Please, Sir. I Want Some More.

Please, Sir. I Want Some More.

Looks like E&P Enerplus has a sweet tooth for the Bakken with a billion-dollar investment there. Reese Energy Consulting today is following news from Calgary-based Enerplus, which this year has nearly quintupled its footprint in the Williston Basin to nearly 300,000 acres. The company in January acquired the assets of Houston-based Bruin E&P Operating for $465 million in cash that added 155,000 net acres and 459 producing wells to its then existing 66,440 acres. The latest bolt-on deal with N.Y.-based Hess Corporation for a minty $312 million includes 78,700 acres with limited exposure to federal land, 230 net undrilled locations, 6,000 BPD of production, and proved-plus-probable reserves of 62.7 MMBbls. As one of the largest operators in the Bakken with close to 800,000 acres, Hess says it’s focused on strengthening the company’s cash and financial liquidity and hadn’t planned to drill on the majority of the divested acres until 2026.

Enerplus

Enerplus Corporation is one of Canada’s largest independent oil and gas producers. The company holds oil and natural gas property interest in the United States and in western Canada, in the provinces of Alberta, British Columbia and Saskatchewan.

www.enerplus.com

​What do you think? Learn more about REC and our upstream, midstream, and downstream oil and gas services at www.ReeseEnergyConsulting.com.

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Equinor Makes a U.S. Exit

Equinor Makes a U.S. Exit

After a hugely disappointing year, Norway-based Equinor has sold one of its last two remaining onshore U.S. operations. Reese Energy Consulting today is following the latest news from oil and gas giant Equinor (neé Statoil), which last year halted all drilling in the Marcellus/Utica and the Bakken. The government-owned company now has announced the sale of its Bakken shale assets in a $900 million deal with Houston-based Grayson Mill Energy. Backed by EnCap, Grayson—an operator primarily in the Powder River Basin—will acquire 242,000 net acres with about 48,000 BPD in production. As part of the agreement, Equinor will transfer employment of its Bakken field personnel and a number of support teams to Grayson Mills. With drilling operations in 30 countries, Equinor last month was selected to provide N.Y., with offshore wind power in one of the largest renewable energy procurements in the U.S., totaling 3.3 gigawatts. The project will include converting the South Brooklyn Marine Terminal and the Port of Albany into large-scale offshore wind-working facilities as part of N.Y.’s ambition to become a wind industry hub.

Equinor

Equinor is committed to turning natural resources into energy for people and progress for society, in over 30 countries worldwide. Equinor is developing as a broad energy company, leveraging strong synergies between oil, gas, renewables, carbon capture and hydrogen.

www.equinor.com

What do you think? Learn more about REC at www.ReeseEnergyConsulting.com.

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Good Buys in the Bakken

Good Buys in the Bakken

There’s a whole lotta business and busyness happening in N.D., these days. Two massive projects recently announced are soaking up much of the limelight for certain, including construction of a largest-of-its-kind power plant to use ethane as the primary fuel, and development of the world’s largest carbon-capture facility at a power plant. But there’s also some movin’ and shakin’ going on for E&Ps saying hello or waving goodbye. Reese Energy Consulting today is following the latest news from the Williston Basin, where Calgary-based Enerplus has acquired Houston-based Bruin E&P Operating for $465 million in an all-cash deal. This marks the latest Bakken purchase by Enerplus whose U.S. operations now make up 90% of its total production. The new acquisition adds 155,500 acres and 459 producing wells adjacent to the company’s existing 66,300 net acres and increases production by 24,000 BPD. Enerplus subsequently raised its 2021 production forecast from 86,000 BPD to 108,500 and CAPEX from $300 million to as much as $385 million.

 

Enerplus

Enerplus Corporation is one of Canada’s largest independent oil and gas producers. The company holds oil and natural gas property interest in the United States and in western Canada, in the provinces of Alberta, British Columbia and Saskatchewan.

www.enerplus.com

What do you think? Learn more about REC and our upstream, midstream, and downstream services at www.ReeseEnergyConsulting.com.

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