Oil and gas companies should carefully review their contingent consideration and earnout provisions in purchase and sale agreements and be prepared for the reporting and valuation challenges that come with them.
Antero Resources’ latest asset sale is a volumetric production payment transaction comprised of dry gas producing properties in West Virginia with a seven-year term ending 2027.
Canadian Natural Resources’ agreement to acquire Montney producer Painted Pony follows the acquisition of Kelt Exploration’s position in the shale gas play by ConocoPhillips late last month.
Oil industry suppliers such as Oslo-listed TGS and PGS have been hard hit by weak crude prices during the coronavirus pandemic as energy companies rein in exploration and thus spend less on the seismic data.
"We're clearly scanning the landscape very closely looking for opportunities," Woodside Petroleum CEO Peter Coleman told analysts on a conference call.
Oil industry suppliers such as Oslo-listed TGS and PGS have been hard hit by weak crude prices during the coronavirus pandemic as energy companies rein in exploration.
XTO Energy selected EnergyNet as the exclusive adviser to market a Permian Basin operated opportunity located in Loving and Winkler counties, Texas, through a sealed-bid process closing Sept. 15.
Wagner Oil retained TenOaks Energy Advisors for the sale of four packages comprising South Texas, South Louisiana, Permian Basin and Delaware Basin royalty interests.
Here’s a snapshot of recent energy deals including the purchase of bankrupt Templar Energy by Presidio Petroleum, expanding Presidio’s Midcontinent position into Oklahoma’s STACK Play.
Here’s a quicklist of oil and gas assets on the market including a Delaware Basin royalty package from Tumbler Energy Partners plus the associated mineral interests in the historic Hanging H Ranch located in Reeves and Loving counties, Texas.
The remainder of the year’s deals will likely involve gas assets (while prices are good) and could come to include the low cost supply areas in the Texas and Louisiana Haynesville. Barring a miraculous rally, oil looks likely to remain the New Coke of commodities.
The transaction, expected to close in the fourth quarter, would make Southwestern the third largest producer in Appalachia.