Petroleum industry
EXCO Resources, Inc. announced the completion of its purchase of certain oil and gas assets in Natchitoches Parish, Louisiana from Western Gas Resources, Inc. The assets include the Black Lake Unit and the Black Lake processing and treating facilities. The purchase price of $7.8 million was paid in cash,
Petroleum industry
Western Gas Resources, Inc. has successfully completed the sale of its 69% interest in the Black Lake Unit, including processing and treating facilities, to EXCO Resources, Inc. for $7.8 million. The transaction is expected to result in a pre-tax loss of approximately $6.5 million, or $0.13 per
Petroleum
EXCO Resources, Inc. announced the closure of a previously disclosed sale of its interest in certain properties located in Louisiana, resulting in a substantial cash influx. The sale, valued at $18.7 million with an additional $800,000 in property, is expected to generate a pre-tax gain of approximately $5.
Petroleum
Noble Drilling Corporation, in collaboration with its subsidiaries Noble Drilling Services Inc. and Noble Drilling (U.S.) Inc., has taken legal action against Samedan Oil Corporation and Mariner Energy, Inc. for breach of contract. This move comes as Noble Drilling has been focusing on expanding its fleet of rigs capable
Gas industry
Business leaders and entrepreneurs in the southern United States achieved significant milestones on January 7, 2000, with numerous announcements and developments that highlighted the region's economic growth and innovation. This day saw the merger of major companies, the launch of new technologies, and the recognition of outstanding achievements
Gas industry
Calpine, a leading independent power company, has made a strategic move to acquire 90 billion cubic feet of proven natural gas reserves from Tulsa-based Vintage Petroleum for approximately $71.5 million. This acquisition has positioned Calpine as one of the largest natural gas producers in California's Sacramento Basin.
Petroleum industry
Anadarko Petroleum Corporation, in partnership with SONATRACH, LASMO, and Maersk, has signed an addendum to the Engineering, Procurement & Construction (EPC) contract with Brown & Root-Condor for the development of Stage II facilities for the Hassi Berkine South (HBNS) Field in Algeria. This expansion will significantly increase the company'
Petroleum industry
Regulators and major oil companies are planning the largest auction of oil and gas properties in history, with properties ranging from thousands of acres of leases on Alaska's North Slope to neighborhood service stations on the block. The sales are expected to total a massive $30 billion or
Petroleum industry
Equitable Resources, a leading energy company, has announced the completion of its acquisition of Carnegie Natural Gas Company and its affiliated subsidiaries from USX-Marathon Group. The sale, which was effective December 15, 1999, marks a significant expansion of Equitable's energy distribution and production business in the Appalachian region.
Petroleum industry
Last week's modest decline in the US stock market was mirrored in the performance of US oil and gas equities, which fell for the second consecutive week. The Oil Daily Composite Index dropped 1.8% on the week, with the Dow Jones Industrial Average slipping 0.5% to
Petroleum
Consolidated Natural Gas Company announced that its exploration and production subsidiary, CNG Producing Company, has acquired an interest in the West Broussard field located in Lafayette Parish, Louisiana. The field, which has been producing since August 1998, is a significant addition to the company's Louisiana operations, which include
Petroleum industry
Tidelands Oil & Gas Corporation, a 17-year veteran of oil and gas development in Southwest Texas, has signed a contract with Genesis Oil & Gas Company to develop a large oil and gas project. The project, which involves the drilling of 160 wells, is expected to generate substantial gross and
