Tag Archives: Piceance Basin

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1 Natural Gas Company to Put on Your Radar?

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By Tyler Crowe, The Motley Fool

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Several investors wrote off natural gas plays after spot prices bottomed out last year, but the subsequent rise in gas prices hasn’t seemed to change the opinion of many investors. It’s a shame, because they could be missing out on some great companies that could make big returns in the future. One company that comes to mind is WPX Energy , which just announced that its most recent well in the Piceance Basin of Colorado sported an impressive 100-day output of 1 billion cubic feet of gas. 

The implications of this gas find could mean a large uptick in the company’s reserves. With the company valued at $1.00 per thousand cubic feet equivalent of proved reserves, WPX is one of the lowest-valued gas company’s on the market. Also, even though the company has a gas-heavy portfolio, its liquid component just happens to be in one of the best tight oil plays in the U.S. — the Bakken. In this video, Fool.com contributor Tyler Crowe talks about how the low market value per proven reserve could be an opportunity to get in on a strong natural gas play that just also happens to have the same amount of proven oil reserves in the Bakken as Kodiak Oil & Gas .

With all of Kodiak’s assets in the Bakken, the company is one of the easier ways to gauge the health of the formation. To find out whether Kodiak is currently a buy or a sell, you’re invited to check out The Motley Fool’s premium research report on the company, which comes with a full year of updates and analysis as key news breaks. To get started simply click here now.

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From: http://www.dailyfinance.com/2013/04/11/1-natural-gas-company-to-put-on-your-radar/

Business, Finance, Occupation & Industry

Vanguard Natural Resources, LLC to Switch Stock Exchange Listing to The NASDAQ Stock Market

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By Business Wirevia The Motley Fool

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Vanguard Natural Resources, LLC to Switch Stock Exchange Listing to The NASDAQ Stock Market

HOUSTON–(BUSINESS WIRE)– Vanguard Natural Resources, LLC (NYS: VNR) (“Vanguard”) announced today its intention to voluntarily transfer its stock exchange listing from the New York Stock Exchange (“NYSE”) to The NASDAQ Global Select Market (“NASDAQ”), an exchange of The NASDAQ OMX Group Inc. (NAS: NDAQ) . Vanguard currently expects that its Class A common units will commence trading on the NASDAQ on April 23, 2013 and will continue to be listed under the ticker symbol “VNR.” Vanguard’s common units will continue to trade on the NYSE until the transfer has been completed.

Scott W. Smith, President & Chief Executive Officer, commented, “After careful consideration, we believe the NASDAQ will provide our unitholders with access to an advanced trading platform and will be a more cost effective platform for Vanguard currently and even more so in the future as we continue to grow. In addition, NASDAQ offers quantitative and qualitative governance standards more beneficial to listed companies with significant retail unitholders, particularly those related to quorum requirements.”

“We are proud to welcome Vanguard Natural Resources to NASDAQ’s family of premier energy companies,” said Bruce Aust, Executive Vice President, Global Corporate Client Group, NASDAQ OMX. “Vanguard Natural Resources joins more than 130 companies to transfer their listings to The NASDAQ Stock Market in recent years, and we look forward to supporting VNR and its unitholders in the years to come.”

About Vanguard Natural Resources, LLC

Vanguard Natural Resources, LLC is a publicly traded limited liability company focused on the acquisition, production and development of mature, long-lived oil and natural gas properties in the United States. The Company’s assets consist primarily of producing and non-producing oil and natural gas reserves located in the Arkoma Basin in Arkansas and Oklahoma, Permian Basin in West Texas and New Mexico, the Big Horn Basin in Wyoming and Montana, the Piceance Basin in Colorado, South Texas, the Williston Basin in North Dakota and Montana, the Wind River Basin in Wyoming, the Powder River Basin in Wyoming and Mississippi. More information on Vanguard can be found at www.vnrllc.com.

Forward-Looking Statements

We make statements in this news release that are considered forward-looking statements

From: http://www.dailyfinance.com/2013/04/11/vanguard-natural-resources-llc-to-switch-stock-exc/

Business, Finance, Occupation & Industry

WPX Energy's Niobrara Discovery Well Hits Production Milestone

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By Business Wirevia The Motley Fool

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WPX Energy’s Niobrara Discovery Well Hits Production Milestone

TULSA, Okla.–(BUSINESS WIRE)– WPX Energy (NYS: WPX) announced today that its Niobrara Shale discovery well in the Piceance Basin exceeded 1 billion cubic feet of natural gas production in just over 100 days of operation.

At this rate, WPX expects the Niobrara well to produce in its first four months what a typical well in the Piceance Basin‘s Williams Fork formation produces over its estimated lifecycle of 25 to 30 years.

