Page 10 - NorthAmOil Week 49 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM Joe Manchin’s leadership in ensuring that state of Texas for power generation, heat
reinstatement of Lease Sale 257 was a key generation, and industrial consumption.
ROC Energy Acquisition component of the Inflation Reduction Act,” Natural gas remains the most viable low-
said Arena Co-Founder and CEO Mike
carbon fuel globally, and Sage is proud to
announces extension Minarovic. “The Inflation Reduction Act responsibly source and develop this life-
recognises that sustained production from
sustaining commodity.”
of deadline to complete the Gulf of Mexico is vital for energy security and production company headquartered in
Sage is a privately held onshore exploration
and reducing global emissions, as the oil and
business combination natural gas produced in the Gulf is among Tulsa, Oklahoma focused on unconventional
the least carbon-intensive production in the
shale development through applied
ROC Energy Acquisition announced today world.” technology. Sage currently produces over
that its sponsor, ROC Energy Holdings, has “We have been one of the most active 150mn cubic feet of natural gas equivalent per
requested that the company extend the date and successful drillers in the Gulf of Mexico day and has 1.15 net tcfe of proven reserves.
by which the company has to consummate since we started the company over twenty SAGE NATURAL RESOURCES, December 07,
a business combination from December years ago,” Minarovic continued. “We are as 2022
6, 2022 to March 6, 2023. The extension excited as we’ve ever been about the future of
is the first of two three-month extensions the shallow water Gulf of Mexico. The value
permitted under the company’s governing we will unlock as we develop these assets will MIDSTREAM
documents. In connection with the extension, benefit Arena, the thousands of employees
the sponsor has notified the company that it and vendors who make up our domestic Bison Water Midstream
intends to deposit an aggregate of $2,070,000 supply chain, and future production on these
(representing $0.10 per public share) into leases will generate significant royalties for US acquires Lagoon’s
the company’s trust account on or before taxpayers.”
December 6, 2022. The extension provides the ARENA ENERGY, December 05, 2022 Oklahoma assets and
company with additional time to complete its
initial business combination. Sage Natural Resources Overflow Energy’s water
ROC ENERGY ACQUISITION, December 02,
2022 announces robust year-end infrastructure in the STACK
Arena Energy awarded 11 drilling results Bison Water Midstream, Oklahoma’s largest
water infrastructure and logistics provider,
blocks in Lease Sale 257, Sage Natural Resources announced today today announced it has acquired all of the
Oklahoma assets owned by Lagoon Water
that it recently completed eight horizontal
adding over 50,000 acres to wells targeting the Barnett Shale formation Midstream as well as the water infrastructure
in the wet-gas window at its Blanton Lewis
owned by Overflow Energy in the STACK.
existing footprint on Gulf of Pad located in Wise County, Texas. Sage has The Lagoon and Overflow transactions are
drilled 36 horizontal wells in basin since
effective November 1, 2022, and December
Mexico Shelf October 2020. 1, 2022, respectively. Following these
acquisitions, Bison is the only remaining
The eight Blanton Lewis wells were drilled
Arena Energy, a leading independent oil and with an average lateral length of approximately large-scale commercial water infrastructure
gas exploration company focused on the 10,500 feet per well. At an average completed provider serving the SCOOP, STACK and
Gulf of Mexico Shelf, today announced it was well cost of $6.13mn, each well came in at MERGE plays within Oklahoma’s Anadarko
recently awarded eleven leases in the US Gulf approximately $600 per completed lateral Basin.
of Mexico by the Bureau of Ocean Energy foot. Peak IP30 pad production exceeded Bison’s integrated water infrastructure
Management (BOEM) in Lease Sale 257. 28,000 mcfepd and supports an average EUR platform is now comprised of a 750-mile
BOEM conducted Lease Sale 257 in in excess of 6.7 bcfe per well. Each well will water gathering system, 60 disposal facilities
November 2021, but it was subsequently yield approximately 120 barrels of NGLs per with permitted capacity of 1.2mn barrels
vacated by a federal judge in January 2022. million cubic feet of wellhead gas and 20 of water per day, 5.7mn barrels of storage
The Inflation Reduction Act of 2022, signed barrels of light oil per million cubic feet of capacity, 100,000 barrels per day of recycling/
into law by President Biden in August, wellhead gas. reuse capacity, and over 20 long-term
required reinstatement of the sale and the Gavin D. McQueen, president and CEO contracts covering 17mn dedicated AMI acres
leases were finally awarded in October 2022. of the company stated: “Our incredible team across the entire Basin.
Arena was the successful bidder on eleven of experts and professionals continue to North Whipple, CEO of Bison,
leases in water depths ranging from 30 to drive efficiencies and performance in the commented: “We are excited to announce
283 feet in Eugene Island, South Pelto, and Barnett Shale through advanced drilling these transformational acquisitions which
West Delta in the Gulf of Mexico off the coast and completions. This resource play was roughly double the size of Bison’s existing
of Louisiana. Arena paid $3.8mn in lease highly underexploited in the infancy of footprint across the region. Over the last
bonuses to the federal government for the unconventional shale technology. Today this four years, Oklahoma’s water midstream
leases. play represents a significant arbitrage to other industry has experienced the full cycle of
“These leases and future lease sales are shale gas plays at a much lower risk premium emergence, expansion, maturation and now
critical to our continued investments in the and cost. We continue to add meaningful consolidation. Together, our companies have
Gulf of Mexico Shelf, and we applaud Senator gas volumes within the borders of the great demonstrated the overwhelmingly positive

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