Edge Petroleum Corp., Houston, (Nasdaq: EPEX) plans to acquire properties in Nueces County, Texas, from Anadarko Petroleum Corp., The Woodlands, Texas, (NYSE: APC) for $26 million in cash. The assets are also known as the Chapman Ranch Field, where Edge acquired an approximate 50% nonoperated working interest in seven producing wells from three private companies last year. Edge will acquire an additional 44% to 50% in those same wells, as well as take over operatorship. The acquired properties consist of nine producing wells (4.9 net) with net production of 3.6 million cubic feet of gas equivalent per day (90% gas). Net proved reserves are approximately 9.2 billion cubic feet equivalent (6.4 billion net proved undeveloped). Edge chairman, president and chief executive John W. Elias says, “Our lack of control over the operations made it very difficult for us to exploit the full potential of the property in an acceptable manner. However, in anticipation of our making this purchase, we elected to move forward with a new 3-D seismic program over the field and surrounding area.” Edge estimates there are at least 10 proved undeveloped locations. The deal will be funded using the company’s current credit facility and is expected to close by Dec. 28.
Recommended Reading
SLB to Acquire Majority Stake in Aker Carbon Capture
2024-03-31 - SLB and Aker Carbon Capture plan to combine their technology portfolios, expertise and operations platforms to bring carbon capture technologies to market faster and more economically, SLB said in a news release.
NZT Power, NEP Pick Contractors for Teesside-based Decarbonization Projects
2024-03-15 - About $5.1 billion in work will go to the contractors once projects reach FID, which is expected in September.
1PointFive, AT&T Enter Carbon Removal Pact
2024-03-13 - 1PointFive said it is also participating in AT&T’s Connected Climate Initiative to collaborate on carbon removal solutions like direct air capture.
Red Trail Energy Issues Carbon Removal Credits
2024-03-06 - Red Trail Energy’s CO2 removal credits is the largest durable carbon removal project registered on the Puro Registry to date.
Exclusive: Despite Complexities, Carbon Capture has a 'Huge' Opportunity
2024-04-03 - Ken Gilmartin, the CEO of engineering company Wood, shares the importance of digitization's role in traditional oil and gas and the energy transition, and overcoming challenges facing carbon capture, in this Hart Energy Exclusive interview.