A New Deal for Mach

A New Deal for Mach

A year after snapping up the Mid-Continent assets of now defunct Alta Mesa, Okla. City-based Mach Resources is back in the acquisition game with a shiny new prize. Reese Energy Consulting today is following the latest news from BCE-Mach III, which has signed a purchase and sale agreement with Denver-based Cimarex Energy for producing properties in Western and Southern Okla., and the Texas Panhandle. The deal also includes two gas gathering and processing systems in Southern Okla. Financial details weren’t immediately disclosed. Led by private equity firm Bayou City Energy and Mach CEO Tom Ward, BCE-Mach III in 2020 bid an initial $320 million for Alta Mesa’s producing and midstream assets in the Mid-Continent, ultimately paying a million less after crude oil prices nosedived. The company’s portfolio includes a sprawl of oil, natural gas, and water assets across 46 counties in Okla., Texas, and Kans. Ward was the cofounder of Chesapeake Energy along with the late Aubrey McClendon.

Mach Resources

Mach is an independent oil and natural gas producer focused on acquiring, exploring and developing high-return, low-cost products. Founded in January 2017, the company pursues assets with production history and development opportunity. Mach is located in Oklahoma City.

machresources.com

What do you think? Learn more about Reese Energy Consulting and our range of natural gas services at www.ReeseEnergyConsulting.com.

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Kitimat, We Hardly Knew Ya

Kitimat, We Hardly Knew Ya

​From the outset of the proposed $50 billion Kitimat LNG processing plant, the Canadian project was riddled with setbacks. In a 50/50 joint venture between Chevron and Australian giant Woodside Petroleum, the partners looked to build the world’s first all-electric LNG terminal in Bish Cove, BC, pinning its hopes on growing Asian markets. That was 10 years and nearly $3 billion ago. Reese Energy Consulting today is following the latest news from Kitimat LNG, which for all intents and purposes has waved a white flag. By all accounts, the project was full of grandeur and included flowing natural gas from the Liard and Horn River basins operated by Chevron and Woodside via a new 471-mile pipeline to a four-stack processing plant powered by renewable hydroelectricity to produce 18 TPA of LNG. But a witch’s brew of global industry events, i.e., depressed gas prices, faster U.S. builds and ramp ups, and recent oversupply of LNG in world markets ultimately stole Kitimat’s final breath.

What do you think? Learn more about REC and our natural gas marketing and LNG services at www.ReeseEnergyConsulting.com.

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