Warren Resources of California Inc. and Warren E&P Inc., subsidiaries of Warren Resources Inc., New York, (Nasdaq: WRES) plan to acquire substantially all of the interests of Global Oil Production LLC and Wilmington Management LLC in the North Wilmington Unit Field in the Los Angeles Basin for $23 million. The purchase includes a 100% working interest in approximately 875 acres of rights in Wilmington, California. Closing is expected by the end of December. The purchase includes proved reserves of approximately 19.8 million barrels of oil equivalent, of which 1.7 million barrels are proved developed producing and 18.1 million barrels are proved undeveloped reserves. Current gross production from 46 wells on the properties is some 400 barrels of oil equivalent per day (338 barrels equivalent net to Warren).
Recommended Reading
US Drillers Add Oil, Gas Rigs for First Time in Four Weeks: Baker Hughes
2024-05-17 - The oil and gas rig count rose by one to 604 in the week to May 17.
BPX Looks to Ramp US Production Over 60% by 2030
2024-05-16 - BPX Energy is looking to boost its U.S. production over 60% by 2030 as it considers bringing online a fourth processing facility in the Permian by mid-year 2025, Clark Edwards, the company’s vice president of development, said during SUPER DUG in Fort Worth.
Empire Petroleum’s Williston Drilling Program Identifies New Zones
2024-05-16 - Empire Petroleum provided updates on its Williston Basin development drilling program in its first quarter 2024 earnings results.
ConocoPhillips: Permian Basin a ‘Growth Engine’ for Lower 48
2024-05-15 - ConocoPhillips views the Permian Basin as a “growth engine” within its Lower 48 portfolio, the company’s Midland Basin Vice President Nick McKenna said during Hart Energy’s SUPER DUG event in Fort Worth.
Petrobras Not in a Race with Guyana to Boost Production, CEO Says
2024-05-14 - While Brazil and Guyana aren’t necessarily competing to see which country can produce more oil, Petrobras’ CEO Jean Paul Prates jokingly said Brazil was winning, while adding that Bolivia’s falling production was an opportunity for Argentina.