Lime Rock Resources II closes with $410 million in capital commitments

Lime Rock, a private equity firm focusing on the global energy sector, has closed Lime Rock Resources II with $410 million in total capital commitments. Lime Rock Resources II will seek to acquire, directly operate, and improve lower-risk oil and gas properties in the US. Together with the Lime Rock Partners funds, Lime Rock now manages private equity funds with $3.9 billion in total capital commitments.

Petrobras executes loan agreement with China Development Bank

Petrobras signed the final agreements with the China Development Bank Corp., regarding the US$10 billion loan, with a 10-year tenor, which had been under negotiation since May 2009. Proceeds will be used to fund the company's 2009-2013 business plan and will be received in tranches.

Swift, Petrohawk to jointly develop Eagle Ford Shale

Swift Energy Co. and Petrohawk Energy Corp. will jointly develop and operate an approximate 26,000 acre portion of Swift Energy's Eagle Ford Shale acreage in McMullen County, Tex. Swift received roughly $26 million in cash consideration. Petrohawk will also fund roughly $13 million of capital expenditures on Swift's behalf within the first 12 months of the JV. Any amount not spent during the first 12 months will be paid to Swift as cash consideration. Swift retains a 50% interest in the joint venture that calls for joint development of the acreage located in Swift AWP field and covers leasehold interests beneath the Olmos formation (including the Eagle Ford Shale formation) extending to the base of the Pearsall formation. Petrohawk will serve as operator during the drilling and completion phase and Swift will operate the wells drilled once they have entered the production phase. The appraisal drilling program will begin before the end of 2009 with an acceleration of activity anticipated in 2010.

Scorpion secures financing for Offshore Mischief payment

Scorpion Offshore Ltd. has secured financing of $27.7 million to be used to meet the current progress payment under the Offshore Mischief construction contract. The six month unsecured note is being provided by the company's largest shareholder, Seadrill Ltd., at a coupon of 16% per annum. The final remaining payment of $26.1 million is due at delivery of the Offshore Mischief, scheduled for April 30, 2010. The Offshore Mischief is currently being marketed for sale. The sale would eliminate any requirement for any additional company funding and provide the necessary funds to repay the note.

TPH Partners creates Storm Peak Energy

TPH Partners LP, the private equity arm of Tudor, Pickering, Holt & Co. has once again invested in the energy space with the creation of Storm Peak Energy, a Midland, Tex.-based energy company that will work in the Permian Basin area to acquire, develop and exploit area resources. The company is headed by David Cox, who serves as president and lead reservoir engineer; Bill Coggin as CFO; and Mark Ellerbe as vice president of operations. TPH Partners is a majority owner and will contribute at the board of directors' level. Storm Peak is partnering with another established operator on the exploitation of an acreage block in one of the Basin's horizontal oil plays.

Toreador Resources retains RBC Capital Markets

Toreador Resources Corp. has hired RBC Capital Markets and formed a special board committee to review the company's strategic alternatives. The strategic committee, led by vice chairman Julien Balkany, includes five of the company's independent directors. RBC Capital Markets will act as the company's financial advisor.

FMC completes DDS acquisition

FMC Technologies Inc. has completed the acquisition of Direct Drive Systems Inc. (DDS). Based in Fullerton, California, DDS develops and manufactures high-performance permanent magnet motors and bearings for the oil and gas industry. Purchase price for the former Calnetix Inc. subsidiary was roughly $120 million in cash.

Imperial Capital LLC acquires Petrobridge, ups energy presence

Imperial Capital LLC, a full-service investment banking firm, has acquired Petrobridge Investment Management LLC, an advisory firm specializing in the traditional energy sector. In conjunction with the acquisition, Imperial Capital has acquired an office in Houston. The Petrobridge team will include the following additions to Imperial Capital's Investment Banking Group: Mike Keener, managing director; Rob Lindermanis, managing director; Todd Dittmann, managing director; Justin Teltschik, vice president; Richard Parrish, vice president; and Kim Murphy, executive assistant.

Weaver and Tidwell launches new name, brand identity

Weaver and Tidwell LLP has a new identity. The firm has been renamed Weaver. The new name, brand identity, and logo, officially unveiled October 23, will be seen throughout the firm's five Texas offices. The identity will be adopted by both the CPA firm, and its affiliate financial advisory firm, Weaver Tidwell Wealth Management. The rebranding initiative included partnering with brand strategy and design firm, Greenfield Belser.

