Page 16 - NorthAmOil Week 41

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM debt reduction while delivering differentiated Ring Energy provides
shareholder value,” continued Way.
Southwestern Energy SOUTHWESTERN ENERGY, October 08, 2020 update on sale of its

announces reaffirmation of Panhandle Oil and Gas Delaware Basin acreage
credit facility and approved announces closing of Ring Energy provided today an update on
the sale of its Delaware Basin asset located in
increase upon closing of acquisitions in the core of Culberson and Reeves counties, Texas.
Ring management stated that the buyer
acquisition the SCOOP and Haynesville has requested an extension to October 29,
2020, and, as a show of good faith, has wired
Southwestern Energy today announced its plays the company an additional non-refundable
borrowing base was reaffirmed at $1.8bn $1mn. The company went on to say that the
during its fall semi-annual redetermination. Panhandle Oil and Gas, today announced on-going conversations with the buyer and
Additionally, upon the close of the Montage that it has closed the previously announced the additional wired funds has continued to
Resources acquisition, the company’s purchase of two mineral and royalty packages provide management with a heightened level
borrowing base and bank commitments in Grady County, Oklahoma, and Panola and of confidence that the transaction will close by
will increase to $2.0bn, with asset coverage Harrison Counties, Texas, from Red Stone the end of the month, however management
exceeding the company’s borrowing base level. Resources for approximately $5.5mn in cash has made it clear there will be no further
“The recent supportive actions by our and 153,375 shares of Panhandle common extensions.
bank group in this challenging market are stock, which are subject to the customary As stated previously, the proceeds from the
further evidence of our financial strength closing adjustments. Panhandle is entitled to sale will be used to reduce the outstanding
and the positive reception of our acquisition the cash flow from production attributable to balance on the company’s senior credit facility.
of Montage Resources. We sincerely value the acquisitions beginning on and after June RING ENERGY, October 08, 2020
the strong relationships with our bank 1, 2020.
group and appreciate the confidence that Chad L. Stephens, president and CEO,
the participating banks demonstrated in us commented: “The closing of the Red Stone MIDSTREAM
throughout the process with their increased acquisitions is another important milestone
commitments,” said Bill Way, Southwestern for Panhandle in a challenging market as Ovintiv Announces Start-Up
Energy president and chief executive officer. we continue our transition to a company
“Our existing deep inventory of premium, focused on minerals. As 2020 draws to a of Pipestone Processing
Tier 1 locations in Appalachia supplemented close and we start looking toward 2021, I am
by the high-quality assets of Montage, optimistic about the other opportunities in the Facility
provide us with expanded asset coverage market place and look forward to Panhandle
above our borrowing base. The acquisition continuing to be a consolidator in the mineral Ovintiv today announced the start-up of the
and associated capital market transactions space.” Pipestone Processing Facility (PPF), a natural
further enhance the financial resilience of PANHANDLE OIL AND GAS, October 12, 2020 gas processing and liquids stabilization plant
Southwestern Energy and solidify our path supporting the Company’s high-return,
to meaningful free cash flow generation and condensate-rich Montney development.
Ovintiv managed the PPF’s design and
construction and delivered its start-up more
than five months ahead of its original schedule
and at budgeted costs.
The start-up of the PPF provides Ovintiv
with additional net processing capacity of
approximately 170 mmcf per day of natural
gas and 19,000 bpd of liquids, primarily
condensate. The start-up of the PPF required
no new drilling to satisfy new capacity
arrangements. The facility allows Ovintiv to
maximize its existing volumes and optimise
midstream fees by routing production to
gathering systems with lower line pressures,
as well as the capacity to grow its Pipestone
Montney resources.
The PPF, which is owned by Keyera
Partnership, a subsidiary of Keyera Corp.,
provides Ovintiv with processing under a “fee-
for-service” midstream agreement. Ovintiv
has successfully employed this development
model in other recent midstream expansions.

P16 www. NEWSBASE .com Week 41 15•October•2020