Page 18 - NorthAmOil Week 48 2020

NorthAmOil NEWS IN BRIEF NorthAmOil

adopted Data Gumbo’s GumboNet™ for smart MOVES issues of several strategic acquisitions that
contract deployment with its contract drilling were instrumental to the Company’s growth
clients and equipment services ecosystem. Lonestar Resources US and profitability. We wish him all the best
This is the oil and gas industry’s first use of in his future pursuits.” Additionally, Mr.
blockchain-based smart contracts between successfully completes McKinney said, “I would like to thank Steve
capital equipment sales, services, repair and Brooks for accepting this newly created and
maintenance operations, and signals a new restructuring expansive role, and I look forward to his
avenue in oilfield services tapping the power leadership helping me integrate and focus all
of GumboNet. Lonestar Resources US today announced disciplines of the Company on managing costs
“We sought out Data Gumbo based on the that effective November 30, 2020, the and improving profitability.”
transparency, accuracy, efficiency and trust company has successfully completed its RING ENERGY, November 30, 2020
that their network will bring to our business’s financial restructuring and emerged from
ecosystem of sales, services and technicians Chapter 11 bankruptcy, having satisfied all
across drilling,” said Dan Henderson, Founder of the conditions to the effectiveness of its ENERGY TRANSITION
and CEO of Henderson. “We’re excited plan of reorganisation. Through its financial
about this engagement and rolling out the restructuring, Lonestar has eliminated Occidental CEO Vicki Hollub
technology across our partner and customer approximately $390mn in aggregate debt
base in 2021 and beyond, as well as joining obligations and preferred equity interests. on the company’s future
a network that gives us access to a broader Effective today, Lonestar has entered
group of contractors.” into a new $225mn first-out senior secured as a “carbon management
Henderson will use GumboNet smart revolving credit facility and a $60mn second-
contracts to create certainty in transactions out senior secured term loan credit facility company;” its strategy in
from equipment services to commissioning by amending and restating the company’s
and installation, mitigating financial and existing credit agreement. At closing, Lonestar direct air capture of CO2;
operations risk for both parties involved. has $210mn outstanding on the revolver and a
Drilling contractors and service providers will post-emergence cash balance of approximately expectations for more
also utilize digital confirmation of completed $20.7mn.
work and shipped goods for improved LONESTAR RESOURCES US, December 01, industry consolidation and
operational efficiency. 2020
“Henderson is a perfect fit to leverage why it will be hard for US
the benefits of our smart contracts across Ring Energy announces
their business, and we look forward to oil output to return to pre-
helping create trust in transactions, capture executive management
value leakage for counterparties, and enable pandemic highs
seamless business services,” said Andrew changes
Bruce, CEO, Data Gumbo. “The network will Occidental President and CEO Vicki
enable their partners and customers to agree Ring Energy announced today executive Hollub says that “there has to be a lot more
faster on terms, service more efficiently and management changes effective November consolidation” among US upstream producers
reduce risk in transactions.” 30, 2020. Ring Energy has announced the as industry seeks to restore the economies of
GumboNet integrates specific transactional promotion of Mr. Stephen D. Brooks to scale necessary for shale developments in the
data with automated smart contracts powered executive vice president of land, legal, human latest edition CERAWeek Conversations. The
by blockchain technology as a network of resources and marketing. He will report market downturn combined with the global
companies, customers, suppliers and vendors. directly to Paul D. McKinney, chief executive pandemic brought the “industry to its knees,”
By providing a single immutable record officer and chairman of the board. In this she says, and a renewed focus on full-cycle
of truth, GumboNet synchronises data new position, Mr. Brooks will be assuming returns will make it difficult for US oil output
across counterparties for transparency that roles previously held by Mr. Matt Garner, who to return to its pre-COVID levels.
frees up working capital, reduces contract joined Ring Energy in 2016 and has served In a conversation with Daniel Yergin,
leakage, enables real-time cash and financial as general counsel and vice president of land vice chairman, IHS Markit, Hollub discusses
management, and delivers provenance. for the company. Following the conclusion of Occidental’s new model for shale projects,
Company, commodity and ticketing a transition period, Mr. Garner will remain public concerns and misconceptions over
systems agnostic, Data Gumbo stores in Austin, Texas, where he intends to explore hydraulic fracturing, the company’s major
all data directly on its network with full new professional opportunities. investments in enhanced oil recovery and
auditable records for a modern process that Paul D. McKinney, chief executive officer direct air capture and how those technological
creates touchless transactions and crushes and chairman of the board, commented: processes are transitioning Occidental towards
transactional waste. “I would like to thank Matt Garner for his a future as a “carbon management company.”
DATA GUMBO, December 02, 2020 commitment and contribution to the Ring IHS MARKIT, December 02, 2020
Energy Team since joining in 2016. During
this time, Matt oversaw the land and legal

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