Fort Worth-based HighPeak Energy said Feb. 22 it is acquiring oil and gas properties contiguous to Flat Top in Borden and Howard counties from private sellers in deals valued at $160.6 million.  Midland Basin pure play HighPeak is adding about 9,500 net acres with estimated production of 2,500 boed along with 40 horizontal drilling locations, […]

Midland-based Catalyst Energy Services recently debuted its 50,000-HHP hydraulic fracturing fleet known as Vortex Prime that uses direct-drive turbine technology.  Bobby Chapman, president and CEO, told Journal of Petroleum Technology, “I have spent more than four decades studying and innovating pressure pumping.  Developing Vortex Prime, which will dramatically and literally change the fracing landscape, is […]

Frisco-based Verde Bio Holdings said Feb. 9 it will acquire mineral and royalty interests in Howard County for $325,000 from a private seller.  The assets of 6 wells are operated by Ovintiv, whose 3 rigs are focused on Spraberry and Wolfcamp formations in Midland Basin.  CEO Scott Cox said, “We continue to execute on our […]

Austin-based Brigham Minerals said Feb. 10 it will acquire mineral and royalty interests in Midland Basin in a cash and stock deal ($15 million cash).  The 1,800 net royalty acres are operated primarily by Pioneer Natural Resources and Endeavor Energy Resources.  Estimated 2022 production is 225 to 275 boed.  Closing is expected in April.  Brigham’s […]

Australia-based 88 Energy said Feb. 21 it will acquire 73 percent working interested in established conventional oil and gas production assets in Permian Basin.  88 Energy said the acquisition of 1,300 net acres is its “first move into producing oil and gas assets.”  CEO Ashley Gilbert said the company’s core focus “remains exploration of our […]

Baker Hughes continues to report small gains in its count of active oil and gas drilling rigs.  As of Feb. 25, there were 309 rigs in Permian Basin (up 3 in past week, up 101 in past year), 312 in Texas (up 4 in past week, up 115 in past year), 95 in New Mexico […]

Fort Stockton-based MMEX Resources said Feb. 22 it is moving forward with its modified plan to build an integrated ultralow-sulfur fuels refining and hydrogen production complex equipped with carbon capture.  It will be built in Pecos County near the Sulfur Junction spur of Texas Pacifico railroad northeast of Fort Stockton.  MMEX said Texas Commission on […]

Diamondback Energy CEO and chairman Travis Stice said Feb. 22 the company expects to maintain flat oil production in Permian Basin this year after 224,400 bod (383,500 boed) in 2021Q4.  “We will remain committed to capital discipline by maintaining flat Permian oil production,” he said.  “Our operational achievements in the field in 2021 set a […]

Texas Petro Index increased for the ninth straight month in December 2021 to 172.6 from 169.1 in November 2021 and 134.0 a year ago in December 2020 (up 29 percent in a year).  The index, which started with a base of 100 in January 1995, is prepared by economist Karr Ingham for Texas Alliance of […]

U.S. posted its second straight week of double-digit gains in count of active drilling rigs.  Baker Hughes said as of Feb. 18 there were 306 rigs in Permian Basin (301 previous week, 204 previous year), 308 in Texas (300 previous week, 194 previous year), 94 in New Mexico (92 previous week, 61 previous year) and […]