Tag Archives: Mid Continent

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Whiting Petroleum Corporation Announces First Quarter 2013 Earnings Release Date and Conference Call

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By Business Wirevia The Motley Fool

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Whiting Petroleum Corporation Announces First Quarter 2013 Earnings Release Date and Conference Call

DENVER–(BUSINESS WIRE)– Whiting Petroleum Corporation (NYSE:WLL) will release its first quarter 2013 financial and operating results on Wednesday, April 24, 2013 after the market closes. A conference call with investors, analysts and other interested parties is scheduled for 11:00 a.m. EDT (10:00 a.m. CDT, 9:00 a.m. MDT) on Thursday, April 25, 2013 to discuss Whiting’s first quarter 2013 financial and operating results. Please call (866) 515-2911 (U.S./Canada) or (617) 399-5125 (International) to be connected to the call and enter the pass code 71718725. Access to a live Internet broadcast will be available at http://www.whiting.com by clicking on the “Investor Relations” box on the menu and then on the link titled “Webcasts.”

A telephonic replay will be available beginning approximately two hours after the call on Thursday, April 25, 2013 and continuing through Thursday, May 2, 2013. You may access this replay at (888) 286-8010 (U.S./Canada) or (617) 801-6888 (International) and entering the pass code 52179437. You may also access a web archive at http://www.whiting.com beginning approximately one hour after the conference call.


About Whiting Petroleum Corporation

Whiting Petroleum Corporation, a Delaware corporation, is an independent oil and gas company that explores for, develops, acquires and produces crude oil, natural gas and natural gas liquids primarily in the Rocky Mountain, Permian Basin, Mid-Continent, Michigan and Gulf Coast regions of the United States. The Company’s largest projects are in the Bakken and Three Forks plays in North Dakota and its Enhanced Oil Recovery fields in Oklahoma and Texas. The Company trades publicly under the symbol WLL on the New York Stock Exchange. For further information, please visit http://www.whiting.com.

Whiting Petroleum Corporation
John B. Kelso, 303-837-1661
Director of Investor Relations
john.kelso@whiting.com

KEYWORDS:   United States  North America  Colorado

INDUSTRY KEYWORDS:

The article Whiting Petroleum Corporation Announces First Quarter 2013 Earnings Release Date and Conference Call originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a …read more

Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

LRR Energy, L.P. Prices Public Offering of Common Units

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By Business Wirevia The Motley Fool

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LRR Energy, L.P. Prices Public Offering of Common Units

HOUSTON–(BUSINESS WIRE)– LRR Energy, L.P. (NYS: LRE) (“LRR Energy” or “LRE“) announced today the pricing of an underwritten public offering of 6,000,000 common units, of which 3,000,000 common units are being offered by LRR Energy and 3,000,000 common units are being offered by LRR Energy’s sponsor, Lime Rock Resources, at a public offering price of $16.84 per common unit. The underwriters have been granted a 30-day option to purchase up to 700,000 additional common units from LRR Energy and up to 200,000 additional common units from Lime Rock Resources. The offering is scheduled to close on March 22, 2013, subject to customary closing conditions.

LRE‘s second lien term loan requires LRE to use 50% of the net cash proceeds from any equity offering to repay borrowings outstanding under LRE‘s term loan. LRE is seeking, and expects to receive, a waiver of this requirement from the lender under LRE‘s term loan. In the event LRE receives the waiver prior to the closing of the offering, LRE plans to use the net proceeds from the offering and from any exercise of the underwriters’ option to purchase additional common units from LRE to repay borrowings outstanding under LRE‘s revolving credit facility. In the event LRE does not receive the waiver prior to the closing of the offering, LRE will use 50% of the net proceeds from the offering, or approximately $24.2 million, to repay borrowings outstanding under LRE‘s term loan and the remaining net proceeds to repay borrowings outstanding under LRE‘s revolving credit facility. LRE will not receive any proceeds from the sale of the common units held by Lime Rock Resources. LRE intends to use borrowings (including re-borrowings of the net offering proceeds) under its revolving credit facility to fund the purchase price for LRE‘s previously announced acquisition of certain oil and natural gas properties in the Mid-Continent region in Oklahoma from Lime Rock Resources.

