Linn Energy LLC closes $1.75B credit facility

Independent oil and gas development and acquisition company Linn Energy LLC has entered into a new $1.75 billion secured revolving credit facility with a $1.75 billion initial borrowing base, with BNP Paribas as administrative agent; Royal Bank of Canada as syndication agent; and Barclays, Calyon, Citibank and Royal Bank of Scotland as co-documentation agents. The new facility extends the maturity more than three years, to August 1, 2012. The company anticipates undrawn capacity of approximately $300 million for the balance of the year, including net cash on its balance sheet.

Macquarie Group to acquire Tristone Capital Global

Macquarie Group is expected to acquire Tristone Capital Global Inc. creating an integrated energy platform offering advisory, capital markets, research, and trading expertise. Tristone will be fully-integrated into Macquarie, with its A&D division to be branded “Macquarie Tristone”. The majority of Tristone’s employees will remain in existing locations and joined by locally-based Macquarie staff. Macquarie Capital’s Northern Hemisphere energy business will be headed by Dan Cristall, and will be chaired by George Gosbee - current chairman, president, and CEO of Tristone. Consideration is expected to be roughly C$116 million in two components. First, C$57 million cash will be paid to vendors upon certain conditions. Second, a subsidiary of Macquarie will pay C$59 million in exchangeable shares to vendors. Exchangeable shares amounting to roughly C$15 million will be held in a retention pool to be allocated to certain Tristone employees joining Macquarie subject to continuing employment. Closing is expected during the 3Q09.

Cabot Oil & Gas combinesthree regions into two, closesCharleston, Denver offices

Houston-based Cabot Oil & Gas Corp. has decided to close both its Charleston, WV and Denver, CO regional offices by the end of summer. The company will open a new regional office in Pittsburgh, PA to handle its Pennsylvania and West Virginia assets, along with overseeing the Rocky Mountain area, from this newly-designated North Region office. Phil Stalnaker, the previous West Region manager, will become North Regional manager. The company’s Gulf Coast assets will be combined with its Mid-Continent assets to form a new South Region to be managed by Matt Reid, currently the Gulf Coast regional manager. With the consolidation of three regions into two, Thomas Liberatore has resigned as vice president, East Region.

Weatherford to acquire TNK-BP Oil Field Services

Swiss-based multi-national oilfield service company Weatherford International Ltd. has agreed to acquire TNK-BP’s Oil Field Services (OFS) enterprises in exchange for 24.3 million shares of Weatherford common stock and other consideration. The transaction is subject to approval from Russia’s Federal Anti-monopoly Service. TNK-BP is Russia’s third largest oil company, 50% owned by BP and 50% owned by AAR (Alfa, Access Renova).

Quicksilver, Eni align to develop gas resources

Fort Worth, Tex.-based Quicksilver Resources Inc., has formed a strategic alliance with Rome, Italy-based Eni for acquisition, development, and exploitation of unconventional natural gas resources in an area covering roughly 270,000 acres surrounding Quicksilver’s Alliance properties in the Fort Worth Basin. Eni will acquire 27.5% of the leasehold interests for $280 million in cash and Quicksilver will be the operator. The transaction does not include Quicksilver’s midstream gathering infrastructure or any of its existing leasehold beyond the Alliance properties. Net proceeds from the transaction will be used to repay Quicksilver’s existing indebtedness. Merrill Lynch & Co. acted as Quicksilver’s financial advisor.

TXCO files Chapter 11

San Antonio, Tex.-based TXCO Resources Inc. and its subsidiaries have filed for Chapter 11 protection in the US Bankruptcy Court for the Western District of Texas. It has asked to continue to conduct business without interruption. The company is seeking approval of an anticipated debtor-in-possession financing. The DIP Term Sheet contemplates that certain lenders would provide to TXCO DIP financing composed of a multiple draw term loan facility in an aggregate principal amount of up to $32,000,000, with an initial $12,500,000 anticipated to be made available on an interim basis.

Houlihan Smith advises business sale to Renewable Energy Group

Investment banking firm Houlihan Smith & Co. Inc. acted as the exclusive financial advisor to Western Iowa Energy LLC and Central Iowa Energy LLC, in their sale to Renewable Energy Group. Central Iowa Energy and Western Iowa Energy are two of three biodiesel plants expected to consolidate with Renewable Energy Group. Blackhawk Biofuels LLC is also involved in the transaction. Ownership of all four companies will be consolidated into a new holding company to be named Renewable Energy Group Inc. The consolidated company will be owned by current Renewable Energy Group investors and current members of the three acquired companies, including Bunge North America, ED&F Man, Natural Gas Partners, NGP Energy Technology Partners, US Renewables Group, West Central Cooperative, and over 1,000 investors. Terms were not disclosed.

EnCana completes $500M debt offering

EnCana Corp. has completed a public offering in the US of US $500 million notes with a coupon rate of 6.50% due May 15, 2019. Net proceeds will be used to repay a portion of its existing bank and commercial paper debt. These debt securities have been assigned a rating of A- by Standard & Poor’s Ratings Services, Baa2 by Moody’s Investors Service and A (low) by DBRS Ltd. Banc of America Securities LLC and Deutsche Bank Securities acted as joint book-running managers.

Diamond Offshore Drilling prices $500M senior notes

Diamond Offshore Drilling has priced the principal amount of its senior notes offering at $500 million. The 5.875% senior unsecured notes are due May 1, 2019 and were offered at 99.851% of the principal amount. The transaction resulted in net proceeds, after deducting underwriting discounts and estimated expenses, of nearly $495.3 million. The company intends to use the net proceeds for general corporate purposes.

