TODAY, NOVEMBER 14, 2014
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YESTERDAY, NOVEMBER 13, 2014
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Surprise 3Q Profit for Swift Energy; View Muted -- Market TalkFont size: A | A | A
6:08 AM ET 11/6/14 | Dow Jones
6:08 EST - A surprise 3Q profit from Swift Energy (SFY) as the oil-and-gas producer gain raises 2014 output estimates. That as amid the slump in oil prices, initial plans are for 2015 capital spending to be much less than this year at $240-260M, versus initial plans for 2014 at $300-$350M. For now, that would mean little change next year's output than this year. "That said we have identified additional discretionary projects that can be funded should crude-oil and natural-gas prices strengthen," says CEO Terry Swift. Spending will be focused on SFY's South Texas assets.
Penn Virginia Corporation Announces Borrowing Base Increase to $500 Million and Financial Liquidity in Excess of $620 Million
8:00 AM ET, 10/24/2014 - GlobeNewswire
RADNOR, Pa., Oct. 24, 2014 (GLOBE NEWSWIRE) -- Penn Virginia Corporation (NYSE:PVA) announced today that its bank group has approved an increase in the borrowing base under PVA's senior secured credit facility from approximately $438 million to $500 million. PVA's financial liquidity, inclusive of the expanded borrowing capacity and its $124 million cash balance as of September 30, 2014, is in excess of $620 million. The 14 percent increase in the borrowing base is the result of PVA's ongoing and successful Eagle Ford Shale drilling program and the increased value of proved reserves.
Under the terms of the credit facility, which matures in September 2017, the bank group re-determines the borrowing base semi-annually utilizing the banks' estimates of reserves and future oil and gas prices.
H. Baird Whitehead, President and Chief Executive Officer stated, "We are very pleased to announce the increase in our borrowing base to $500 million, which was above our expectations. The increased borrowing base improves our liquidity position and enhances our ability to capitalize on the opportunities in the Eagle Ford Shale."
The bank group is comprised of 12 banks, led by Wells Fargo Bank, N.A., which serves as administrative agent of the credit facility.
Susquehanna Starts Penn Virginia (PVA) at Neutral
5:15 PM ET, 10/22/2014 - StreetInsider
Susquehanna initiated coverage on Penn Virginia (NYSE: PVA) with a Neutral rating and a price target of $9.00. For an analyst ratings summary and ratings history on Penn Virginia click here.
Magnum Hunter Resources Completes Production Test Results on Stewart Winland Pad in Tyler County, West Virginia
Wed October 22, 2014 7:00 AM|Marketwire | About: MHR
HOUSTON, TX -- (Marketwired) -- 10/22/14 -- Magnum Hunter Resources Corporation (MHR) (NYSE MKT: MHR.PRC) (NYSE MKT: MHR.PRD) (NYSE MKT: MHR.PRE) (the "Company" or "Magnum Hunter") announced today that the Company has completed test results on its 100% owned Stewart Winland Pad located in Tyler County, West Virginia. The Stewart Winland Pad has four 100% owned recently completed wells (3 Marcellus and 1 Utica).
The Stewart Winland 1301M was drilled and cased to a true vertical depth of 6,155 feet with a 5,762 foot horizontal lateral, and successfully fraced with 27 stages. The well tested at a peak rate of 17.0 MMCFE of natural gas per day (~23% Condensate and ~25% NGL) on an adjustable choke.
The Stewart Winland 1302M was drilled and cased to a true vertical depth of 6,147 feet with a 5,676 foot horizontal lateral, and successfully fraced with 29 stages. The well tested at a peak rate of 17.1 MMCFE of natural gas per day (~19% Condensate and ~26% NGL) on an adjustable choke.
The Stewart Winland 1303M was drilled and cased to a true vertical depth of 6,149 feet with a 5,762 foot horizontal lateral, and successfully fraced with 29 stages. The well tested at a peak rate of 16.8 MMCFE of natural gas per day (~20% Condensate and ~26% NGL) on an adjustable choke.
As previously reported on September 24, 2014, the Company's 100% owned Stewart Winland 1300U (Utica well) tested at a peak rate of 46.5 MMCF of natural gas per day (~7,750 BOE per day) on an adjustable rate choke with 7,810 psi FCP. The Stewart Winland 1300U well was drilled and cased to a true vertical depth of 10,825 feet with a 5,289 foot horizontal lateral, and successfully fraced with 22 stages.
Hedge fund Baker Street Capital discloses a 9.99% stake in Swift Energy (NYSE:SFY) via a 13D filing, and says it believes the intrinsic value of the company's assets is at least $15/share.