I have to admit that is one of your most ridiculous posts yet.
Tuscaloosa Marine Shale
15 hours ago
Well, I guess it’s my turn to come clean. My name is Tommy Rushing. I am from Gloster, Amite County, MS. I’m married to Sandy Whittington Rushing, and we have 4 children, Amber, Emily, Jake, and Mollee. I graduated from the University of Southern Mississippi in 1991 with a BS in Science and Technology. I am a Sr. Measurement Analyst for a pipeline company in Baton Rouge where I have been employed for 21 years. What limited oil business knowledge I have, I learned from my dad. He dabbled in the business in the 70s and 80s. He passed away in 2011; I wish I would have paid better attention to his guidance now.
I started the Facebook page, Tuscaloosa Marine Shale, in January 2012. The reason I started the page was to provide information to mineral owners in Amite County. At that time, all of the TMS news was about the LA portion of the shale while most of the activity was in Amite County. The page started picking up followers at a steady pace. With increasing popularity of the page, I began receiving more and more questions, such as, mineral owners asking every question imaginable, oil field workers from all over the country seeking employment here, and businesses trying to connect with drilling operators within the TMS. It soon became very obvious to me that there was a real need for such a resource. About the summer of 2013, I reached out to Mr. Bernell McGehee who I knew through his CPA business. I was aware he was writing for a local paper on the TMS. I explained to him my goal of providing information in the TMS and asked him to help moderate the page. He accepted the offer. I told him to treat it like it was his own, and wow, what a great job he has done.
What has made the TMS page such a success is the fact that neither of us are experts in the oil business, we have had to and are still learning it with y’all. I didn’t even know how to spell fracking or fracing before the page, still not sure.
The TMS page has changed the w
Raising our price target to $6 on greater de-risking of the TMS play given recent success. We believe relative performance will be driven by TMS well results and success in driving down well costs.
Market reaction reflects the high level of expectations baked-in; preferred sale supports acceleration of development. HK’s first Tuscaloosa Marine Shale (TMS) well delivered results roughly in line with its type curve, but shares underperformed on the news. In our view, this reflects the high level of success baked into the stock and underwhelming result from an innovative operating team from which investors had high expectations.
Sale of preferred to Apollo slightly dilutive to NAV, but provides dry power to accelerate drilling. HK announced a partnership with Apollo in the TMS, providing $150MM in cash consideration for an 8% annual cash dividend and 4% overriding royalty interest in 75 net wells.
The deal provides dry powder for acceleration into 2015 with value tied to well performance. The deal improves liquidity by $130 million through YE-2015. However, the deal is still slightly dilutive based on our estimates with HK exchanging $67MM PV (based on our type curve assumptions) and ~$120MM PV in preferred dividends for $150MM in cash.
Raising our NAV-based price target to $6 on positive well results and greater de-risking of the TMS play. Our NAV now assumes 50% credit for HK’s 314,000 net acres in the play, vs. 20% prior. Our revised $6 price target equates to 8.2x 2014e EBITDA. Halcon trades at 8.4x 2014e EBITDA vs. peers at 7.7x. Risks to our Equal-weight rating and price target include rising oil prices, exploration success, and improved well performance.
The last set back starting with the Utica results, the 5.10 secondary and the eventual bottom at 3.16
didn't feel like a minor set back. With all due respect...
San Leon Energy wins ‘Exploration Company of the Year’ award
30 May 2014
San Leon Energy is pleased to announce it has won the Exploration Company of the Year award (“the award”) at the CEE Energy Awards held on 29 May 2014, in Warsaw, Poland.
Other companies nominated in the ‘Exploration or Excavation Company of the Year’ category included Chevron, ConocoPhillips and CEZ Group. All entries were judged by an independent panel of energy professionals across eight categories including: Renewable Energy, Conventional & Unconventional Gas & Oil, Production Leadership, Infrastructure Development, Innovation & Safety, Energy Company of the Year, and Individual Achievement & Vision.
The CEE Energy Awards was created as the only event to recognize organisations and individuals in the Central and Eastern European energy industry for setting new standards of innovation and excellence in daily operations.
Oisin Fanning, Executive Chairman, commented:
“We are absolutely delighted to win this award. The ‘Exploration or Excavation company of the Year’ category was full of highly respected and well-known companies. As a company with a particular focus on Central and Eastern Europe, not only does this award demonstrate our efforts but also our continued commitment to the region.”
Update on Poland
Further to the announcement of 9 May 2014, the Company is pleased to confirm that it is currently in discussions with a further two potential partners in relation to a possible farm-in for the Permian/SW Carboniferous Basin of Poland and expects to make further announcements once these discussions have been finalised.