Michigan

By OGJ editors

HOUSTON, Jan. 17 -- Cadence Resources Corp., Traverse City, Mich., plans to acquire the interests of O.I.L. Energy Corp. and affiliates in Devonian Antrim shale gas production in the Hudson project in northern Michigan.

The $27.5 million acquisition boosts Cadence's ownership to 96% from 49% in many of the fields and gives it control of pipelines and production facilities. Closing is expected by Mar. 1, 2006.

The acquisition is expected to add more than 3 MMcfd to Cadence's existing production and 22 bcf in proved reserves. It also adds 11,000 net acres and 42 potential drilling locations. Cadence Resources is still developing the properties.

Cadence Resources, formerly Royal Resources Inc., also operates in the New Albany shale in Indiana. It closed on a reverse merger with Aurora Energy Ltd. on Oct. 31, 2005.

Related Articles

Escalera Resources to form Albania joint venture

04/03/2014 Escalera International Co. LLC, a subsidiary of Escalera Resources Co. (formerly Double Eagle Petroleum Co.), has signed a memorandum of understand...

AFPM: Petrochemical industry needs skilled workers

04/02/2014 The current boom in shale resource development has sparked an urgent need in the petrochemical industry for technically skilled workers to build, o...

Devon completes Canadian conventional assets sale

04/02/2014 Devon Energy Corp., Oklahoma City, has completed the sale of its Canadian conventional assets to Canadian Natural Resources Ltd. for $3.125 billion...

Ultra Petroleum selects senior vice-president

04/01/2014 Ultra Petroleum Corp., Houston, has appointed Brad Johnson to succeed William Picquet, who will retire from the company at the end of the month, as...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected