ReOil I buying assets in Karnes County
ReOil I LLC agreed to buy certain nonoperated producing properties primarily in Karnes County, Tex., from Alta Mesa Eagle LLC for a total potential price of $210 million in what marked Alta Mesa's second Eagle Ford asset sale within 1 year.
Terms outlined in December 2014 called for Alta Mesa initially to be paid $175 million with an additional $25 million contingent upon drilling 10 upper Eagle Ford shale wells along with another $10 million if the calendar 2016 New York futures strip closes above $80/bbl for two consecutive months in 2015.
Closing was expected in mid-January. The transaction was to have an effective date of Sept. 1, 2014.
Reserves associated with these properties were estimated at 7.3 million boe as of Dec. 31, 2013, with 9% being proved developed.
In March 2014, Alta Mesa sold 15,200 acres in Karnes County to Memorial Production Partners of Houston for $173 million. Alta Mesa Eagle is a subsidiary of Alta Mesa Holdings LP of Houston.
Sabine Oil merges with Forest Oil
Sabine Oil & Gas LLC and Forest Oil Corp. have finalized their all-stock merger, and the combined company operates as Sabine Oil & Gas Corp.
The combination resulted in core positions in the Eagle Ford, North Louisiana Haynesville and Granite Wash.
Matador reschedules its 2015 operational update
Matador Resources Co., Dallas, rescheduled its analyst day to Feb. 5 from Jan. 15, saying it needed more time to provide its full 2015 operational plan, capital budget, and forecasts.
Previously, Matador Resources said it was considering scaling back its Eagle Ford program in 2015 in order to focus more of its capital investment on its Permian basin properties.
As of late 2014, almost all of Matador's acreage in the Eagle Ford shale was held by production and only 6-8 wells need to be drilled to hold any of those leases subject to expiration in the next 15 months. Matador said it might only drill enough Eagle Ford wells necessary to extend its acreage beyond 2015.
Goodrich considers selling some assets
Goodrich Petroleum Corp. of Houston is considering the sale of at least some of its shale assets in the South Texas Eagle Ford.
The board authorized management to explore a possible sale of "all or a portion" of its Eagle Ford assets during the first half of 2015 to give Goodrich more flexibility to expand elsewhere.
In December, Goodrich also outlined 2015 spending plans of $150-$200 million compared with its 2014 budget of $325-$375 million. Executives said 2014 actual spending likely will be at the lower end of that range.
Repsol's Talisman deal yields Eagle Ford acres
Repsol SA agreed to acquire Talisman Energy Inc. of Calgary for $8.3 billion along with assumed debt of $4.7 billion in a transaction that includes acreage in the South Texas Eagle Ford generally considered to be core assets for Talisman.
Talisman has interest in about 74,000 acres in the Eagle Ford, where it has a joint venture with Statoil ASA. The Talisman board already approved the transaction, which represents the largest international deal by a Spanish company in the last 5 years. Repsol is based in Madrid.