The Niobrara well is located on WPX‘s acreage in Western Colorado, where the company has the lease rights to approximately 180,000 net acres of the Niobrara/Mancos shale play.

The discovery well initially produced 16 million cubic feet per day at a flowing pressure of 7,300 pounds per square inch. It registered an average production rate of almost 10 million cubic feet per day over its first 90 days, despite being choked back substantially.

“We’re very pleased with what we’re seeing,” said Ralph A. Hill, WPX‘s president and chief executive officer. “This well is demonstrating tremendous strength. It’s a large discovery that has significant upside potential for creating shareholder value.”

Over time, WPX believes that its Niobrara discovery has the potential to more than double the company’s proved, probable and possible (3P) reserves, which were approximately 18 trillion cubic feet at year-end 2012.

WPX started drilling its second Niobrara well on Wednesday, April 3. The company expects to begin completion activities in June.

As previously announced, WPX plans to drill a total of four horizontal Niobrara wells in 2013. The drilling plan is designed to prove up adjacent acreage and test the repeatability of the play on additional acreage the company owns.

WPX already has extensive processing and takeaway capacity under contract in the Piceance to support Niobrara production.

The Niobrara and Mancos shales are generally located at depths of 10,000 to 13,000 feet. The Williams Fork is a shallower formation, generally located at depths of 6,000 to 9,000 feet. In the Piceance Basin, WPX holds an average working interest of 66 percent in the Niobrara and Mancos shales.

About WPX Energy, Inc.

WPX Energy is an exploration and production company focused on developing its significant oil and gas reserves, particularly in the …read more

Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

WPX Energy to Host May 2 Webcast

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By Business Wirevia The Motley Fool

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WPX Energy to Host May 2 Webcast

TULSA, Okla.–(BUSINESS WIRE)– WPX Energy (NYS: WPX) plans to report its first-quarter 2013 financial and production results before the market opens on Thursday, May 2.

Management will discuss the results and provide an update on the company’s operations during a webcast starting at 10 a.m. Eastern on the same day. Participants are encouraged to access the event and the corresponding slides at www.wpxenergy.com.

A limited number of phone lines also will be available at (866) 515-2907. International callers should dial (617) 399-5121. The conference identification code for both phone numbers is 99483783.

A replay of the first-quarter webcast will be available on WPX‘s website for one year following the event. Interviews with WPX‘s management about the company’s strengths, innovations and efficiencies also are available at www.wpxenergy.com.

About WPX Energy, Inc.

WPX Energy is an exploration and production company focused on developing its significant oil and gas reserves, particularly in the liquids-rich Piceance Basin, the Bakken and Three Forks oil shales and the Marcellus Shale. WPX also has domestic operations in the San Juan and Powder River basins, as well as a 69 percent interest in Apco Oil and Gas International. Go to http://www.wpxenergy.com/investors.aspx to join our e-mail list.

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. Statements regarding future drilling and production are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to, the volatility of oil, natural gas and NGL prices; uncertainties inherent in estimating oil, natural gas and NGL reserves; drilling risks; environmental risks; and political or regulatory changes. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. The forward-looking statements in this press release are made as of the …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Vanguard Natural Resources, LLC Signs Announces Closing of Assets in the Permian Basin

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By Business Wirevia The Motley Fool

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Vanguard Natural Resources, LLC Signs Announces Closing of Assets in the Permian Basin

HOUSTON–(BUSINESS WIRE)– Vanguard Natural Resources, LLC (NYS: VNR) (“Vanguard” or “the Company”) today announced that on April 1, 2013 it consummated the previously announced acquisition of natural gas, oil and natural gas liquids assets in the Permian Basin located in southeast New Mexico and West Texas from two subsidiaries of Range Resources Corporation for an adjusted purchase price of $268.8 million, subject to customary final post-closing adjustments. The effective date of the acquisition is January 1, 2013.

The Company expects the following significant benefits from the acquisition:

  • Immediately accretive to distributable cash flow;
  • Company estimated proved reserves of approximately 137 Bcfe (78% proved developed with approximately 43% being natural gas, 25% oil and 32% NGLs);
  • Reserve to production ratio of approximately 20 years;
  • Current net production of approximately 17 MMcfe/d (41% natural gas) from 230 gross wells; and
  • Significantly hedged the expected natural gas and oil production for the next four years

The Company funded this acquisition with borrowings under its existing reserve-based credit facility.

