Penn Virginia buys into Eagle Ford with $31.1M

Penn Virginia Corp. has acquired roughly 6,800 net Eagle Ford Shale acres located primarily in Gonzales County, Texas for $31.1 million. The acquisition was funded with cash on hand. The acreage is estimated to contain over 40 horizontal well locations, with the company holding an average working interest of 73% (net revenue interest averaging approximately 55%). Penn Virginia completed the transition to a "pure play" E&P company in June, when it sold its remaining interests in Penn Virginia GP Holdings LP at a pre-tax gain of $84.7 million.

Quorum gets capital from The Carlyle Group, Riverstone Holdings

Quorum Business Solutions Inc., a provider of business and information technology solutions for the oil, gas, and renewable energy industry, has received capital investments from The Carlyle Group, a global alternative asset manager, and Riverstone Holdings LLC, an energy-focused private equity firm. Financial terms were not disclosed. R. Scott Leeds, the company's president and a co-founder, was named CEO, succeeding co-founder Paul Weidman, who remains chairman. Quorum veteran and former chief commercial officer, Perry Turbes, has assumed the title of COO. Acquisition financing was arranged by Silicon Valley Bank. Quorum was advised by Revolution Partners, a division of Morgan Keegan & Co. Inc., and Hogan Lovells US LLP. The Carlyle Group and Riverstone Holdings LLC were advised by PricewaterhouseCoopers and Latham & Watkins LLP. Equity capital for the transaction came from Carlyle Growth Partners III LP, Carlyle's North American growth equity fund; Riverstone/Carlyle Global Energy & Power Fund IV LP; and management.

Oilsands cancels oil shale asset sale to Canshale

Oilsands Quest Inc. has cancelled the sale of its oil shale assets located near Pasquia Hills, Saskatchewan to Canshale Corp. Canshale was unable to raise a minimum of CDN$12.5 million by July 30 — a condition of the agreement. Total consideration for the sale would have been CDN$1 million in cash and 10 million shares of Canshale.

Wapiti pays $130M for Delta Petroleum assets

Wapiti Oil & Gas LLC has purchased $130 million in assets from Delta Petroleum Corp. The acquisition includes all of Delta's acreage position in Laramie County Wyoming in the Niobrara section of the DJ Basin, and Eagle Ford Shale acreage in Atascosa and McMullen Counties, Texas. Also included is a position in the Garden Gulch Development Project in the Piceance Basin. Wapiti Oil & Gas LLC, an affiliate of Houston based Wapiti Energy LLC, is a privately held E&P company. In conjunction with the acquisition, Wapiti added a group of strategic equity investors, including Zell Credit Opportunities Master Fund LP and Mantucket Capital.

Devon finalizes Azerbaijan asset sale to BP for $2B

Oklahoma City-based Devon Energy Corp. has completed the sale of its ACG field located offshore Azerbaijan in the Caspian Sea to BP for $2 billion. Devon's current production from the ACG field is nearly 17 thousand barrels of oil per day. The sale is one of the last parts of Devon's strategic repositioning to focus on its North American onshore assets.

Select Energy Services expands in Haynesville

Gainsville, Tex.-based Select Energy Services LLC, an oil service and supply company, has acquired Kerkis LLC, doing business as Rebel Well Testing and Rental. Rebel is an oil service company based in Troup, Tex. that specializes in well testing and flowback services for high-pressure oil and gas wells. Founded in 2005, the company provides its services throughout the continental US with primary concentration in the Haynesville, Barnett, Marcellus, and Bakken shales. The acquisition adds roughly $15 million of revenue and 60 employees to Select. Chris Bruegger, Rebel's founder, will remain with Select as a shareholder and the Service Line vice president for Flowback Services.

Nabors Industries to acquire Superior Well Services

Onshore contract drilling firm Nabors Industries Inc. will acquire oilfield services company Superior Well Services Inc. in an all-cash transaction for $22.12 per common share, or $900 million. Should the transaction not close, Superior Well Services may be required to pay Nabors a $22.5 million termination fee and reimbursable expenses of up to $5 million. UBS Investment Bank and Milbank, Tweed, Hadley & McCloy LLP acted as advisors to Nabors, while Simmons & Co. International and Latham & Watkins LLP advised Superior Well Services. Standard & Poor's placed its ‘BBB+' corporate credit and issue-level ratings on Nabors on CreditWatch with negative implications. The rating comes as financing for the transaction has yet to be announced.

Regency Energy Partners to acquire Zephyr Gas Services

Regency Energy Partners LP plans to acquire Houston-based Zephyr Gas Services for $185 million, funded under its revolving credit facility. Zephyr's assets closely align with Regency's Gathering and Processing and Compression segments. Regency expects to integrate Zephyr's management into its Contract Compression segment.

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