If Brent hits $60 where will TGA be, hardcider? The Russian oil minister said today a price below $60 would not cause them to cut production. Saudis wanted Russian and other small non-OPEC players to cooperate, but seems more like every man for himself.
They seem unconcerned with the price of oil and more interested in cashing out other minor partners who are.
"Arabella Exploration Increases Ownership in Producing Properties
MIDLAND, TX -- (Marketwired) -- 11/24/14 -- Arabella Exploration, Inc. (OTCQB: AXPLF) ("Arabella" or the "Company"), an oil and gas E&P company focused on the Southern Delaware portion of the Permian Basin, today announced that it has acquired additional working interests in its properties from existing working interest holders. Over a series of five separate transactions, the Company acquired approximately 420 net acres and approximately 350,000 barrels of oil equivalent in proved reserves. These reserves are worth in excess of $6.0 million of proved PV10, including approximately $3.5 million of proved developed producing PV10. Across the five transactions, the Company will pay, in the aggregate, approximately $2.2 million and issue 112,250 of its ordinary shares. The Company will be entitled to production and revenue from the acquired working interests beginning from the effective date of November 1, 2014.
"We are excited to have this opportunity," stated Jason Hoisager, CEO of Arabella, "we are firm believers in the value of the Southern Delaware Basin and our land in particular. We are excited to have the opportunity to acquire a greater interest in our wells and leases on what should be accretive terms, and will continue to do so in the future where possible."
With this purchase, the Company will acquire interests in all of its producing wells, Locker State #1H (18.0%), Graham #1H (18.0%), Woods #1H (10.0%), Vastar State #1V (5.0%), Jackson #1H (7.1%) and Emily Bell #1H (1.5%), as well as the drilled, but yet to be completed, Woods #2H (4.5%) and the completed, but currently being re-worked, SM Prewitt #1H (18.0%)...."
Sanchez Energy Announces Significantly Expanded Availability Under Its Revolving Credit Facility
7:00a ET November 20, 2014
"We expect to fully fund our 2015 capital program through cash and cash equivalents on hand and cash flow from operations without drawing down on the Company's revolving credit facility, assuming average oil prices of $80 per barrel and natural gas prices of $3.75 per MMBtu."
(It's the secular $75 barrel and $3.50 gas we'll hopefully be able to hedge.)
6:03a ET November 20, 2014 (Benzinga) Print
Barclays downgrades Denbury Resources, Inc. (NYSE: DNR) from Overweight to Equal-weight and lowers the price target from $15.00 to $11.00.
Sometimes a fresh comp is just a fresh comp--Freud's spelling and composition teacher from the second grade.
I pulled the plug today and will watch and hope for the best for those of you who stay on. This feels like ATPG redux.
The buyback program has always been related to NAV, the forward strip and their hedge book. The buyback program has been suspended because the CEO is concerned about 2016 CL prices and their light hedging for 2016.
The webcast of analyst day today is a must listen for understanding why they are being so conservative with spending and guidance.
With nat gas up 7.5% today and cold to continue, I'm a buyer of PQ at $4.02 because it's ~70% of the production stream with high netbacks. Who cares what institutions did in the quarter ended Sept. 30?
I'd like to see MZ host a web showcase of their companies in early January where Watson and the other CEOs could talk for 30 minutes and answer questions from e-mail, twitter, etc.
Some analyst could just as likely say something positive on the RockPile value given the 40% premium HAL is paying for BHI. Thankfully, oil prices influence only one leg of this stool.
Make the filing Friday afternoon and say nothing would have been the worst case.
I'm not surprised there are some people throwing this back on a weak energy tape, but it appears the sub-$22.50 fear was misplaced.