Page 10 - NorthAmOil Week 49 2022
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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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