Raymond James, Barclays and UBS Investment Bank are acting as joint book-running managers of the offering. Baird, Oppenheimer & Co., Stifel, Ladenburg Thalmann & Co. Inc., MLV & Co. and Wunderlich Securities are acting as co-managers of the offering.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering may be …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

LRR Energy, L.P. Announces Public Offering of Common Units

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By Business Wirevia The Motley Fool

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LRR Energy, L.P. Announces Public Offering of Common Units

HOUSTON–(BUSINESS WIRE)– LRR Energy, L.P. (NYS: LRE) (“LRR Energy” or “LRE“) announced today that it plans to conduct an underwritten public offering of 6,000,000 common units, of which 3,000,000 common units are being offered by LRR Energy and 3,000,000 common units are being offered by LRR Energy’s sponsor, Lime Rock Resources, pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission. The underwriters will be granted a 30-day option to purchase up to 700,000 additional common units from LRR Energy and up to 200,000 additional common units from Lime Rock Resources.

LRE‘s second lien term loan requires LRE to use 50% of the net cash proceeds from any equity offering to repay borrowings outstanding under LRE‘s term loan. LRE is seeking, and expects to receive, a waiver of this requirement from the lender under LRE‘s term loan. In the event LRE receives the waiver prior to the closing of the offering, LRE plans to use the net proceeds from the offering and from any exercise of the underwriters’ option to purchase additional common units from LRE to repay borrowings outstanding under LRE‘s revolving credit facility. In the event LRE does not receive the waiver prior to the closing of the offering, LRE will use 50% of the net proceeds from the offering to repay borrowings outstanding under LRE‘s term loan and the remaining net proceeds to repay borrowings outstanding under LRE‘s revolving credit facility. LRE will not receive any proceeds from the sale of the common units held by Lime Rock Resources. LRE intends to use borrowings (including re-borrowings of the net offering proceeds) under its revolving credit facility to fund the purchase price for LRE‘s previously announced acquisition of certain oil and natural gas properties in the Mid-Continent region in Oklahoma from Lime Rock Resources.

Raymond James, Barclays and UBS Investment Bank are acting as joint book-running managers of the offering. Baird, Oppenheimer & Co., Stifel, Ladenburg Thalmann & Co. Inc., MLV & Co. and Wunderlich Securities are acting as co-managers of the offering.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering may be made only by means of a prospectus and related …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

LRR Energy, L.P. to Acquire Oil and Gas Producing Properties in Oklahoma from Lime Rock Resources

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By Business Wirevia The Motley Fool

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LRR Energy, L.P. to Acquire Oil and Gas Producing Properties in Oklahoma from Lime Rock Resources

HOUSTON–(BUSINESS WIRE)– LRR Energy, L.P. (NYS: LRE) (“LRR Energy” or “LRE“) announced today that it signed a definitive agreement to acquire oil and natural gas properties in the Mid-Continent region in Oklahoma and crude oil hedges from its sponsor, Lime Rock Resources, for a purchase price of $38.2 million, subject to customary purchase price adjustments. The effective date of the transaction will be April 1, 2013, and closing of the transaction is expected to occur on or about April 1, 2013, and is subject to customary approvals and closing conditions. LRE plans to finance the transaction with borrowings under its existing revolving credit facility.

Terms of the transaction were approved on March 18, 2013, by the Board of Directors of the general partner of LRE. The Board’s conflicts committee, which is comprised entirely of independent directors, approved the terms of the transaction on March 18, 2013.

