Page 14 - NorthAmOil Week 06 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM impact of the lower SEC commodity price including eight producing oil and gas wells
in 2020,” commented Yemi Akinkugbe, chief and approximately 1,000 mineral acres held by
SandRidge Energy excellence office. “We do not believe that our production.
peers can replicate our cost structure, which
“This first production fund is a pilot for
announces closing of North should provide CNX with superior economic the future,” says Joseph Forma, President of
O’Brien Energy Resources. “We are diligent
inventory for decades to come.”
Park Basin asset sale for incurred directly attributable to extensions operators and have built a strong team
In 2020, drilling and completion costs
with decades of experience in managing
$47mn and discoveries were $480mn. When divided production.”
by the extensions and discoveries of 2,247
In the wake of the COVID-19 pandemic,
SandRidge Energytoday announced the bcfe, this yields a drill bit F&D cost of $0.21 it became apparent to the company that there
closing of the previously announced per mcfe. were small producers that needed to exit
divestiture of its North Park Basin assets CNX RESOURCES, February 09, 2021 the market for economic reasons, creating
in Colorado for $47mn in cash, subject to an opportunity to purchase production at
customary effective-date adjustments. O’Brien Energy Resources reasonable prices. The decision to buyout
SANDRIDGE ENERGY, February 08, 2021 competitors also sets the stage for O’Brien to
transition to an operating company model
CNX announces 13% purchases Midwest while remaining active in exploration.
production in new fund
O’Brien Energy Resources has been in
increase in proved reserves O’Brien Energy Resources, a privately owned business since 1990 and is a conventional
driller that operates over 75 wells in five states.
to 9.55 tcfe oil and natural gas exploration company, O’Brien uses the services of over 100 vendors
has announced the purchase of assets of two
and contractors, from drilling companies and
CNX Resources announced today total proved competitive oil and gas companies in Kansas service companies to engineers, land men,
reserves of 9.55 tcfe, as of December 31, 2020, and Oklahoma. O’Brien made these purchases geologists, and contract pumpers. According
which is a 13% increase, compared to the as part of a long-term plan to strategically to PwC, the oil and gas industry supports over
previous year. CNX organically added 2,247 acquire distressed oil and gas production. 9.8mn jobs nationwide, approximately 5.6%
bcfe of proved reserves through extensions Effective January 1, 2021 the O’Brien of the workforce. The COVID-19 crisis has
and discoveries, which resulted in the Energy Resources Production Fund I acquired disrupted domestic exploration resulting in
company replacing over 440% of its 2020 net all of the production assets of Keith F. Walker lower drilling activity, fuelling concern about
production of 511 bcfe. Oil & Gas in Kansas and the Oklahoma the future of short-term US production.
“The take-in transaction of CNX panhandle, including 23 producing oil and gas “The production fund model provides
Midstream Partners resulted in a positive wells along with approximately 6,080 mineral the company with a great balance for our
impact to our year-end PV-10 and proved acres held by production. Effective February 1, exploration activity, and also allows us
reserves by structurally lowering CNX’s 2021, the production fund acquired all of the the opportunity to apply our expertise to
operating costs, which materially offset the production assets of Oolite Energy in Kansas maximise the production of these added
wells and potentially continue to explore the
associated mineral leaseholds,” says Mark
Eddinger, executive vice president of O’Brien.
O’BRIEN ENERGY RESOURCES, February 05,
2021

MIDSTREAM
Enbridge Gas binding open

season for peak storage

service at Dawn Hub

Enbridge Gas is holding a binding open
season for peak storage services at the Dawn
Hub storage facility starting as early as April
1, 2021.
Shippers seeking access to flexible,
customised premium storage for peaking
service needs can submit bids of up to 2 bcf
for a minimum term of two years or longer.
Multiple bids will be considered.
Enbridge Gas’ Peak Storage Service offers
shippers unparalleled flexibility to meet their

P14 www. NEWSBASE .com Week 06 11•February•2021