CGGVeritas to acquire Wavefield Inseis
CGGVeritas will make a voluntary exchange tender offer for 100% of the shares of Wavefield Inseis ASA.
CGGVeritas will offer eligible Wavefield shareholders one newly-issued CGGVeritas share for every seven Wavefield shares. Aggregate equity value is roughly $310 million, an implied 31% premium for the Wavefield shareholders when compared to the closing price of November 7, 2008.
With the transaction, CGGVeritas gains access to five recently-equipped, high capacity 3D vessels in addition to three mid 3D and 2D Wavefield vessels.
Wavefield's Optoplan seabed fiber optic technology for reservoir monitoring expands the product offering of Sercel and accelerates market entry of next generation technologies.
All newly issued CGGVeritas shares will be listed on NYSE Euronext Paris and NYSE.
SMT signs Talisman Energy
Talisman Energy Inc. has chosen SMT's SMT KINGDOM software for exploration of new fields within its global new ventures team.
The software is used for screening farm-in opportunities and conducting acreage evaluations; identifying and assessing key strengths and values of opportunities; evaluating key risks and uncertainties; filtering and importing/exporting of data; data loading, well loading, and seismic loading; and fully assessing and appraising new opportunities, often within short timeframes.
Tracerco sets up shop in Abu Dhabi
Tracerco is expanding its operations in the Middle East by establishing a new regional service center in Abu Dhabi, UAE.
Located in the Mussafah industrial district, the regional hub will eventually enable Tracerco to offer locally its full range of technical services, which had previously been supplied to the region from the company's Billingham, UK headquarters.
The office will be managed by Tony Hood, Tracerco's business development manager for Middle East and North Africa (MENA) and Middle East regional manager, Hamdan Saleh, who has joined the team having previously worked in Tracerco's Asian operations.
Exmar forms alliance to advance FSLO solutions
Exmar has formed an alliance to advance its efforts in the development of floating liquefaction solutions. Exmar has specifically formalized a relationship with its long-time LNG partner, Excelerate, and with Black & Veatch, a provider of natural gas processing and liquefaction technology.
Revus accepts Wintershall's acquisition offer
The board of Revus Energy ASA has unanimously decided to recommend to the shareholders to accept Wintershall's offer to acquire all outstanding shares in the company.
The price of NOK 110 per share values the aggregate of the company's outstanding and issued shares at roughly NOK 5.04 billion.
The board has received fairness opinions from JP Morgan and First Securities ASA.
Intervera Data Solutions, OpenSpirit collaborate on new releases
Intervera Data Solutions is integrating OpenSpirit Corp.'s latest version 3.x integration platform with their upcoming DataVera Monitor module as part of DataVera version 8.0.
For example, E&P data users are able to simultaneously select or copy data through the OpenSpirit framework, broadcast this data to the DataVera application and view data quality metrics within seconds. Users can also select the best quality data from DataVera and broadcast the results via OpenSpirit to other applications.
DataVera Monitor is a module that leverages industry standard web services framework or adaptors to integrate with other middleware applications, such as OpenSpirit. Monitor is part of the DataVera product suite which leverages a complete and independent rules repository.
Repsol chooses CyrusOne to support supercomputer for subsurface imaging applications
Repsol YPF has selected CyrusOne, a colocated data services provider, to host and support its Kaleidoscope Project system architecture. This architecture is designed with Repsol's Kaleidoscope Supercomputer at its core – an IBM-powered, ultra high-performance computing platform for energy exploration.
Opting to colocate rather than retrofit or build a new data center, Repsol recently completed installation of its 120-teraflop Kaleidoscope Supercomputer within CyrusOne's ultra high-density data center in Houston. This center is designed for highest-density, mission-critical, 100% uptime performance, underpinning CyrusOne's ability to provide Repsol with an intrinsically-scalable architecture that incorporates maximum redundancy protocols and highly efficient "green" power usage.
