Page 12 - NorthAmOil Week 05

NorthAmOil
NEWS IN BRIEF
NorthAmOil
UPSTREAM
Ring Energy releases its
preliminary 2020 capital
expenditure budget of
approximately $85-90mn
Ring Energy announced the company’s preliminary capital expenditure budget
for 2020 of approximately $85-90mn. e preliminary budget includes the estimated cost to drill and complete 18 new horizontal wells (13 1-mile / 5 1.5-mile) on its Northwest Shelf (NWS) asset, well workovers including converting wells to rod pump, infrastructure upgrades / extensions on its NWS, Central Basin Platform (CBP), Delaware (DEL) assets along with all contractual drilling obligations, including projected costs speci c to non- operated wells.
All three of the company’s primary assets, the Northwest Shelf, Central Basin Platform and Delaware Basin, will have extensive infrastructure projects performed, including battery upgrades, saltwater disposal projects, compressor work and miscellaneous electrical projects. In addition, as part of its well workover program to maximise e ciencies, the company will continue its rod conversion programme (electrical submersible pumps
to rod pumps) on all three assets and has budgeted the conversion of 42 existing wells (NWS – 20, CBP – 20, DEL – 2).
Management estimates that all drill and completion costs, including rod conversions, would be approximately $61mn – all non- drilling expense (including non-operated CAPEX) will be approximately $24mn. RING ENERGY, February 04, 2020
Talos Energy provides updates on pending acquisitions and US Gulf of Mexico operations
Talos Energy today announced the ling of
a preliminary Schedule 14C information statement with the Securities and Exchange Commission (SEC), an important regulatory step towards closing of the company’s previously announced acquisition of a liates of ILX Holdings, among other entities. e company also provided an operational update regarding selected projects in the US Gulf of Mexico, including existing Talos assets as well as acquired assets.
e company has led a preliminary information statement with the SEC to
inform the company’s stockholders about the acquisition. At the time the parties entered into the Transaction on December 10,
2019, holders of approximately 62.9% of the company’s outstanding shares acted by written consent to approve the transaction and the proposed issuance of 11.0mn new shares
as consideration in the transaction, so the company is not seeking additional stockholder approval.
TALOS ENERGY, January 31, 2020
Case Energy Partners launches CEP Minerals II
Case Energy Partners and a liates announced today the launch of CEP Minerals II (CEP
II). e new mineral and royalty acquisition venture is the second iteration of Case’s successful CEP Minerals (CEP I), which was launched in early 2017 and has since acquired
more than $85mn in assets. Formed a er a recent signi cant recapitalisation and similar to its predecessor, CEP II plans to deploy substantial capital over the next 24 months to pursue oil and gas mineral and royalty interests in the Permian Basin and other conventional and non-conventional elds across the country. Funding for CEP II was provided by a private investment rm and a multifamily o ce.
“We are excited about this next chapter
and the opportunity to continue the success and strategy of CEP Minerals,” said Case Managing Partner Charles Matter. “As we have for the last 36 months, our plan is to source, buy and package portfolios of attractive, high-return properties at advantageous points in the price cycle. While our primary focus will be the Permian Basin, as a company with acreage and assets in 15 states we are always looking at opportunities in conventional and non-conventional resource plays across the country. e deal ow we have seen thus
far is encouraging and we look forward to continuing to grow, delivering value to the market and to all our stakeholders.”
Based in Dallas, Case is a privately funded energy investment company that acquires and manages oil and gas interests across the nation.
Since the company’s inception in 2012, Case and its subsidiaries have collectively deployed more than $100mn in mineral and royalty acquisitions in both conventional and unconventional resource plays including the Permian, Woodford, Bakken, Eaglebine, Eagle Ford, Haynesville and Fayetteville, among others.
CASE ENERGY PARTNERS, February 04, 2020
ConocoPhillips reports fourth-quarter and full-year 2019 results; announces preliminary 2019 year-
end reserves, quarterly
dividend and increase in
existing share repurchase
authorisation to $25bn
ConocoPhillips today reported fourth-quarter 2019 earnings of $0.7bn, or $0.65 per share, compared with fourth-quarter 2018 earnings of $1.9bn, or $1.61 per share.
Excluding special items, fourth-quarter 2019 adjusted earnings were $0.8bn, or $0.76
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Week 05 05•February•2020