's not always ...

Athabasca Attack

North of the ever-graying Western Canadian Sedimentary Basin lies the wild frontier of the Canadian oil industry, where temperatures usually ...

Canadian Trusts' Plans Continue Despite Coming End To Tax Breaks

In June, the Canadian government enacted a dreaded new law that will tax royalty trusts beginning in 2011. Despite strong ...

Surging Costs Bite Profits

Revenues for upstream oil and gas companies grew by a solid 19% in 2006, compared with the previous year, but ...

U.S. M&A Scene To Draw More Billion-Dollar Deals

Billion-dollar deals are starting to become more common in the oil and gas industry, according to investment-banking and M&A advisory ...

Powering Up

Petascale computing refers to both petaflops, a million-billion calculations per second, and petabytes, a million-billion bytes of data. This level ...

Anadarko Hits Targets Set From 2006 Acquisitions, Divestments

Anadarko Petroleum Corp. is coming to the end of its divestiture program to reduce debt from its purchases of Oklahoma ...

Powder River Gas Factory

In the span of a decade and a half, Wyoming's Powder River Basin has been transformed from an inconsequential gas-producing ...

E&P MLP Mania

As the 1980s drew to a close, the highly touted upstream master limited partnership (MLP) investments of that decade had ...

Ray Hunt Discusses Best Practices, Barnett, Taking Risks

Ray Hunt knows a few things about the oil industry, having been in the business for nearly 50 years. During ...

The Bigger Fish

Financial, legal and other advisory experts who facilitate energy deal-making eventually conclude, "After making sure deals close for others and ...

It's Not Too Late To Break Into Fayetteville Shale

The Fayetteville shale play could be the new Barnett, and the land grab is far from over. Acquirers who thought ...

New Line For TofC

Appalachia-whose upstream assets are particularly coveted by E&P master limited partnerships-is home to the beginning of the U.S. oil and ...

'Sleepy' Michigan Antrim Shale Good Fit For MLPs

Michigan's Antrim shale and other mature unconventional assets are certain to be M&A targets of yield-producing entities such as MLPs ...

A Plethora Of E&P Start-Ups Have Billions In Funding

This October issue has so many gems of wisdom. You'll learn more about the pros and cons of upstream MLPs, ...

HEADLINES
Penn West, Canetic Canadian Trusts To Merge

Calgary-based Canadian royalty trusts Penn West Energy Trust (NYSE: PWE; Toronto: PWT) and Canetic Resources Trust (NYSE: CNE; Toronto: CNE) ...

Grant Prideco To Sell Tubular Tech Units For $800MM

Boulogne-Billancourt Cedex, France-based Vallourec SA plans to acquire four business units from Grant Prideco Inc., Houston, (NYSE: GRP) for US$800 ...

Enterra Chairman Resigns, CEO Plans To Retire

Joseph Vidal has resigned as chairman of Enterra Energy Trust, Calgary, (Toronto: ENT-UN; NYSE: ENT) following meetings focused on decisions ...

GE Closes Sondex Deal For $582MM

Atlanta-based GE Energy, a division of General Electric Co., Fairfield, Conn., (NYSE: GE) has closed the acquisition of Sondex Plc, ...

Penn Virginia Increases East Texas Holdings For $44.9MM

Penn Virginia Corp., Radnor, Pa., (NYSE: PVA) has acquired assets in East Texas, from an undisclosed seller for $44.9 million. The ...

Vanguard Natural Prices IPO

Upstream MLP Vanguard Natural Resources LLC, Houston, has priced its IPO of 5.25 million units at $19 each on NYSE ...

XTO Acquires Additional Barnett Land For $550MM

XTO Energy Inc., Fort Worth, Texas, (NYSE: XTO) has acquired assets in North Texas from multiple undisclosed parties for approximately ...

Provident To Acquire Saskatchewan Company For C$92MM

Provident Energy Trust, Calgary, (Toronto: PVE-UN; NYSE: PVX) plans acquire an undisclosed, privately held company with asset in southwestern Saskatchewan ...

GeoResources Doubles Reserves With $91.1MM Purchase

GeoResources Inc., Houston, (Nasdaq: GEOI) has acquired all of the limited partner interest in an affiliated partnership from an undisclosed ...

Canetic To Acquire Titan In C$116MM Offering

Canetic Resources Trust, Calgary, (Toronto: CNE-UN; NYSE: CNE) plans to acquire Titan Exploration Ltd., Calgary, (Toronto: TTN-A) for C$98.5 million ...

Quest Resources, Pinnacle Gas To Merge In $205MM Deal

Quest Resource Corp., Oklahoma City, (Nasdaq: QRCP) plans to acquire Pinnacle Gas Resources Inc., Sheridan, Wyo., (Nasdaq: PINN) for $205 ...

Ram To Acquire Ascent, 18.6 MMBOE Proved For $289MM

Ram Energy Resources Inc., Tulsa, Okla, (Nasdaq: RAME) plans to acquire privately held Ascent Energy Inc., Plano, Texas, for $289.5 ...

Petrohawk To Sell Gulf Coast Assets for $825MM

An undisclosed privately held company plans to buy the Gulf Coast division of Petrohawk Energy Corp., Houston, (NYSE: HK) for ...

Petroleum Developments Inks $53MM Deal For Appalachia Properties

Petroleum Development Corp., Bridgeort, W.Va., (Nasdaq: PETD) plans to acquire a majority working interest in approximately 760 wells in southwestern ...

Swift Completes 77 Bcfe South Texas Buy For $249MM

Swift Energy Co., Houston, (NYSE: SFY) has closed its acquisition of interests in three South Texas properties from privately held ...

Australia's Petsec Doubles U.S. Reserves With Acquisition

Lafayette, La.-based Petsec Energy Inc., a subsidiary of Petsec Energy Ltd., Sydney, Australia, (Australia: PSA) plans to acquire Gulf of ...

Exco Pays $156MM, Doubles W. TX Interest In Canyon Sand

Exco Resources Inc., Dallas, (NYSE: XCO) has acquired an additional 45% interest in 28,000 acres of leasehold interests and 135 ...

Dana Closes Acquisition Of Devon's Eqypt Assets

Dana Petroleum Plc, Aberdeen, U.K., (London: DNX) has closed its acquisition of the Egyptian assets of Devon Energy Corp., Oklahoma ...

Newfield Bids Cheers To North Sea With Sale to Centrica

Centrica Plc, the owner of British Gas, has closed its acquisition of interests in the U.K. North Sea from Newfield ...

St. Mary Acquires 9.2 MMcfge/d In S. TX

St. Mary Land & Exploration Co., Denver, (NYSE: SM) has acquired assets in South Texas from Tulsa, Okla.-based Rockford Energy ...

Legacy Closes $77MM Producing Assets In Two Deals

Legacy Reserves LP, Midland, Texas, (Nasdaq: LGCY) has acquired certain producing properties the Permian Basin and in the Texas Panhandle ...

Baseline Pays $96MM for S. TX Props, Gains Big 42B Proved

Baseline Oil & Gas Corp., Houston, (OTCBB: BOGA) has acquired producing properties in South Texas from Corpus Christi, Texas-based DSX ...

EVEP Closes Plantation's Permian Assets, Gains 11.2 MMcfge

EV Energy Partners LP, Houston, (Nasdaq: EVEP) has acquired properties in the Permian Basin from privately owned, Houston-based Plantation Petroleum ...

COMPANIES IN THIS ISSUE


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