Eric Mullins, Chairman and Co-Chief Executive Officer, commented, “We are very pleased to announce our third acquisition from our sponsor, Lime Rock Resources. The transaction includes liquids-weighted, low decline producing assets, which are expected to provide a steady stream of cash flow. The proven reserves are entirely proved developed producing, making them well suited for LRR Energy.” Charlie Adcock, Co-Chief Executive Officer, noted, “These assets will be a great addition to our Mid-Continent footprint, and we expect the assets to be immediately accretive to distributable cash flow per unit.”

The properties are located in Grady, Garvin, Stephens and Carter Counties, Oklahoma.

Transaction Highlights:

• Estimated net proved reserves of approximately 1,916 MBoe (based on Miller & Lents reserve report with strip pricing of February 19, 2013 and an effective date of April 1, 2013)

• Based on year-end SEC prices of $94.71/Bbl and $2.76/MMBtu, estimated net proved reserves of approximately 1,655 MBoe (based on an internal reserve report with an effective date of April 1, 2013)

• Approximately 84% of proved reserves are oil

• 100% of proved reserves are proved developed producing

• Current net production of approximately 335 Boe per day

• Proved reserves to production ratio of 15.7 years

• 3-year average annual PDP decline rate of …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

LRR Energy, L.P. Announces Availability of 2012 Tax Packages

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By Business Wirevia The Motley Fool

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LRR Energy, L.P. Announces Availability of 2012 Tax Packages

HOUSTON–(BUSINESS WIRE)– LRR Energy, L.P. (NYS: LRE) (“LRR Energy” or the “Partnership”) announced today unitholders may now access their 2012 tax packages, including Schedule K-1, online via the Partnership’s website at www.lrrenergy.com (select Investor Relations; then select K-1 Tax Information). The Partnership will begin the process of mailing the 2012 tax packages to unitholders today.

Unitholders may contact LRR Energy’s K-1 Partner DataLink call center toll free at 1-855-240-7560 between 8:00 a.m. and 5:00 p.m. CDT Monday through Friday or via email at LRRK1Help@deloitte.com.

About LRR Energy, L.P.

LRR Energy is a Delaware limited partnership formed in April 2011 by affiliates of Lime Rock Resources to operate, acquire, exploit and develop producing oil and natural gas properties in North America. LRR Energy’s properties are located in the Permian Basin region in West Texas and southeast New Mexico, the Mid-Continent region in Oklahoma and East Texas and the Gulf Coast region in Texas.

LRR Energy, L.P.
Investor Contacts:
Todd Hassen, (713) 292-9534
Director of Finance
thassen@lrrenergy.com
or
Jaime Casas, (713) 345-2126
Chief Financial Officer
jcasas@lrrenergy.com

KEYWORDS:   United States  North America  Texas

INDUSTRY KEYWORDS:

The article LRR Energy, L.P. Announces Availability of 2012 Tax Packages originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

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Business, Finance, Occupation & Industry

Midstates Petroleum Reports Fourth Quarter and Full Year 2012 Financial and Operating Results

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By Business Wirevia The Motley Fool

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Midstates Petroleum Reports Fourth Quarter and Full Year 2012 Financial and Operating Results

HOUSTON–(BUSINESS WIRE)– Midstates Petroleum Company, Inc. (NYS: MPO) (“Midstates” or the “Company”) announced today its financial and operating results for the three months and full year ended December 31, 2012. Midstates’ fourth quarter results were driven by a 91% sequential quarter increase in production, primarily resulting from the successful integration of the Eagle Energy Production, LLC (“Eagle”) property acquisition which closed October 1, 2012.

