California

By OGJ editors
HOUSTON, Dec. 17
– Delta Petroleum Corp., Denver, signed a settlement agreement with the US government concerning nonoperated Lease 452, which was in litigation, in the Santa Barbara Channel off California.

Delta Petroleum and others alleged that the Minerals Management Service, after accepting lease bonuses, declined to allow the leases to be developed.

Delta Petroleum will receive gross proceeds of $65 million, which will result in $50 million net to the company after all contingent payments to third parties. The settlement concludes the company’s offshore California litigation against the federal government.

The company said the net proceeds will allow it to evaluate resuming its drilling program in the near term or reducing its borrowings.

Related Articles

Egypt: IPR finds oil, gas in Southwest Gebel El-Zeit prospect

03/07/2014 Irving, Tex., independent IPR Inc. has made a discovery in its first drilled well, SWGEZ-5, in its Southwest Gebel El-Zeit concession in the Gulf o...

Guatemala: Atzam oil project advances

03/07/2014 Latin American Resources Ltd. (LAR) has drilled to 1,250 ft and successfully set and cemented the first intermediate 13.375-in. casing string in th...

Lundin completes Barents Sea exploration well

02/21/2014 Lundin Petroleum AB reported through its subsidiary, Lundin Norway AS, that it has completed drilling of its 7222/11-2 well on the Langlitinden pro...

Turkey: TransAtlantic to farmout Idil license

02/20/2014 TransAtlantic Turkey Ltd., a wholly owned subsidiary of TransAtlantic Petroleum Ltd., has reached a farmout agreement with Oslo-based Onshore Petro...

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