Approach closes on sale of southern Midland oil line interests | Oil & Gas Journal

Fort Worth-based independent Approach Resources Inc. and partner Wildcat Permian Services LLC have closed on the previously reported sale of Wildcat to an affiliate of JP Energy Development LP for $210 million in cash. Cash proceeds to Approach are expected to be $108 million.

Approach’s core operations, production, and reserves are in the Permian basin in West Texas. The company operates 152,000 net acres in the Permian, targeting multiple oil and liquids-rich formations.

In January 2011, Approach added to its 109,000-net-acre position in the southern Midland basin by purchasing 10,900 contiguous net acres in northeastern Crockett County, Tex., from undisclosed private sellers (OGJ Online, Jan. 27, 2011).

More in Companies

Oilfield Service Technology Pitfalls And how to avoid them.

Oilfield Service Technology Pitfalls And how to avoid them.

Oilfield service is a tricky business for a number of reasons. But fluctuating demand driven by commodity prices are the root cause behind a number of the challenges executives in this industry face

Tag Oil, Tamarind extend closing date on NZ assets sale

Tag Oil has agreed with Tamarind Resources to extend the closing date of the deal by which it would sell substantially all of its New Zealand assets and operations.

Oliver named chief executive officer of Tethys Petroleum

Clive Oliver has been named chief executive officer of Tethys Petroleum Ltd. after the company’s current CEO, Mattias Sjoborg, has decided to step down. Sjoborg will remain a member of the company’s board.

Enterprise reports promotions, new executives

Enterprise Products Partners LP has reported several promotions and new executive appointments.

Concho sells New Mexico Shelf assets for $925 million

Concho Resources Inc., Midland, Tex., has agreed to sell its assets in the New Mexico Shelf to an affiliate of KKR-backed Spur Energy Partners LLC for $925 million.

Tullow Ugandan project farm-down agreement to expire

Tullow Oil PLC said its final investment decision for the Lake Albert joint venture development in Uganda will likely be delayed as a farm-down agreement with Total SA and CNOOC will expire Aug. 29 and the agreement terminated.

WoodMac: M&A shake-up due for Australian E&P industry

A mergers and acquisitions shake-up could be on the horizon for the Australian upstream industry, said Wood Mackenzie, which identified a potential $32 billion in assets that could change hands in the next few years.

Obsidian terminates sale of Peace River Oil interest

The agreement providing for the sale of Obsidian Energy Ltd.’s 55% interest in the Peace River Oil Partnership to Highwood Oil Co. Ltd., Calgary, for $97 million (Can.) has been terminated.

Hilcorp to acquire BP’s Alaska business in $5.6-billion deal

Hillcorp Alaska has entered into a deal to acquire the entirety of BP Alaska’s operations and interests for $5.6 billion. Under the deal's terms, Hilcorp’s payment will comprise $4 billion payable near-term and $1.6 billion through an earnout thereafter.

Stephens named interim CEO at Panhandle Oil & Gas

Chad L. Stephens will serve as interim chief executive officer of Panhandle Oil & Gas Inc., Oklahoma City. Paul F. Blanchard Jr. has stepped down as a member of the board and as president and chief executive officer of the company.

Qatar Petroleum to farm into Namibia blocks

Adding to its international exploration program, Qatar Petroleum signed a deal with Total to acquire interests in two blocks offshore Namibia. Total will transfer to QP a 30% interest in Block 2913B and a 28.33% interest in Block 2912.

PDC Energy to acquire SRC Energy in $1.7-billion deal

PDC Energy Inc. has agreed to acquire SRC Energy Inc. in an all-stock transaction valued at $1.7 billion, including SRC’s net debt of $685 million.

Savannah gets nod to acquire Seven Energy

Savannah Petroleum, London, has received approval from the Nigerian Department of Petroleum Resources to acquire restructured assets of Seven Energy International Ltd., an oil and gas producer and midstream company operating in southeastern Nigeria.

Pembina Pipeline to acquire Kinder Morgan Canada

Pembina Pipeline Corp. has agreed to acquire Kinder Morgan Canada Ltd. (KML), including the 70% majority voting interest held by Kinder Morgan Inc. (KMI) as well as the US portion of the Cochin Pipeline, from KMI for $4.35 billion (Can.).