Halliburton wins Total fluid services contract
Halliburton Co. has been awarded a $140 million contract by Total to continue delivering fluid services in support of its deepwater drilling and completion activities offshore Angola. The contract calls for the provision of services on an average of three deepwater rigs for up to three years.
Quantum invests $100Min Crump Energy
Crump Energy Partners LLC (CEP), newly-formed company set to acquire, exploit, and develop oil and gas properties in the Permian Basin, has received a $100 million investment from Quantum Energy Partners. CEP will focus on acquiring both mature conventional assets with re-completion and enhanced recovery potential and development drilling opportunities. The company's target deal size will range between $10 million and $50 million, with the ability to execute on packages in excess of $200 million.
Saxon Oil engages SMH Capital as financial advisor
Saxon Oil, a Texas-based Canadian company engaged in the acquisition, development, and production of oil and natural gas reserves, has engaged Houston-based SMH Capital Inc. as exclusive financial advisor to consult with and assist the company in identifying, evaluating, and executing one or more strategic alternatives. Saxon owns 240 miles of gas gathering systems in Central Kansas, through its wholly opened operating subsidiary Central Kansas Gas Gathering System. In Italy, Saxon owns a 20% membership interest in AleAnna Resources LLC, which holds a 800,000-plus acreage position in the Po Valley and Bradano Foredeep in Italy. Saxon also owns 100% of Hidrocarburos Del Cantabrico in Spain.
Vantage Drilling secures loan, sells shares to finance Aquamarine Driller
Vantage Drilling Co. has entered into a definitive loan agreement and publicly offered shares to finance the Aquamarine Driller. The lender will provide Vantage with a $100 million term loan. Proceeds will be used to fund the construction, completion, commissioning, and initial start-up costs. Additionally, the company priced a public offering of 48,387,000 of ordinary shares at $1.55 per share. With no over-allotments, the company expects gross proceeds of roughly $75 million. Proceeds are expected to finance the final construction payment for the Aquamarine Driller and for general corporate purposes and working capital. Johnson Rice & Co. LLC acted as book-running manager for the offering.
Newfield to curtail Mid-Continent production
Despite the fact that roughly 75% of Newfield Exploration Co.'s 3Q09 natural gas production is hedged at nearly $8 per Mcf, the company plans to voluntarily curtail about 2.5 bcfe of that production in response to recent low natural gas prices. The curtailments will come primarily from the company's Mid-Continent division. The company still expects its full-year 2009 production to be in the upper half of its previous guidance range of 250-260 bcfe. Newfield has an inventory of approximately 30 uncompleted wells in the Woodford Shale. The timing of well completions is dependent on natural gas prices.
Mainland Resources enters $3.5M bridge loan from Guggenheim
Mainland Resources Inc. has closed on a $3.5 million bridge loan financing with Guggenheim Corporate Funding LLC. An additional $10 million senior secured line of credit is up for negotiation. Proceeds from the loan will be primarily used to fund near-term drilling and completion capital requirements associated with two Haynesville Shale wells in Mainland's East Holly project area and to acquire oil and gas leases related to the company's Mississippi prospect. If the parties decide to pursue the $10 million line of credit facility, Guggenheim will have the opportunity to participate in the project with up to a 10% working interest. SMH Capital Inc. acted as exclusive financial advisor to Mainland.
Select Energy adds to Haynesville capabilities withcompany acquisitions
Select Energy Services LLC, a Gainesville, Texas holding company for wellsite applications support and products companies, has acquired C&S Service and Supply LLC and PenRob Well Service Co. LLC both of Jonesville, Tex. The two companies add a combined $75 million in annual revenue to Select. C&S Service and Supply, which will be re-branded as Select Tank Trucks, and PenRob Well Service add water and brine hauling services, wellsite construction, pipeline construction, roustabout, well servicing, supply store and frac tank rental services to Selects product and service portfolio. The two companies give Select a large presence in the heart of the Haynesville Shale.
LINN Energy buys $118Min Permian Basin properties
LINN Energy LLC signed two definitive purchase agreements to acquire certain oil and natural gas properties in the Permian Basin located in West Texas and New Mexico for a combined contract price of roughly $118 million. Closing of both transactions is expected before October 1, 2009, and will be financed with borrowings under LINN Energy's existing credit facility. Current net production of the properties is roughly 1,350 boe/d with proved reserves of more than 12 MMboe (roughly 86% oil and 58% proved developed).
Parker Wins third contract for BP's Liberty Rig on North Slope
Parker Drilling has won an initial two-year Operations and Maintenance (O&M) contract for BP's Liberty rig, a land-based rig designed to drill ultra-extended-reach wells to offshore targets in the Liberty field from the North Slope. The contract is the third phase of the Liberty field development project awarded to Parker. Phase one was a technical service project awarded in 2006 by BP to provide a conceptual design for the purpose-built rig, and phase two was the construction and commissioning contract, awarded in 2008. The Liberty rig arrived at the drilling site in July after being transported via barge.
Oceaneering secures Petrobras umbilical global supply contract
Houston-based Oceaneering International Inc. has secured a contract with estimated revenue in the range of $44 million to $64 million from Petrobras Netherlands BV, a subsidiary of Petróleo Brasileiro SA. The contract is an umbilical global supply order for four exploration and production business units offshore Brazil; Product manufacturing is scheduled to be completed by late 2010.
Welltec expands into Marcellus with new operating facility
Welltec Inc., an international oil and gas service provider, has opened an operating facility in the Marcellus Shale region. Welltec provides wire-line deployed conveyance technologies for horizontal and deviated wells. Welltec's self-propelled robotic technology known as the "Well Tractor" assists operators in deploying intervention tools in oil and gas wells without the use of drill pipe or coil tubing. The company will be providing a mechanical services platform in the region due to the various completion methods used throughout the Appalachian Basin.
Amegy Bank holding company raises $123.5M in stock offering
Zions Bancorp., the holding company for Houston-based Amegy Bank of Texas, has completed a common stock offering. The company issued 7.6 million shares at an average price of $16.13 a share, for gross proceeds of $123.5 million.