Highlights include:

  • Average daily production rose 91% to 15,592 net barrels of oil equivalent (“Boe”) per day from 8,182 net Boe per day in the third quarter of 2012; production from Mid-Continent operations (which includes Midstates’ Oklahoma and Kansas properties) averaged 7,207 Boe per day while production from Gulf Coast operations (which includes Midstates’ Louisiana properties) averaged 8,385 Boe per day.
  • Adjusted EBITDA totaled $48.6 million, up 49% from $32.7 million in the third quarter of 2012. See “Non-GAAP Financial Measures” in the tables below for a definition of Adjusted EBITDA and a reconciliation to net income (loss) and net cash provided by operating activities.
  • Adjusted Net Income (which excludes unrealized gains/losses on derivatives and transaction costs associated with the Eagle property acquisition and the related income tax effect) was $5.5 million compared with $1.7 million in the third quarter of 2012. See “Non-GAAP Financial Measures” in the tables below for a definition of Adjusted Net Income and a reconciliation to net income (loss).
  • Cash Operating Expenses (which includes lease operating and workover expenses, severance and ad valorem taxes, and the cash portion of general and administrative expenses, but excludes transaction costs associated with the Eagle property acquisition) were reduced 24% to $20.26 per Boe from $26.67 per Boe in the third quarter of 2012. See “Non-GAAP Financial Measures” in the tables below for a definition of Cash Operating Expenses and a reconciliation to Operating Expenses.
  • 30 gross wells were spud during the fourth quarter of 2012 and 34 were placed into production. At quarter end, 12 were awaiting completion and seven were drilling. Since December 31, 2012, Midstates has spud 14 additional wells.
  • In the North …read more
    Source: FULL ARTICLE at DailyFinance
Business, Finance, Occupation & Industry

Constellation Energy Partners Reports Fourth Quarter and Full Year 2012 Results; Alabama Asset Sale

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Constellation Energy Partners Reports Fourth Quarter and Full Year 2012 Results; Alabama Asset Sale Results in Lower Debt

  • CEP’s Adjusted EBITDA improves by 18% in the fourth quarter 2012
  • CEP’s Mid-Continent drilling efforts result in net oil production of 396 barrels per day in the fourth quarter 2012, an increase of 45% over the prior quarter
  • CEP reports a 14% increase in oil production year-on-year
  • CEP’s strategic focus to remain on Mid-Continent oil opportunities, with oil production expected to account for 50% of CEP’s 2013 sales revenue

HOUSTON–(BUSINESS WIRE)– Constellation Energy Partners LLC (NYSE MKT: CEP) today reported fourth quarter and full year 2012 results.

The company produced 3,119 MMcfe during the fourth quarter, for average daily net production of 33.9 MMcfe for the quarter and 34.5 MMcfe for the full year 2012. Net oil production for the fourth quarter was 396 barrels per day, which represents an increase of approximately 45% compared to the third quarter of 2012. For the full year 2012, net oil production averaged 329 barrels per day, an increase of approximately 14% compared to the full year 2011. During 2012, approximately 94% of the company’s production was natural gas and 6% of the company’s production was oil.

Revenue totaled $17.3 million for the fourth quarter 2012 and $59.3 million for the full year 2012. Included in total revenue for the full year 2012 is revenue from sales of $40.5 million, of which approximately 71% was from natural gas sales and 29% was from oil sales. During 2011, approximately 82% of the company’s sales revenue was from natural gas sales and 18% was from oil sales. The balance of the company’s full year 2012 total revenue came from hedge settlements ($24.4 million), services provided to third parties ($3.2 million), and losses on mark-to-market activities ($8.7 million), which is a non-cash item.

Operating costs, which include lease operating expenses, production taxes and general …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Analysts Remain Very Bullish on MLPs (EVEP, MEMP, LGCY, BBEP, KYN, SRV, CS, BAC)

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By 24/7 Wall St.

oil pipeline

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The MLP research team at Credit Suisse Group (NYSE: CS) are still firm believers in their “catch-up” rally slogan. Master limited partnerships (MLPs) underperformed the S&P 500 in 2012 for the first time since 1999, with the Alerian MLP Index (AMZX) gaining 4.8% versus 16.1% for the broader market. MLPs have made up ground thus far in 2013 and look to continue their solid progress. In a report issued today, Credit Suisse upgraded one MLP, and we also highlight other favorite MLP stocks to buy.

