Energen buying more Wolfberry assets

By OGJ editors

Energen Resources Corp.  agreed to acquire proved, undeveloped oil and natural gas liquids assets in the Permian basin's Wolfberry play from a private seller for $65.8 million. The Birmingham, Ala., independent also plans to cut its gas production this year because of low gas prices.

The acquisition, expected to close by Feb. 29, will add 3,200 net acres to its Wolfberry position, said the company, adding that it has no plans to develop the assets before 2013.

Energen Resources previously said 54% of its proved reserves are in the Permian basin. More than half of the company’s yearend proved reserves are liquids (Oil & Gas Journal Online, Jan. 26, 2012).

Regarding its budget, Energen plans to cut $45 million from its planned investment in the San Juan basin where Energen expects to have completed drilling its highest-return gas wells by mid-year. Energen will not drill there after June 30.

The company's 2012 revised budget allocates $890 million for drilling and development with $415 million of that to be invested in the Wolfberry play.

Related Articles

BHI: North Dakota, Williston spur continued decline in US rig count

12/19/2014 The US drilling rig count dropped 18 units to settle at 1,875 rigs working during the week ended Dec. 19, pushed down by losses in North Dakota and...

Encana to focus spending on four core shale assets in 2015

12/16/2014 Encana Corp., Calgary, reported plans to spend $2.7-2.9 billion on its capital budget with roughly 80% of this total directed towards four of what ...

BHI: US rig count forced down by large losses in Texas

12/12/2014 Forced down by large losses in Texas and specifically the Permian basin, the US drilling rig count plummeted 27 units to settle at 1,893 rigs worki...

More West Texas gathering, processing to come onstream

12/09/2014 EagleClaw Midstream Services LLC, Midland, Tex., has bought natural gas gathering and processing in Reeves County, Tex. The company declined to ide...

ConocoPhillips slashes 2015 capital budget

12/08/2014 ConocoPhillips has elected to reduce its 2015 capital budget to $13.5 billion, down 20% compared with this year’s budget. The news comes on the hee...

Plains All American to expand Cactus pipeline takeaway capacity

11/25/2014 Plains All American Pipeline LP (PAA) plans to provide additional pumps to increase the takeaway capacity of the Cactus pipeline in response to hig...

Encana completes acquisition of Athlon Energy

11/13/2014 Encana Corp. now holds a premier 140,000 net acre spread in the oil-rich Permian basin after successfully acquiring Fort Worth-based Athlon Energy ...

BHI: US rig count down slightly during October, past week

11/07/2014

The US drilling rig count dropped 4 units to settle at 1,925 rigs working during the week ended Nov. 7, Baker Hughes Inc. reported.

PAA to buy BridgeTex interest from Oxy in $1.075 billion deal

11/06/2014 Plains All American Pipeline LP (PAA) and Plains GP Holdings LP have signed an agreement with Occidental Petroleum Corp. to purchase Oxy’s 50% inte...

White Papers

AVEVA NET Accesses and Manages the Digital Asset

Global demand for new process plants, power plants and infrastructure is increasing steadily with the ...
Sponsored by

AVEVA’s Approach for the Digital Asset

To meet the requirements for leaner project execution and more efficient operations while transferring...
Sponsored by

Diversification - the technology aspects

In tough times, businesses seek to diversify into adjacent markets or to apply their skills and resour...
Sponsored by

Engineering & Design for Lean Construction

Modern marketing rhetoric claims that, in order to cut out expensive costs and reduce risks during the...
Sponsored by

Object Lessons - Why control of engineering design at the object level is essential for efficient project execution

Whatever the task, there is usually only one way to do it right and many more to do it wrong. In the c...
Sponsored by

Plant Design for Lean Construction - at your fingertips

One area which can provide improvements to the adoption of Lean principles is the application of mobil...
Sponsored by

How to Keep Your Mud System Vibrator Hose from Getting Hammered to Death

To prevent the vibrating hoses on your oilfield mud circulation systems from failing, you must examine...
Sponsored by

Duty of Care

Good corporate social responsibility means implementing effective workplace health and safety measures...
Sponsored by

Available Webcasts


On Demand

Optimizing your asset management practices to mitigate the effects of a down market

Thu, Dec 11, 2014

The oil and gas market is in constant flux, and as the price of BOE (Barrel of Oil Equivalent) goes down it is increasingly important to optimize your asset management strategy to stay afloat.  Attend this webinar to learn how developing a solid asset management plan can help your company mitigate costs in any market.

register:WEBCAST


Parylene Conformal Coatings for the Oil & Gas Industry

Thu, Nov 20, 2014

In this concise 30-minute webinar, participants have an opportunity to learn more about how Parylene coatings are applied, their features, and the value they add to devices and components.

register:WEBCAST


Utilizing Predictive Analytics to Optimize Productivity in Oil & Gas Operations

Tue, Nov 18, 2014

Join IBM on Tuesday, November 18 @ 1pm CST to explore how Predictive Analytics can help your organization maximize productivity, operational performance & associated processes to drive enterprise wide productivity and profitability.

register:WEBCAST


US HYDROCARBON EXPORTS Part 3 — LNG

Fri, Nov 14, 2014

US LNG Exports, the third in a trilogy of webcasts focusing on the broad topic of US Hydrocarbon Exports.

A discussion of the problems and potential for the export of US-produced liquefied natural gas.

These and other topics will be discussed, with the latest thoughts on U.S. LNG export policy.

register:WEBCAST


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