Newfield offers $223M for TXCO assets

After filing bankruptcy in June, TXCO Resources Inc. has agreed to sell a large portion of its assets for $223 million to Houston-based Newfield Exploration Co. The purchase price is to be paid in cash at closing with no financing contingencies. Newfield has agreed to an earnest money deposit of $20 million.

OpenLink named to 2009 FinTech100, acquired by Carlyle Group

Open Link Financial Inc., a provider of cross-asset trading, risk management and operations processing software, has been positioned among the top 100 vendors by Financial Insights and American Banker in the FinTech 100 rankings as a leading technology and service provider to the global financial services industry. The FinTech 100 was created to review technology providers to global financial services companies. Recently, global private equity firm The Carlyle Group agreed to acquire OpenLink from middle market private equity firm TA Associates. Terms were not disclosed. The transaction is expected to close in the fourth quarter.

Rise Energy to bid $18.7M on newly-bankrupt Teton

Denver-based Teton Energy Corp. has filed for Chapter 11 bankruptcy protection. The oil and gas exploration and production company has also has filed a proposed reorganization plan that would allow Dallas-based Rise Energy Partners II LLC to purchase its assets for $18.7 million. The filing reported total assets of roughly $24.2 million and total debts of $44.3 million. If Rise Energy Partners is the highest bidder in the bankruptcy auction, it will acquire 100% of the membership interests of the reorganized Teton, which will be a limited liability company. The $18.7 million purchase price would consist of $11.7 million in cash and $7 million in the form of a loan.

Privately-held TARC completes new $15M loan, amends existing $160M loan

TARH E&P Holdings LP, an affiliate of privately-held Texas American Resources Co. completed a new $15 million first lien first out term loan due June 2012. Net proceeds will primarily be used to accelerate the company's development capital expenditure program and to repay accrued interest. In addition, TARH has negotiated an amendment to its existing $160 million first lien term loan with its lenders. Austin-based Texas American Resources Co. is focused on the acquisition and exploitation of proved or near proved properties in Texas and the Rocky Mountain region.

ATP credit facility amendment provides additional flexibility

ATP Oil & Gas Corp. has added flexibility to its term loans by widening its covenants for the reporting periods from December 31, 2009 through December 31, 2010. Since December 2008 ATP's Tranche B-2 Term Loan has been reduced from $600 million to $161 million. General terms of the amendment expand the Net Debt to EBITDAX ratio from 3.0x to 4.0x, the EBITDAX to Interest ratio from 2.5x to 2.0x and the current ratio from 1.0x to 0.8x. During the period of the expanded covenants, the spread on the rate for ATP's Term Loans will increase by 2.75% falling to 1.00% for the period beginning in January 2011. ATP paid an initial fee to the lenders of a half percent at closing. Credit Suisse acted as sole lead arranger for the amendment.

StatoilHydro changes name, adopts new visual identity

StatoilHydro ASA has officially changed its name to Statoil ASA. The new visual identity is based on a constellation and refined to a lodestar as Statoil's new symbol. All parts of the group will use the new identity with the exception of its service station network, which retains its existing Statoil logotype.

Growing globally, Ensco moves headquarters to United Kingdom

Ensco International Inc. plans to relocate its legal domicile from Delaware to the UK, where the corporate headquarters would be relocated. The plan is expected to benefit the company by enhancing access to European institutional investors, and allow it to benefit from the UK's developed tax regime and extensive tax treaty network. The new UK parent company will be named Ensco International plc (Ensco UK).

IHS enters distribution agreement with Labrador Technologies

IHS Inc., a global source of information and insight, and Labrador Technologies Inc. (LTI) have entered a global strategic agreement to distribute Labrador's eTriever web application bundled with IHS Canadian Oil and Gas Critical Information. IHS has the exclusive ability to offer eTriever combined with any oil and gas data on a worldwide basis.

RedHawk Energy acquires Xxtreme Group

RedHawk Energy Corp. has acquired 100% of the membership interests of Texas-based Xxtreme Pipe Services LLC, Xxtreme Pipe Storage LLC, Xxtreme Tubular Processors LLC and Wolf Pack Rentals LLC. (collectively, the Xxtreme Group) for $66 million in cash, preferred stock and assumed debt. For the twelve month period ended December 31, 2008, Houston-based Xxtreme Group reported net income of roughly $11.1 million on revenue of nearly $36.4 million. Additionally, RedHawk named Thomas J. Concannon as its senior vice president. Concannon has more than 20 years of energy industry experience and previously served as vice president and CFO of Geokinetics Inc.