This installation directly supports Repsol's production environment for processing Reverse Time Migration seismic imaging algorithms generated by Kaleidoscope. RTM technology leverages advanced subsurface imaging capabilities, delivering precision and enabling Repsol and its partners to search for oil fields at greater depths, up to ten times faster than conventional technology.
Epi-V private equity fund acquires stake in upstream gas assets
Upstream venture capital fund Epi-V is moving into exploration and production after committing to invest £10million to appraise two existing onshore gas discoveries in Northern England.
The fund invested in Moorland Energy Ltd. The £10million investment will finance appraisal drilling on two exploration licenses which Moorland Energy has acquired from Warwick Energy Ltd.
The first license contains an extension to the Wykeham gas field in North Yorkshire. The second license contains a producing field at Elswick in Lancashire.
First stage drilling begins this month.
Advent Energy gets $7M funding agreement
Advent Energy Ltd. has secured a funding agreement with MEC Resources Ltd. that will raise A$7 million by issuing 14 million shares at 50 cents per share. The funds will be used by Advent to progress the PEP11 project off the coast of New South Wales.
Advent is proactively researching joint venture and farm in options for PEP11 and is
currently in discussions with a number of parties.
GE Energy Financial Services, TriTex Energy form partnership
GE Energy Financial Services, a unit of GE, has formed a partnership with TriTex Energy LLC to acquire proved oil and gas reserves in southeastern New Mexico for $31 million.
GE Energy Financial Services is investing $30 million as the 98% limited partner. TriTex Energy is investing the balance as the 2% general partner and operator. The new alliance, TriTex Energy A LP, plans to invest an additional $14 million to develop and produce proved reserves over the next two years. Additional financial and operational details of the transaction were not disclosed.
TriTex Energy LLC, based in Addison, Tex., owns and operates oil and gas reserves in Central Texas and New Mexico.
W&T Offshore reaffirms revolving credit facility
W&T Offshore Inc.'s bank group has reaffirmed the borrowing base under the company's revolving credit facility that matures July 23, 2012. The undrawn $500 million revolving credit facility remains available for borrowing. Toronto Dominion Bank led the group of 16 lenders, with no one institution holding more than 10% of the commitment.
NGP Capital Resources invests $30M in Black Pool Energy
NGP Capital Resources Co. has closed a $30 million Senior Secured Credit Facility with Black Pool Energy Partners LLC, a private company based in Houston. The company acted as agent and sole lender for the facility. Initial availability is $13.5 million with approximately $0.3 million funded at closing and is secured by first liens on substantially all of BPEP's assets.
Proceeds will be used by BPEP for capital expenditures to develop certain properties. BPEP is an oil and gas producer with interests in assets located offshore Texas and onshore in southern Louisiana.
Marathon completes Sale of Its Interests in Heimdal Area Offshore Norway
Marathon Oil Corp. has completed the sale of its non-operated interests in the Heimdal infrastructure, related producing fields, and associated undeveloped acreage offshore Norway. Centrica plc, the parent company of British Gas, acquired the interests for a total value of $416 million, which includes a $375 million purchase price and $41 million in associated Norwegian asset tax pools.
Centrica acquired Marathon's 23.8% interest in the Heimdal field, as well as its 46.9% interest in the Vale field; a 20% interest in the Byggve field; a 20% interest in the Skirne field; and a 50% and 20% interest in the Peik and Heimdal East discoveries, respectively.
Dejour closer to TSX listing
Dejour Enterprises Ltd. has received conditional approval for the listing on the Toronto Stock Exchange (TSX) of the company's common shares that currently trade on the TSX Venture Exchange. Upon completion, Dejour's shares will be listed on the TSX under the symbol DEJ. Dejour's shares will concurrently be delisted from TSX Venture Exchange.
American sells off certain non-core acreage for $26.4M
American Oil & Gas has sold non-core acreage within its Douglas Project for roughly $26 million. The agreement with a major independent natural gas developer was signed in August. American is selling roughly 36,000 net acres.