SandRidge makes $365.5Msenior notes offering

SandRidge Energy Inc. has priced its private placement of $365.5 million of 9 7/8% Senior Notes due May 15, 2016. The offering was increased from $300 million. The notes were sold at 95.773% of par to yield 10.75% to maturity. Net proceeds from the offering are expected to be used for general corporate purposes, including to repay a portion of the amount outstanding under the company’s revolving credit facility and/or to fund a portion of the company’s 2009 exploration, development, and other capital expenditures.

Berry offers notes, sells East TX midstream assets, ups ‘09 CAPEX

Denver-based Berry Petroleum Co. has priced an underwritten public offering of $325 million aggregate principal amount of senior notes due 2014, which will bear interest at a rate of 10.25% per year. The notes are being sold at 93.546% of par. Berry intends to use the net proceeds to repay in full its second lien term loan and reduce outstanding borrowings under its senior secured revolving credit facility. Wachovia Capital Markets LLC, RBS Securities Inc., BNP Paribas Securities Corp., SG Americas Securities LLC, and Calyon Securities Inc. are acting as joint bookrunning managers. The company recently sold its East Texas gas gathering system to a private party for $18.5 million in cash. Additionally, the company authorized a $32 million increase to its ‘09 CAPEX now totaling approximately $132 million.

Brigham makes offering in hopes of restarting Bakken drilling progam

Brigham Exploration Co. has commenced an underwritten public offering, subject to market and other conditions, of 30,000,000 shares of common stock. The underwriters will have a 30-day option to purchase up to 4,500,000 additional shares of common stock. Proceeds are expected to fund the company’s revised 2009 CAPEX program, including restarting its operated Bakken and Three Forks drilling program in the Williston Basin, and to repay a portion of the outstanding borrowings under its senior credit facility. Credit Suisse Securities LLC and Jefferies & Co. Inc. are acting as joint book-running managers and RBC Capital Markets, Howard Weil Inc., Johnson Rice & Co. LLC, ABN AMRO Inc., Capital One Southcoast Inc., and Natixis Bleichroeder Inc. are acting as co-managers.

Range sells West Texas assets for $182M; makes $300M senior notes offering

Range Resources Corp. is selling its West Texas Fuhrman Mascho properties located in Andrews County, Texas to Energen Resources Corp. for $182 million. After the transaction, Range plans to monetize certain oil hedges associated with the properties with a current mark-to-market value of roughly $8 million. The company also priced an offering of $300 million aggregate principal amount of senior subordinated notes due 2019. The notes will carry a coupon of 8.0% of the principal amount and were priced to yield 8.750% to maturity. Range expects net proceeds to be roughly $278 million and intends to use the net proceeds to pay down its senior credit facility. JP Morgan Securities Inc., Banc of America Securities LLC, and Wachovia Capital Markets LLC acted as joint book-running managers for the senior subordinated notes offering.

Emerson acquires Roxar

Emerson has acquired Roxar ASA to create an integrated automation solutions company whose products span from subsea oil and gas reservoirs, to platform and floating production, to transmission, and ultimately through refining and production of goods. Roxar becomes part of Emerson Process Management, adding subsea reservoir management and production optimization for global upstream exploration and production customers.

Energy trading software provider changes name from TradeCapture to Amphora

Houston-based TradeCapture has become Amphora Inc. The company provides energy trading and risk management solutions in the global crude oil, refined products, and energy derivatives marketplace.

Denbury Resources divests 60% of Barnett shale assets to Talon

Denbury Resources Inc. will sell 60% of its Barnett Shale natural gas assets for $270 million to Talon Oil & Gas LLC, a privately-held company. The purchaser will operate the properties. Proceeds will initially be used to repay the company’s outstanding bank debt. The company’s $1.0 billion bank borrowing base will be redetermined as a result of the sale and will likely decrease, but the bank commitment amount is expected to remain unchanged at $750 million. As part of the transaction, Denbury will transfer natural gas swaps for 2010 totaling 16 MMcf/d at an average price of roughly $5.65 per MMbtu and natural gas swaps for 2011 totaling 13 MMcf/d at an average price of roughly $6.16 per MMbtu.

NGAS expands Devonian play with 56,000 acre farmout

NGAS Resources Inc. has entered into a farmout agreement with Chesapeake Appalachia LLC for a tract of 56,000 gross (42,000 net undeveloped) acres in the southern portion of the Appalachian Basin. The farmout acreage is contiguous to the Amvest portion of the company’s Stone Mountain field in Letcher and Harlan Counties, KY. Chesapeake will continue to own over 100 producing wells and a gathering system that connects to NGAS’ gathering system. Penn Virginia Operating Co. LLC, the royalty owner, and Chesapeake each have participation rights for up to 25% of working interests in the company’s future wells on the acreage. NGAS has an annual drilling commitment of four wells under the farmout, with an additional commitment to drill six vertical Devonian Shale wells by the beginning of June 2009. To meet this initial commitment, NGAS entered an arrangement with a joint venture partner that provides NGAS with a 15% carried working interest in these wells. The has the right to participate in up to 50% of the company’s available working interest in subsequent wells on the acquired acreage.

Cambridge Energy Research Associates changes name to reflect IHS association

In 2004, Cambridge Energy Research Associates (CERA) became part of IHS Inc. Since then CERA has been known as “Cambridge Energy Research Associates/CERA, an IHS Company.” Now, CERA has officially changed its name to IHS CERA or IHS Cambridge Energy Research Associates.