EV Energy Partners L.P. (NASDAQ: EVEP) gets the nod today as it is raised to Outperform from Neutral. The Credit Suisse team also raises their price target to $57.50 from $52.50. This is way below a very aggressive Wall St. consensus price target of $68. The current yearly distribution is $3.07 per year, for a 5.90% yield. MLP distributions often include return of principal.

The MLP analysts at Bank of America Corp. (NYSE: BAC) also have joined the growing chorus of those suggesting MLP stocks for their customers seeking solid, dependable income streams. In a recent research piece, the analysts pointed out that MLPs are attractive from an income and growth perspective, providing investors yield and return potential. They were positive on higher yielding MLP names. Here are three of them.

Memorial Production Partners L.P. (NASDAQ: MEMP) is a Houston-based MLP that has one of the highest distributions currently available. Paying $2.03 per unit, that translates to a 11.00% yield. The Thomson/First Call consensus price target is $21.50.

Based in west Texas, with properties in the Permian Basin, Mid Continent and the Rocky Mountain regions, Legacy Reserves L.P. (NASDAQ: LGCY) is another top Bank of America MLP pick. With a solid 8.60% distribution to unit holders, it has a consensus price target of $31.

Breitburn Energy Partners L.P. (NASDAQ: BBEP) another high yielding name, is a West Coast-based MLP that pays unit holders $1.88 per year, which equals a 9.80% yield. The consensus price target is $22.

As we have pointed out before, the advantage to owning MLPs in an investor portfolio is that they often present one of the best total return opportunities. These three high-yielding individual names could offer just that. Investors seeking diversification in the space may also want to look at the Kayne Anderson MLP Investment Co. (NYSE: KYN) or the more aggressive Cushing MLP Total Return Fund (NYSE: SRV). Both are exchange traded funds (ETFs) that offer a basket of MLPs.

Filed under: 24/7 Wall St. Wire, Analyst Calls, Oil & Gas Tagged: BAC, BBEP, CS, EVEP, KYN, LGCY, MEMP, SRV

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Business, Finance, Occupation & Industry

Whiting Petroleum Corporation to Present at Raymond James Institutional Investors Conference

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Whiting Petroleum Corporation to Present at Raymond James Institutional Investors Conference

DENVER–(BUSINESS WIRE)– Whiting Petroleum Corporation today announced that it will present at the Raymond James 34th Annual Institutional Investors Conference at the JW Marriott Grande Lakes Resort in Orlando, Florida on Monday, March 4, 2013 at 2:15 p.m. Eastern Standard Time. Mark R. Williams, Senior Vice President of Exploration and Development, and Eric K. Hagen, Vice President of Investor Relations, will discuss the Company’s strategy, development plans and outlook.

Whiting’s live presentation may be accessed on the Internet by logging onto the following link: http://wsw.com/webcast/rj82/wll/. The presentation materials and link to the webcast will also be available on Whiting’s website at www.whiting.com beginning March 4, 2013. You may access the presentation by clicking on the “Investor Relations” box on the menu and then on the link titled “Webcasts.”


About Whiting Petroleum Corporation

Whiting Petroleum Corporation, a Delaware corporation, is an independent oil and gas company that explores for, develops, acquires and produces crude oil, natural gas and natural gas liquids primarily in the Rocky Mountain, Permian Basin, Mid-Continent, Michigan and Gulf Coast regions of the United States. The Company’s largest projects are in the Bakken and Three Forks plays in North Dakota and its Enhanced Oil Recovery fields in Oklahoma and Texas. The Company trades publicly under the symbol WLL on the New York Stock Exchange. For further information, please visit http://www.whiting.com.

Whiting Petroleum Corporation
John B. Kelso, 303-837-1661
Director of Investor Relations
john.kelso@whiting.com

KEYWORDS:   United States  North America  Colorado

INDUSTRY KEYWORDS:

The article Whiting Petroleum Corporation to Present at Raymond James Institutional Investors Conference originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

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