Page 13 - NorthAmOil Week 06 2023

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business spans Reeves and Loving counties
and includes approximately 80 miles of
high- and low-pressure natural gas gathering
pipelines and a 140 million cubic feet per day
(mmcf per day) natural gas processing facility.
“We are excited to have completed this
transaction as it positions us for significant
growth and future bolt-on opportunities in
the heart of one of the most prolific basins
in the United States,” said Doug Dormer,
Cardinal chief executive officer. “We believe
that clean burning natural gas will continue
obligations on an undiscounted, uninflated before income taxes of the proved reserves to play an important role in the energy mix,
basis, removed from the company’s balance (the PV-10 value), was approximately $15.5 driving global demand, upstream production,
sheet, totalled approximately $0.3mn. billion, using the company’s average first of and accompanying midstream infrastructure.
On January 31, 2023, the company closed month 2022 prices of $6.03 per 1,000 cubic These assets are an ideal cornerstone for
the disposition of its non-operated working feet of natural gas and $91.21 per barrel of oil. our business, and we look forward to
interest in the Lindale Cardium Unit for gross Comstock produced 501.1bn cubic feet of meaningfully growing our footprint over
proceeds of $1.5mn (net proceeds of $1.46mn natural gas equivalent in 2022. In the fourth time.”
after customary adjustments). The disposition quarter of 2022, Comstock’s production Founded in early 2022, Cardinal is a
included approximately 42 boe/d consisting averaged 1,445mn cubic feet of natural gas portfolio company of EnCap Flatrock
of 53% crude oil, 37% natural gas and 10% equivalent per day, which was an increase of Midstream, a leading capital provider to
natural gas liquids. Decommissioning 7% over the fourth quarter of 2021. Comstock proven management teams like Cardinal, who
obligations on an undiscounted, uninflated added 1.1 Tcfe to its proved reserves in 2022 are focused on building and enhancing great
basis removed from the Company’s balance through its Haynesville and Bossier shale businesses in North America’s midstream
sheet, totalled approximately $1.6mn. drilling activities, which replaced 216% of the energy sector.
Clearview continues to pursue dispositions Company’s 2022 production. CARDINAL MIDSTREAM PARTNERS, February
of additional non-core, non-operated The company spent $1,032.0mn on 06, 2023
working interest properties to further drilling and other development activities in
reduce decommissioning obligations and 2022. Comstock drilled 115 (60.4 net) new
administrative burdens, while increasing the horizontal Haynesville and Bossier shale DOWNSTREAM
percentage of production that the Company wells and put 104 (55.4 net) wells on sales
operates and focussing its operations in West during 2022. Comstock also spent $18.0mn Suburban Propane Partners
Central Alberta. With these three dispositions, acquiring a 145-mile pipeline and processing
Clearview now operates approximately 89% plant, $54.1mn on acquiring unproved announces first-quarter
of its production. Additionally, the pace of acreage primarily for the company’s Western
development spending and asset retirement Haynesville play and $0.5mn on acquiring results
expenditures are now largely within the producing properties. Comstock’s finding
Company’s control. costs related to its 2022 proved reserve Suburban Propane Partners today announced
CLEARVIEW RESOURCES, February 03, 2023 additions were approximately $0.95 per mcfe. earnings for its first quarter ended December
COMSTOCK RESOURCES, February 01, 2023 24, 2022.
Comstock Resources 2023 improved to $45.4mn, or $0.71 per
Net income for the first quarter of fiscal
announces 9% proved MIDSTREAM Common Unit, compared to net income of
$21.3mn, or $0.34 per Common Unit, in the
reserve growth in 2022 Cardinal Midstream fiscal 2022 first quarter. Adjusted earnings
before interest, taxes, depreciation and
Comstock Resources, announced today that closes on acquisition amortisation (Adjusted EBITDA) increased
its proved natural gas and oil reserves as of $3.5mn, or 4.1%, to $90.0mn for the first
December 31, 2022 were estimated at 6.7 of Medallion’s natural quarter of fiscal 2023, compared to $86.5mn
trillion cubic feet equivalent (“Tcfe”), which in the prior year first quarter.
represents a 9% increase from total proved gas business in prolific In announcing these results, President
natural gas and oil reserves of 6.1 tcfe as of and Chief Executive Officer Michael
December 31, 2021. Delaware Basin Stivala said, “A combination of continued
The reserve estimates were determined positive trends in our customer base growth
under SEC guidelines and were audited by the Cardinal Midstream Partners, an independent and retention initiatives, cooler average
company’s independent reserve engineering midstream energy company based in Dallas, temperatures, especially in the back half of
firm. The 6.7 tcfe of proved reserves at announced today it has closed its previously December 2022, and excellent management
December 31, 2022 were substantially all announced acquisition of Medallion of selling prices and expenses in a challenging
natural gas, 38% developed and 98% operated Midstream Services’ natural gas gathering and economic backdrop, helped to deliver another
by Comstock. The present value, using a 10% processing business in the prolific Delaware outstanding quarter with an increase of more
discount rate, of the future net cash flows Basin in West Texas. The newly acquired than 4.0% in Adjusted EBITDA compared

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