Neptune Marine draws on first tranche of financing
Neptune Marine Invests AS, a wholly-owned subsidiary of Neptune Marine Oil & Gas Ltd., signed a facility agreement with a group of banks to provide a US$290 million term loan to refinance its existing bank loan and to fund the remaining costs in the upgrading of the drillship, the Neptune Explorer.
The company recently drew the US$120 million from Tranche A and will repay the loan over a 4 year period ending June 10, 2012.
Tranche B, amounting to US$170 million, will be available for drawing upon the completion of the upgrading of the Explorer.
Currently, the anticipated completion time for the Explorer is around April 2009.
Trans Energy spuds second horizontal well in Marcellus Shale
Trans Energy has begun drilling the Hart-28H well in Wetzel County, West Virginia. The Hart-28H will be drilled and completed horizontally in the Marcellus shale.
The company plans to drill the vertical portion of the Hart-28H well to a depth above the kick-off point and set casing. A second, larger rig will follow-on to drill the horizontal portion at a depth of approximately 7,000 feet. The company's current plan calls for keeping the rigs drilling continuously through 2009.
Baker Hughes pricing $1.25B of senior notes
Baker Hughes has sold $500 million of 6.50% senior notes that will mature November 15, 2013, and $750 million of 7.50% senior notes that will mature November 15, 2018.
The company expects to use a portion of the net proceeds to repay the company's outstanding 6.25% notes, which mature on January 15, 2009, and its outstanding 6.00% notes, which mature on February 15, 2009.
The company will use the remaining net proceeds for general corporate purposes, which could include repaying outstanding commercial paper and funding on-going operations, business acquisitions and repurchases of the company's common stock.
The offering was underwritten by Banc of America Securities LLC, Citigroup Global Markets Inc., and JP Morgan Securities Inc., who acted as joint book-running managers for the offering.
ATP sells portion of North Sea assets for $430M, approves stock repurchase program
ATP Oil & Gas Corp. and its wholly-owned subsidiary ATP Oil & Gas (UK) Ltd., will sell 80% of its Tors and Wenlock properties in the UK North Sea to EDF Production UK Ltd., a subsidiary of EDF International of France, for $430 million.
Additionally, EDF has a later option to acquire the remaining ATP interests. Closing and funding is expected before the end of 2008. ATP UK will remain as operator of both Tors and Wenlock.
T. Paul Bulmahn, cairman and CEO of ATP, stated, "In June 2008 ATP launched its asset monetization program with Scotia Waterous. ATP will use these proceeds to reduce its debt, further its 2008 and 2009 development program and for other corporate purposes."
At the same time, the company's board approved a share repurchase program of up to 3,500,000 shares, or 10% of the currently outstanding shares. The program, authorized through the end of 2011, will be funded by free cash flow and the proceeds of asset sales and monetizations.
Avista Capital Partners invests $55M in Laredo Energy
Avista Capital Partners has committed $55 million to Laredo Energy IV LP to fund the acquisition, exploration, and development of natural gas resources in the Lobo Trend in South Texas.
Laredo IV, which is led by president and co-founder Glenn D. Hart, was formed in August 2006 through a $70 million commitment by EnCap Investments LP and individual investors. Avista, alongside Laredo's existing shareholders, participated in a new commitment to Laredo IV of $135 million, which has been used to fund an acquisition of properties in South Texas and for additional development capital.
XTO increases commodity price hedges
XTO Energy has updated its price hedges for future sales of natural gas and oil production for 2009 and 2010.
"We have now hedged approximately 70% of our expected production in 2009 at an equivalent price of $11.00 per Mcfe. Given these hedges and the current commodity strip pricing, XTO anticipates record cash flow and production volumes with the financial strength to reduce debt by at least $1 billion next year," stated Bob R. Simpson, chairman and CEO.
Diamond Offshore wins new deepwater contract
Diamond Offshore Drilling Inc. has signed a two-year contract with Total E&P Angola in Angola for the 4th generation semisubmersible Ocean Valiant that could earn maximum revenue, excluding mobilization fees, totaling approximately $452 million.
