Page 11 - NorthAmOil Week 12 2022
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NorthAmOil                                 NEWS IN BRIEF                                         NorthAmOil








       UPSTREAM                            legacy drilling & lease obligations. Identified   term gathering agreement that includes an
                                           currently are 75-100 potential development   acreage dedication and minimum volume
       HNRC to acquire                     well sites on existing leases with plans to   commitment from an upstream affiliate of the
                                           expand the company’s leasehold footprint
                                                                                seller.
       Cunningham Energy                   through future acquisitions and leasing.  Louisiana and Harrison County, Texas,
                                                                                  The system is located in Caddo Parish,
                                             Cunningham Energy has a vertically
       interests of up to $100mn           integrated business model with multiple   in an area of the Haynesville shale play
                                                                                with increasing rig activity and growing
                                           acquisition targets identified. Since its
       Houston Natural Resources Corp. (HNRC)   inception they have relied on past experience   production. It is well situated to access
       announced today that it has signed a   in parallel with the application of new   transportation to supply large markets in
       letter of intent (LoI) for a transaction with   technologies to succeed in the ever-changing   Louisiana and Texas, including growing
       Cunningham Energy.                  field of efficient energy production.   liquefied natural gas (LNG) export markets.
         HNRC will form a special purpose   Cunningham Energy is positioned to take   The system was constructed between 2020
       acquisition corporation (SPAC) with cash   advantage of current and future trends in   and 2022 and has a nominal capacity of up to
       and securities for the acquisition of interests   oil and natural gas production throughout   1.2 bcf per day. It was designed with an ESG
       in Cunningham Energy with the purpose of   these basins with aggressive but responsible   focus for efficient operations and to minimise
       acquiring, exploring, and producing oil and   decisions in the future.   emissions, including solar/battery powered
       gas in the United States and Canada. The   HOUSTON NATURAL RESOURCES CORP., March   meters.
       proposed investment is for up to $100,000,000   23, 2022                   “ArcLight is pleased to have the
       in cash and securities and subject to the                                opportunity to acquire modern infrastructure
       competition of due diligence and financing.                              to assist in the development of clean natural
       The parties are committed to closing the   MIDSTREAM                     gas to help in the nation’s energy transition,”
       transaction on or before June 30, 2022.                                  said Josef Alves, Managing Director
       Under the Letter of Intent additional future   ArcLight to acquire       at ArcLight. “We strongly believe that
       development funding for up to $600,000,000                               responsible natural gas production will be
       from SPAC and PIPE follow on transactions   Haynesville gas-gathering    central to providing energy security for the
       are also planned.                                                        country and the world as we transition toward
         Cunningham Energy is an independent   system                           a clean energy future.”
       producer of oil and gas. Cunningham Energy                                 Don Kirkendall, CEO of Cutlass added:
       conducts operations and oil/gas interests   ArcLight Capital Partners and Cutlass   “Cutlass is excited to establish itself as a
       in the Appalachian Basin with over 30,000   Energy Partners announced today that their   natural gas infrastructure player in the
       plus net acres of leases. Cunningham Energy   affiliate, Saber Midstream, has entered into   Haynesville via its partnership with ArcLight
       was formed in 2008 and was a pioneer of   an agreement with an undisclosed seller   in Saber Midstream. Our proximity to
       shallow horizontal oil drilling in West Virginia  to acquire a natural gas gathering system   multiple markets including the increasingly
       starting in 2014. During its future phase 1   in the Haynesville basin of Louisiana and   significant Gulf Coast LNG market will allow
       development programme in West Virginia,   Texas. The parties anticipate closing the   us to pursue a strategy of expansion to offer
       Cunningham Energy is to permit, drill, and   transaction in the coming weeks, subject to   shippers attractive natural gas midstream
       complete 15 shallow horizontal Big Injun,   certain conditions and regulatory approval.   solutions. We look forward to participating
       Weir, and Berea Sandstone Oil wells to fulfil   The transaction will be supported by a long-  in the growth of this critical component
                                                                                bridging to the future of US clean energy
                                                                                infrastructure.”
                                                                                ARCLIGHT CAPITAL PARTNERS, March 22,
                                                                                2022

                                                                                Whiptail Midstream
                                                                                acquires DJR Energy’s oil,

                                                                                gas, and water gathering

                                                                                systems in the San Juan

                                                                                Basin oil window alongside
                                                                                long-term acreage

                                                                                dedication

                                                                                Whiptail Midstream announced today that
                                                                                the company has acquired the oil, gas, and
                                                                                water gathering assets of DJR Energy in the
                                                                                Gallup oil window of the San Juan Basin. As



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