About Vanguard Natural Resources, LLC

Vanguard Natural Resources, LLC is a publicly traded limited liability company focused on the acquisition, production and development of oil and natural gas properties. The Company’s assets consist primarily of producing and non-producing oil and natural gas reserves located in the Permian Basin in West Texas and New Mexico, the Big Horn Basin in Wyoming and Montana, the Arkoma Basin in Arkansas and Oklahoma, the Piceance Basin in Colorado, the Powder River and Wind River Basin in Wyoming, the Williston Basin in North Dakota and Montana, Mississippi and South Texas. More information on Vanguard can be found at www.vnrllc.com.

Forward-Looking Statements

We make statements in this news release that are considered forward-looking statements within the meaning of the Securities Exchange Act of 1934. These forward-looking statements are largely based on our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Vanguard Natural Resources, LLC Announces Monthly Distribution

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By Business Wirevia The Motley Fool

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Vanguard Natural Resources, LLC Announces Monthly Distribution

HOUSTON–(BUSINESS WIRE)– Vanguard Natural Resources, LLC (NYS: VNR) (“Vanguard”) announced today that its board of directors has declared a cash distribution attributable to the month of February 2013 of $0.2025 per unit ($2.43 on an annual basis) payable on April 12, 2013 to unitholders of record on April 1, 2013. New investors can earn an approximate 8.6% yield based on the March 20, 2013 closing price of $28.14 per unit.

About Vanguard Natural Resources, LLC

Vanguard Natural Resources, LLC is a publicly traded limited liability company focused on the acquisition, production and development of oil and natural gas properties. The Company’s assets consist primarily of producing and non-producing oil and natural gas reserves located in the Permian Basin in West Texas and New Mexico, the Big Horn Basin in Wyoming and Montana, the Arkoma Basin in Arkansas and Oklahoma, the Piceance Basin in Colorado, the Powder River and Wind River Basin in Wyoming, the Williston Basin in North Dakota and Montana, Mississippi and South Texas. More information on Vanguard can be found at www.vnrllc.com.

Forward-Looking Statements

We make statements in this news release that are considered forward-looking statements within the meaning of the Securities Exchange Act of 1934. These forward-looking statements are largely based on our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. In addition, management’s assumptions about future events may prove to be inaccurate. Management cautions all readers that the forward-looking statements contained in this news release are not guarantees of future performance, and we cannot assure you that such statements will be realized or the forward-looking events and circumstances will occur. Actual results may differ materially from those anticipated or implied in the forward-looking statements due to factors listed in the “Risk Factors” section in our SEC filings and elsewhere in those filings. All forward-looking statements speak only as of the date of this news release. We do not intend to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise.

…read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Dejour Contracts Patterson Drilling & Halliburton for Kokopelli Development

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By Business Wirevia The Motley Fool

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Dejour Contracts Patterson Drilling & Halliburton for

Kokopelli Development

Targeting Q2-2013 Liquids-Rich Production

DENVER–(BUSINESS WIRE)– Dejour Energy Inc. (NYSE MKT: DEJ / TSX: DEJ), an independent oil and natural gas exploration and production company operating in North America’s Piceance Basin and Peace River Arch regions, today provides an update on field operations at its 72% owned and operated Kokopelli project in Western Colorado.

The Company remains on schedule for the start-up of a new three well drilling program at Kokopelli before the end of March. Mobilization of Patterson-UTI (NAS: PTEN) Rig #313 to Dejour’s Drill Pad 21-A has begun. At the conclusion of the three well program, the Company has contracted with Halliburton (NYS: HAL) to commence completion of all four wells (including Federal Well 6-7-16-21 which was drilled in November).

Dejour is currently finalizing a gas transportation and processing agreement with a major midstream operator in the Piceance. Under the terms of the agreement, Dejour will maintain ownership of all NGL‘s recovered at the third party processing plant and sell both the NGL‘s and the residual gas at the tailgate of the plant.

“We are beginning the process of converting the Kokopelli asset from a proven undeveloped and probable reserve to a proven developed producing reserve that we expect to grow with time to over a net 120 BCF natural gas with 15 MM barrels of condensate/liquids in the Williams Fork,” says Harrison Blacker, Dejour COO.

Of significant interest to the Company are recent activities targeting the deeper Niobrara-Mancos zones in proximity to Dejour leaseholds within the Piceance Basin.

A recent announcement by WPX Energy (NYS: WPX) of a successfully completed Lower Mancos (Niobrara) Hz producer, in Garfield County, states that a new producer has averaged 12 MMCF/d of restricted flow production during the first 30 days. WPX further announced its intention to drill 2 additional Hz wells in 2013 adding that the encouraging production results of these new wells indicate that the Piceance Basin recoveries, including the Niobrara-Mancos, offer the potential to at least double the Company’s net reserves in the Piceance.

“We are also very excited about the activities of a Texas based E&P company currently testing a 4,600′ horizontal leg of …read more
Source: FULL ARTICLE at DailyFinance