The contract is convertible into either a 2-1/2 year or a three-year agreement at the option of the operator at dayrates that could earn maximum total revenue, excluding mobilization fees, totaling between $552 million and $646 million.
Edge Petroleum postpones meeting to decide on merger
Houston-based Edge Petroleum Corp. has postponed its annual from October 23, 2008 to December 4, 2008. The intent is to allow additional time for stockholders to receive and consider information in the company's current report, as well as any other additional information that Edge and Chaparral Energy Inc. may make available to stockholders prior to the meeting.
At the meeting, stockholders will vote on the adoption of the merger agreement between Edge, Chaparral and Chaparral Exploration LLC that provides for Chaparral to acquire Edge in an all-stock transaction. Chaparral would then become a publicly traded company. Chaparral's board of directors and stockholders have already voted in favor of the merger.
Calpine to receive $97M from Rosetta Resources to settle claims
Calpine Corp. and Rosetta Resources Inc. have settled all claims related to Calpine's July 7, 2005 sale of substantially all of its oil and gas business to Rosetta. The settlement provides for a $97 million payment to Calpine from Rosetta and the conveyance of certain residual oil and gas properties by Calpine to Rosetta.
This settlement resolves disputes that were the subject of litigation in the US Bankruptcy Court for the Southern District of New York, including Calpine's fraudulent conveyance claim against Rosetta and Rosetta's claims against Calpine.
The companies also are executing a 10-year extension of an existing dedicated reserves gas purchase agreement for Rosetta's California production located near Calpine's CPN Pipeline Company.
Infinity enters third forbearance agreement with Amegy Bank
Infinity Energy Resources Inc. has entered into a third forbearance agreement with Amegy Bank NA under the loan agreement dated January 9, 2007.
Infinity also agreed to proceed with the sale and marketing of the remaining oil and gas properties held by its wholly-owned subsidiary, Infinity Oil & Gas of Wyoming Inc. After Infinity receives the Governmental Approval in Nicaragua, Amegy may require, in its sole discretion, Infinity to proceed with the sale and marketing of the assets of its wholly-owned subsidiary, Infinity Oil and Gas of Texas Inc.
Saipem snags $700M engineering services contract onshore Nigeria
Saipem has been awarded a new lump sum turn key onshore contract in Nigeria worth roughly US$700 million.
The contract has been awarded by Total Exploration and Production Nigeria Ltd. (operator of the NNPC/TEPNG JV) to a consortium comprising Saipem (Saipem's share is 60%), Ponticelli and Desicon for the OML 58 Upgrade Phase 1 Project. The OML 58 Block is located onshore Nigeria.
The activities are scheduled to be completed for the first portion by early 2011 and fully by mid 2012.
Euronav secures $500M credit facility for FSO project
Euronav NV has, jointly with Overseas Shipholding Group Inc., signed a US$500 million senior secured facility with ING, Fokus Bank, Fortis Bank (Belgium), Sumitomo Mitsui Banking Corp., BNP Paribas, and Nordea, acting as Lead arrangers and ING as global coordinator and facility agent and Danish Ship Finance, Deutsche Schiffsbank, Dexia Bank, Scotia Bank and Helaba Landesbank Hessen-Thuringen acting as co-arrangers.
The credit facility consists of a US$180 million term loan to finance the acquisition of TI Asia (2002) and TI Africa (2002) by joint venture companies owned equally by Euronav and OSG and US$320 million term loan to finance the conversion of the ships into FSO service vessels, which are scheduled to deliver to Maersk Oil Qatar on the Al Shaheen field offshore Qatar and start operation respectively on July and September 2009.
Paradigm to open Aberdeen training facility
Paradigm will open its new training facility in Aberdeen, Scotland October 21.
"As part of Paradigm's continued global growth its commitment to the broader E&P community, we are delighted to announce this expansion and the opening of our new technology training facility," said Richard Jefferies, Paradigm Regional VP, EA.
In addition to Paradigm training courses, the facility can be scheduled by customers and clients to conduct other meetings, events, and training.
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