Panhandle Gets its Groove On

Panhandle Gets its Groove On

As the sun rose on 2020, Okla. City-based Panhandle Oil and Gas officially retired its business model as a working-interest owner in the properties it held to a minerals-only manager. No longer would the company participate in drilling new wells. Instead, with a fresh CEO at the wheel, Panhandle looked to add more producing mineral assets with active drilling programs to its portfolio. Reese Energy Consulting today is following the latest news from Panhandle, which has now closed on two acquisitions from Okla., neighbor Red Stone Resources—one in the SCOOP, and the second in the Haynesville marking the company’s debut there. The purchase price of $6.4 million in cash and $0.5 million in Panhandle stock buys a total 795 net acres with a combined net production of 1.1 MMCFD of which 93% is natural gas. With this year’s first acquisition under its belt, Panhandle—literally hours later—announced a name change to PHX Minerals. The company owns about 258,000 net mineral acres in Okla., N.D., Texas, N.M., and Ark., of which 71% is unleased and undeveloped.

Panhandle Minerals

Oklahoma City-based, PHX Minerals Inc. (NYSE: PHX) is an oil and natural gas mineral company with a strategy to proactively grow its minerals position in our core areas of focus. PHX owns approximately 253,000 net mineral acres principally located in Oklahoma, North Dakota, Texas, New Mexico and Arkansas. Approximately 71% of this mineral count is unleased and undeveloped.

phxmin.com

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Learn more about REC and our producer services at www.ReeseEnergyConsulting.com.

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Taking the Plunge Never Sounded So Good

Taking the Plunge Never Sounded So Good

History proves that times of crisis and turmoil inspire ingenious ideas, amazing inventions, and bold leaps of faith despite the odds that would otherwise subvert them. When the Bubonic plague struck England in 1665 forcing the closure of Cambridge University, mathematics professor Isaac Newton returned home where his brain went into overdrive upon witnessing an apple fall from a tree. A heady example to be sure, but we’re living in a brave new world now where a number of upstream and midstream businesses are biting the bullet and taking those leaps even as the industry reconstructs itself.

Tivoli Midstream

Comstock Resources

Wheat Energy Partners

Tivoli Midstream

Three guys and a big opportunity have determined now’s the perfect time to launch a terminal and logistics venture to serve big oil and gas and petrochemical customers. Houston-based Tivoli Midstream, a new portfolio company of private equity firm Energy Spectrum Capital, announced its formation July 15. Tivoli (named after a town east of Rome and not the Gulf Coast one; we got that confused, too) looks to acquire, build, redevelop and own strategically located storage facilities and marine terminals near key hubs. The industry veterans behind the business offer up significant experience overseeing marine terminals, production plant logistics, and handling more than 200 different chemical products, refined products, crude oil, renewable products, and dry-bulk commodities.

Jerry Jones and Comstock Resources

You already know him as the proud papa owner of the Dallas Cowboys, but Jerry Jones also views his Texas-based Comstock Resources as a second competitive playing field. Jones places his billion-dollar bucks on the Haynesville shale play where volumes of natural gas find an easy trajectory by pipelines to the Gulf Coast. Comstock a year ago acquired Dallas-based Covey Park, adding more than 700 MMCFD of production and 2.9 TCF of proved reserves to its already sizable East Texas assets. Amid production cuts, well shut-ins, and diminished filings of new drilling permits in Texas, Comstock is now saying, “Next!” by filing four drilling permits in a week.

Wheat Energy Partners

Travis Wheat makes his home in Amarillo as an entrepreneur and multi-company CEO who just happens to be a landman in love with oil and gas. Kickstarting in 2018 his Dallas-based Wheat Resources, Wheat is among the young-buck upstreamers at a moment when many E&Ps his size have said, “We’ll be back after this commercial break.”

As president and CEO of Wheat Resources and Trigo Oil and Gas, and president of Wheat Energy Partners, Wheat has announced it not only will drill its first well in the Permian’s Delaware sub-basin, but four. With a capital commitment from Stronghold Resources Partners, Wheat specializes in oil and gas production, lease acquisition, due diligence for mineral and surface ownership, and lease negotiations and mineral receivership.

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More Midstream Alignment in the Haynesville

More Midstream Alignment in the Haynesville

Now in its third iteration as a Tailwater Capital portfolio company, Dallas-based Align Midstream continues to place its bets squarely on natural gas and the Haynesville. Align now has announced the completion of its 36-mile TOPS gas gathering line in the East Texas Carthage area that offers pipeline connections to downstream markets. The company reports TOPs will bolster its already active presence in the Haynesville. In addition, Align has formed a joint venture with Houston-based Sabine Oil & Gas to further develop TOPs. Sabine is a subsidiary of Japan’s Osaka Gas USA and marks that company’s inaugural U.S. midstream acquisition.

Align Midstream

Align Midstream Partners is a Dallas-based midstream company focused on serving producers’ needs in emerging and established basins within the US. Align is concentrated on building greenfield midstream assets including gas, crude oil and water gathering pipelines, treating and gas processing plants, and salt water disposal wells in emerging basins.

www.alignmidstream.com/home

Returning to Align’s active presence in the Haynesville, let’s take a look at where they’ve been and where they currently are.

Tailwater Capital in 2017 sold Align Midstream Partners I to Okla. City-based Enable for $300 million. That transaction included a 100 MMCFD cryogenic processing plant and 190 miles of natural gas gathering pipelines in East Texas and La.

Back for more, Align Midstream Partners II in 2018 constructed a gas gathering treatment and pipeline facility in the Haynesville to serve BP’s largest onshore drilling program. BP purchased its oil and gas assets there from BHP the same year.

As Align III, the company recently has added to its midstream infrastructure with the completion of an expandable 400 GPM amine system and a capacity of more than 200 MMSCFD of residue takeaway via NGPL and Gulf South pipelines.

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The Making of a La., LNG Hub

The Making of a La., LNG Hub

With three export terminal projects in the wheelhouse, Va.-based Venture Global LNG focuses its investments exclusively in the Bayou State with modular-designed, mid-scale liquefaction processing plants that are considered less risky and require less time to construct. The company’s proposed Plaquemines LNG Terminal, which will be located on the La., Gulf Coast, has now received federal approval to begin initial site work of the more than 600-acre location that will include 18 integrated single-mixed refrigerant blocks, four LNG storage tanks, three loading docks, and power generation facilities.

Venture Global LNG

Venture Global LNG is a long-term, low-cost producer of North American liquified natural gas (LNG). Our three export facilities, Calcasieu Pass, Plaquemines LNG and Delta LNG, will supply the world’s growing demand for low-cost, clean and reliable North American energy.

venturegloballng.com

Upon completion in 2023, the Plaquemines export terminal will produce 24 MTPA of LNG. The $8.5 billion project also includes construction of two pipelines that will interconnect with existing interstate pipelines to feed natural gas to the plant. Venture Global has signed long-term sale and purchase agreements with Polish Oil & Gas Company and Electricite de France. The company’s two other terminal projects include Calcasieu Pass in Cameron Parish, La., which will produce 10 MTPA of LNG, and the Delta LNG terminal located on a 540-acre site on the Mississippi River, south of New Orleans.

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