Page 11 - NorthAmOil Week 45 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM combined with our initial permit for the A1/ in Canada on the deployment of a TITAN
A2 reservoirs, makes up Carbon TerraVault fleet. There is tremendous alignment between
California Resources Corp. I, an approximately 40mn metric ton the two companies, with shared interest
in developing sustainable practices for the
storage capacity project. We are also happy
reports third-quarter 2021 to announce that we are progressing our responsible development of oil and natural gas
resources,” said Warren Zemlak, President &
partnership with SunPower on 24 MW of
results, declares inaugural BTM solar projects at the Kern Front and CEO, BJ Energy Solutions.
At the core of BJ’s next-generation
North Shafter fields, and continue to target
quarterly dividend and projects in other fields to reduce our carbon fracturing fleet, the TITAN, is the direct drive
5,000 horsepower natural gas-fired turbine
footprint. With these efforts, CRC remains
announces 2045 full-scope committed to maximise shareholder value driven pump, capable of delivering one of the
most efficient ‘power to pump’ combinations
while executing on our ESG strategy.”
net zero goal CALIFORNIA RESOURCES CORP., November 11, available. Fueled by natural gas, the TITAN
supports the reduction of greenhouse gas
2021
California Resources Corp. (CRC), an emissions, reduced costs, improved mobility,
independent oil and natural gas company and reliable operations while meeting the
committed to energy transition in the sector, SERVICES most stringent noise reduction requirements
today reported third quarter 2021 operational across North America. Compared to a Tier IV
and financial results. BJ Energy Solutions and bi-fuel fleet in the Montney, the TITAN will
“Third-quarter results continued to reduce greenhouse gas emissions by 23%.
reflect strong operational performance and leading North American Since deployment in early 2021, the first
represented our best quarter this year in terms TITAN fracturing fleet has pumped over
of free cash flow generation. These financial energy producer execute 1,000 stages in the Haynesville, with over
results enabled CRC to further enhance our 22,000 hours of total pump time across the
shareholder return strategy by initiating a multi-year deal to bring eight-pump, 40,000 hydraulic horsepower
quarterly cash dividend. Additionally, we fleet.
tightened our full year free cash flow guidance TITAN next-generation BJ ENERGY SOLUTIONS, November 09, 2021
toward the high end of the range to $460-
510mn,” said Mac McFarland, president and fracturing technology to the
chief executive officer. “Given the strength MOVES
of our 2021 drilling programme and the Canadian energy market
current commodity environment, we added PHX Minerals announces
a fourth rig in Buena Vista shale in October. place
Additionally, we expect to have more than mineral and royalty
$325mn of cash on hand at year end after BJ Energy Solutions has entered into a fifth
share repurchases and a cash dividend multi-year fracturing services agreement acquisitions in the
payment.” for its TITAN™ next-generation fracturing
Mr. McFarland continued: “As we continue technology. BJ executed this latest agreement Haynesville
to make progress on our ESG strategy, we with a leading north american exploration
are excited to announce a 2045 Full-Scope and production company for its innovative PHX Minerals today announced three
Net Zero Goal which targets Scope 1, Scope TITAN fleet to complement the producer’s mineral and royalty acquisitions targeting the
2 and Scope 3 emissions. As planned, we Canadian operation. Haynesville play in East Texas and Louisiana.
also submitted our second permit to the “We are very excited to have the PHX has agreed to acquire approximately 827
EPA for the 26R reservoir, which when opportunity to work with our new partner net royalty acres for aggregate consideration
of $5,200,000 in cash and stock from a
private seller subject to customary closing
adjustments (the “Acquisition”). The purchase
price consists of $520,000 in cash and
1,519,481 in PHX common stock issued
directly to the seller of the assets. The shares
to be issued are subject to a 120-day lock-
up period. The Board of Directors of PHX
unanimously approved the Acquisition,
which is subject to certain closing conditions
and expected to close by Dec. 1, 2021.
Additionally, in two separate transactions,
PHX closed the acquisition of approximately
219 net royalty acres in the Haynesville play
during the month of November 2021 for cash
consideration of $2,331,992.
Chad Stephens, president and CEO,
said: “These are exceptional acquisitions

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