Oklahoma City-based Novo Oil & Gas recently announced the launch of Novo Oil & Gas Holdings II with equity capital commitment from EnCap Investments.  The new upstream energy company will pursue proven, liquids-rich unconventional assets in Permian Basin.  Novo II intends to pursue both operated and non-operated mineral positions in Delaware Basin.  John Zimmerman is […]

Drillers in Texas and U.S. idled more rigs last week, according to the weekly report of May 24 from Baker Hughes.  Texas’ count of active drilling rigs was 287 – down 3 in the past week, down 72 in the past year.  The U.S. count of 600 was down 4 in the past week and […]

Houston-based Key Energy Services recently announced the purchase of substantially all assets of the well servicing division of Endeavor Energy Resources in an all-cash transaction.  Key Energy will continue to support Endeavor’s well servicing needs in the Permian Basin. Marshall Dodson, president and CEO, said May 19, “We are focused on providing Endeavor and all […]

Houston-based Pinon Midstream commissioned and placed into service its third 450-GPM amine treating unit (Amine Train III) at its sour natural gas treating and carbon capture plant.  The plant is in Lea County, N.M., in Delaware Basin.  Pinon said last week it also received a new source review (NSR) air permit to enable additional capital […]

U.S. Energy Information Administration said this week that the national average retail price of regular gasoline on May 20 – a week before Memorial Day – was $3.58 per gallon.  That’s a 1 percent increase from the same time last year – but 2 percent lower adjusted for inflation. Oil & Gas Journal said gasoline […]

Oklahoma City-based Riley Exploration Permian said recently it averaged 20,400 boed of production in first quarter, including 14,200 barrels per day of oil.  Total activity-based capital expenditures before acquisitions were $26 million, and cash capital expenditures before acquisitions were $35 million.  The company signed agreements in Q1 and closed during Q2 on purchases of oil […]

Dallas-based LM Energy Holdings recently started construction on an expansion of its natural gas gathering system that will increase capacity to 500 million cfd.  The company said May 13 it has entered into long-term agreements with multiple producers to support expansion of its gas gathering system in Eddy and Lea counties in southeast New Mexico. […]

Houston-based Phillips 66 said this week it will acquire Pinnacle Midland Parent from private equity firm Energy Spectrum Capital for $550 million to expand its natural gas gathering and processing system in Midland Basin. Assets of Houston-based Pinnacle include the recently built Dos Picos natural gas gathering and processing system (220 million cfd processing plant, […]

U.S. Department of Energy said Friday it signed contracts for 3.3 million barrels of U.S.-produced crude oil to add to the nation’s strategic petroleum reserve. The oil is being purchased for an average price of $79.38 per barrel for delivery in October to the Big Hill SPR site in Jefferson County in southeast Texas. DOE […]

Permian Basin reported a declining rig count as of May 17 for the third consecutive week, according to Baker Hughes. The Houston-based services firm reported 312 rigs (down 2 in past week, down 37 in past year) in Permian Basin. Also, there were 290 rigs in Texas (up 1 in past week, down 67 in […]