Page 11 - NorthAmOil Week 25 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM owned subsidiary of Fundare Resources SERVICES
Operating.
SilverBow Resources assets in the Niobrara-DJ Basin, around Cathedral Energy Services
Moonrise owns and operates midstream
announces extension of Fundare’s Redtail oil and gas operations in acquires Lexa Drilling
Northeast Weld County, Colorado. Moonrise’s
revolving credit facility and assets include a 65mn cubic feet per day Technologies; adds
(mmcf per day) refrigeration gas processing
increased borrowing base plant that is expandable to 105 mmcf per day, technology leadership
over 22,000 horsepower of compression, 100
SilverBow Resources today announced it miles of gas gathering pipelines, downstream with Axel Schmidt and
has received bank approval to amend its interconnects with Overland Pass NGL
senior secured revolving credit facility to Pipeline/Trailblazer residue pipeline, and 25 adds Chad Robinson in key
extend the maturity of the credit facility to miles of crude gathering pipelines that are tied
October 2026, increase the borrowing base into Tallgrass Energy Partners’ Pawnee crude strategy role
from $525mn to $775mn, and reduce the oil terminal.
interest rate margin for amounts outstanding, Cody Truitt, president and chief executive Cathedral Energy Services today announced
amongst other things, in connection with officer of Fundare commented: “We are the acquisition of 90.98% of LEXA Drilling
SilverBow’s two recent strategic acquisitions excited to form Moonrise Midstream Technologies, a Calgary-based, downhole
including the oil and gas assets of SandPoint located in an attractive area for expansion technology company for equity consideration
Operating, a subsidiary of SandPoint and upstream development. Moonrise will in Cathedral. As part of the transaction, Mr.
Resources, in May 2022 and Sundance. The strategically grow its footprint in the DJ Basin Axel Schmidt will join Cathedral as Senior
amended credit facility and borrowing base through expanding dedicated processing Vice President, Engineering and Technology
increase will go into effect with the closing the for upstream producers and midstream while Mr. Chad Robinson will join as Vice
company’s previously announced acquisition companies.” President, Corporate Development. LEXA
of substantially all of the oil and gas assets Moonrise provides the infrastructure and also brings an experienced engineering and
from Sundance Energy and certain affiliated marketing support for Fundare’s Redtail oil development team.
entities. and gas operations, and has recently entered “The principals of LEXA have deep
SILVERBOW RESOURCES, June 23, 2022 into commercial agreements with Bison Oil experience in building sizable directional
& Gas III and a nearby third-party midstream drilling companies as well as highly-
company. Moonrise will begin processing innovative and reliable tools to differentiate
MIDSTREAM dedicated volumes for Bison in the 3rd those services” said Tom Connors,
Quarter and currently processes offload gas Cathedral’s President and CEO. “Axel
Fundare Resources for the third-party midstream company. and Chad were instrumental in building
Pacesetter Directional Drilling (now
Daniel Seaver, vice president of midstream
announces Moonrise and marketing for Fundare, added: owned by Schlumberger) into a formidable
Canadian competitor. Axel has a strong tool
“The Moonrise team and assets deliver
Midstream formation and exceptionally high runtimes of greater than development history, especially in creating
highly reliable MWD (measurement-
99.7% while processing volumes from our
third-party commercial growing customer base. We provide a high while-drilling) and RSS (rotary steerable)
technology for the Canadian marketplace and
level of pressure and flow assurance to our
agreements customers, and we look forward to continued his experience and insight will be invaluable
as we build out our differentiated technology
growth and development of the asset.”
Fundare Resources today announced the FUNDARE RESOURCES, June 21, 2022 platform into the future. Going forward, we
formation of Moonrise Midstream, a wholly are excited at the opportunity for Axel to
enhance our MWD offering and ensure it
remains among the top performing and most
reliable products in the industry.”
LEXA is focused on the development and
commercialisation of high data rate positive
pulse MWD technology. They are also focused
on developing technology that enhances
and enables drilling automation through
remote downhole directional equipment.
The addition of high-performance pulse
technology to Cathedral’s industry leading
electromagnetic technology will further
strengthen the performance of Cathedral’s
existing MWD platform. Mr. Connors added,
“When it comes to MWD technology, the
US market is primarily a pulse market and in
the long run this addition of personnel and

Week 25 23•June•2022 www. NEWSBASE .com P11