Tuesday, May 17, 2011

CrownQuest sells Permian Basin package possibly valued at $350 to $450 million

CrownQuest Operating has completed the sale of 7,910 net acres possibly valued at $350 to $450 million. The land is located in Howard and Mitchell Counties in the Permian Basin.

This is significant news for Lynden Energy since they own a 50% share in a 100,000 acre ranch in Mitchell County. CrownQuest is their partner and owns the other 50%.

Thursday, May 12, 2011

W&T completes Permian Basin Acquisition

W&T Offshore, Inc. announced that it has completed the purchase of 21,500 net acres for $366 million. This exceeds $17,000/acre for land with 27 million barrel equivalents proven and 26 million barrel equivalents of probable reserves.

Thursday, May 5, 2011

Pioneer Resources conference call

Pioneer Resources had their conference call today. Here are some of the highlights.

- Early 20 acre well spacing is exceeding expectations and the 110,000 barrel type curve. They believe the Spraberry and Wolfcamp shale are causing the increased production and are now estimating a 140,000 barrell curve.

- Strawn is adding to reserves. Atoka is in being tested.