Black Elk Energy acquires 320,000 gross acres in GoM

Black Elk Energy Offshore Operations LLC, a subsidiary of Houston-based Black Elk Energy LLC, has acquired multiple properties in the Gulf of Mexico. The purchase includes over 35 fields and 350 wells in water depths ranging up to 1,850 feet. The acquisition encompasses an estimated 320,000 gross acres in the Gulf of Mexico. Black Elk Energy estimates that the fields hold 25 bcfe of proven reserves with 3P potential of 80 bcfe, 43% of which are liquids. Current net acquired daily production for the acquisition is 1,400 barrels of oil and 19.0 million cubic feet of gas. The purchase price was not disclosed. Also included in the transaction are interests in three processing plants, four separation facilities, and thirteen export pipeline segments.

Talisman increases Marcellus, Montney shale acreage

Canadian Talisman Energy Inc. has increased its landholdings in the Marcellus and Montney shale plays. The company expects a significant increase in drilling and production in the Marcellus shale next year and plans to move segments of its Montney shale play to commercial development at the beginning of next year. In the two plays, the company has added 170,000 net acres through a combination of acquisitions and swaps for C$570 million. The company now holds nearly 350,000 net acres of Tier 1 land in these two areas, with the potential for 4,800 net drilling locations. Additionally, the company has restructured its North American operations into two businesses, shale and conventional. Jim Fraser, who has headed the company's Marcellus program, will be in charge of the shale business. Jonathan Wright, who has led Talisman's business in Malaysia, will run the conventional operations. In total, Talisman currently holds 214,000 net acres in the Pennsylvania Marcellus. In the Montney, the company expects to complete 20 pilot wells this year (11 horizontal). Segments of the play are expected to become commercial at the beginning of 2010. Talisman started the year with 178,000 acres in the Montney shale. In total, Talisman currently holds 270,000 net acres in the play.

PDC, Lime Rock form JV to develop Marcellus Shale

Petroleum Development Corp. (PDC) and Lime Rock Partners have formed PDC Mountaineer LLC, a joint venture principally focused in the Marcellus shale region. PDC will contribute acreage, producing properties, reserves and related gathering assets valued at roughly $158.5 million. Lime Rock funded $45 million as a return of capital at closing, and PDC has an option to take a second cash contribution of $11.5 million by year-end 2010. Subject to agreement provisions, Lime Rock has an obligation to fund in full by December 31, 2011 to earn a 50% interest in the joint venture. Lime Rock anticipates it will satisfy its funding obligation by early-to-mid 2011, at which time all costs and capital investment in the JV will be shared equally. PDC will contribute nearly 115,000 net acres in the Appalachia Basin, of which roughly 55,000 acres are considered to be prospective in the Marcellus. The acreage has roughly 12 MMcf/d of current production, 113 bcfe of total proved reserves as of the end of 2008, primarily attributable to the shallow Devonian sands. Dewey Gerdom has been appointed CEO of the JV. He previously served with the company as vice president - eastern operations. The JV will be headquartered in Bridgeport, West Virginia. The JV is planning to drill its initial horizontal well in 1Q10.

Blacksands acquires US gas well asset

Blacksands Petroleum Inc. has acquired Pioneer Natural Resources USA Inc.'s J.E. Pettus Gas Unit located in Goliad County, Tex. The Gas Unit includes four active producing gas wells on 3688.77 acres in the Gulf-Coast Wilcox trend for roughly US$400,000. The acquisition marks Blacksands' first in the US. BSPE will be the operator with a 100% leasehold working interest in the gas unit's current production that is between the surface and 8,500 feet below surface. BSPE has a 10.67% leasehold working interest for production lower than 8,500 feet below the surface. Joint interest partners for gas production below 8,500 feet are XTO Energy Inc. (35%), ConocoPhillips Co. (45.67%), and Anadarko Petroleum Corp. (8.66%).

El Paso outlines plan to improve financial flexibility

El Paso Corp. has put together a plan of action designed to improve the company's financial flexibility to fund its core businesses. The company has identified specific actions that will generate $150 million of annual operating and administrative cash savings. These actions include, among others, reducing internal costs and improving cost efficiencies from leveraging a consolidated supply chain organization. The Houston-based company intends to sell an additional $300 million to $500 million of assets during 2010. A reduction in the company's quarterly dividend from $.05 to $.01 per share will result in an approximate $112 million annual cash savings.

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