Page 13 - NorthAmOil Week 39 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM transactions increase the corporate footprint within the production network. The company
to 974 operated wells and net production to will completely shut down the Houston plant
Oasis Petroleum announces approximately 6,400 barrels of oil equivalent in November 2021.
per day (boepd), evenly weighted between oil
“It is never an easy decision to shut down
extension of the outside and natural gas. The assets are supported by a plant. We greatly appreciate the team at
REG Houston for their dedication to safety
more than 140,000 net held-by-production
date for acquisition of (HBP) acres in various counties across Texas and operational excellence,” said Warner.
“Within our larger system, we remain focused
and Louisiana. In 2021 to date, Crescent
Williston Basin assets Pass has deployed approximately $85mn on on executing our growth strategy and we will
acquisitions, with substantial remaining equity continue to work with our existing customers
Oasis Petroleum announced today that the capital reserved for future opportunities. and vendors to provide clean fuel solutions
company and QEP Energy, a wholly-owned “We are pleased to have closed on our that are delivering meaningful carbon
subsidiary of Diamondback Energy, have first Eagle Ford acquisition and look forward reduction today.”
agreed to extend the outside date for the to continuing to expand our footprint of RENEWABLE ENERGY GROUP, September 29,
consummation of the company’s previously high-quality producing assets, both along this 2021
announced acquisition of QEP’s Williston trend and across the Lower 48,” said Tyler
Basin assets to October 27, 2021. Both Oasis Fenley, Crescent Pass chief executive officer.
and Diamondback remain committed to “This transaction reinforces our asset-focused MOVES
the transaction and expect it to close in the strategy which, along with our conservative
next few weeks, timing depending on final approach to leverage and hedging, allows us Cabot Oil & Gas and Cimarex
government approval. The transaction was to remain flexible and execute on our broader
valued at $745mn with an effective date of strategic growth objectives.” Energy shareholders
April 1, 2021. Final consideration will be Andrew Heyman, Partner at Talara Capital
reduced by the $75mn deposit paid in 2Q21 Management commented, “Crescent Pass approve merger
and customary purchase price adjustments continues to make accretive acquisitions
related to free cash flow generated from and improve the existing asset base. This Cabot Oil & Gas and Cimarex Energy today
effective date to close. team is at the cutting edge of applying announced that both companies’ shareholders
OASIS PETROLEUM, September 30, 2021 the latest technologies related to revenue voted to approve the pending transaction.
enhancements, cost reductions, and ESG At the special meeting of Cabot
Fundare Resources closes matters. We expect to continue working shareholders held earlier today, more than
99% of voted shares (approximately 89% of
closely with Crescent Pass to source assets
the acquisition of the and execute on the business plan in an outstanding shares) were in favour of the
merger. At the Cimarex special meeting of
environmentally responsible manner.”
Redtail assets from Whiting CRESCENT PASS ENERGY, September 28, 2021 shareholders, more than 90% of voted shares
(approximately 79% of outstanding shares)
Petroleum DOWNSTREAM were in favour of the merger.
Dan O. Dinges, chairman, president and
Fundare Resources, a Denver based, CEO of Cabot, said, “We are pleased that
independent exploration and production Renewable Energy Group Cabot shareholders recognise the considerable
company, announced today that is has opportunities ahead for our combined
completed the acquisition of oil and gas announces closure of business. We are excited to build on this
assets in the Denver-Julesburg Basin of momentum and our strong foundations as
Colorado from Whiting Petroleum. Following Houston biodiesel plant we progress towards closing the transaction
a transition period, Fundare will take over and creating a premier, diversified energy
operations from Whiting on November 1, Renewable Energy Group today announced company.”
2021. the closing of its 35mn gallon per year “We thank Cimarex shareholders for their
FUNDARE RESOURCES, September 28, 2021 nameplate capacity facility located near support of our value creating transaction,” said
Houston, Texas. Thomas E. Jorden, chairman, president and
Crescent Pass Energy the plant in 2008 and has been operating it CEO of Cimarex. “Our combined business
The company acquired and commissioned
will have top-tier assets that will generate
announces acquisitions since. substantial cash flow to drive peer-leading
“We have made the decision not to renew
returns through commodity price cycles. We
in the Eagle Ford and East the lease for our REG Houston biorefinery, look forward to completing this transaction
which would have imposed an uncompetitive
and delivering these compelling benefits to
Texas Cotton Valley trends fixed cost on the plant,” said REG President our shareholders.”
Cabot and Cimarex both anticipate
& CEO Cynthia ‘CJ’ Warner. “The plant has
Crescent Pass Energy announced today that run very well but has always been relatively filing the final certified vote results for
it has closed on the acquisition of producing challenged due to its leasing agreement their respective special meetings on a Form
assets in the northern area of the Eagle coupled with a lack of REG’s hallmark multi- 8-K with the U.S. Securities and Exchange
Ford play from Tulsa based Armor Energy, feedstock processing capability.” Commission. The transaction is anticipated
as well as three bolt-on acquisitions in the The company is currently working with to close on October 1, 2021. Following the
Cotton Valley trend in East Texas. These plant employees on relocation opportunities closing of the transaction, the combined

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