A Story Worth Repeating

A Story Worth Repeating

Far and few between is the number of U.S. oil and gas companies that not only can claim a banner year in 2020, but the most successful in a 40-year history. Reese Energy Consulting today is following the latest news from Texas-based U.S. Energy Development, which recently reminisced on its ability to remain free cash flow positive, increase its credit base, acquire more assets, and grow its total production by 15%. All this despite an industry caught in a pandemic freefall. Formed in 1980, U.S. Energy is a privately held E&P that also ranks as one of the largest sponsors of direct energy investments. The company operates in every major basin in the nation and has drilled more than 2,400 wells in 13 states and Canada. U.S. Energy attributes its ability to survive last year’s gale-force headwinds to delaying well completions and deferring production of its more than $50 million in assets until oil prices began to improve. The company reduced completion costs by 25% on new operated wells and acquired $40 million worth of ownership interests on more assets in the Permian and Powder River basins.

 

U.S. Energy Development

U.S. Energy has achieved long-term growth through aggressive acquisition and development of oil and natural gas projects throughout North America. Since 1980, the company has invested in, operated, and/or drilled more than 2,400 wells in 13 states and Canada; deploying over $1.5 billion on behalf of their partners.

usedc.com

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Wyoming Preps for a Drilling Bonanza

Wyoming Preps for a Drilling Bonanza

Little more than six years ago, five independent E&Ps signed on to propose a drilling project in the Powder River Basin. But these were no ordinary producers and what they collectively proposed was no ordinary project. With the approaching dawn of a new Administration, E&Ps are scarfing up $10,000-apiece drilling permits on federal lands, especially in N.M., and Wyo., where the oil crash has seriously bruised the states’ economies. Then there’s The Magnificent Five whose Converse County Oil and Gas Project has received a final nod from the BLM to drill 5,000 wells over 10 years. EOG Resources, Occidental, Chesapeake, Northwoods Energy, and Devon each have a seat at the board of what will be one of the largest oil and gas projects in Wyo., history. Extending across 1.5 million acres, the venture will include 1,500 miles of gathering pipe, hundreds of miles of water pipeline, numerous roads, and power lines. More than 8,000 jobs are expected to be created along with $18-$28 billion in tax revenues.

What do you think? Learn more about Reese Energy Consulting and our range of upstream, midstream, and downstream services at www.ReeseEnergyConsulting.com.

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Just Add Water

Just Add Water

Marvin Nash, a Wyo., cowboy with a storied history as wide as his full-brim hat, has developed an oilfield wastewater repurpose system that essentially rewrites the script for produced water management in arid climes. Reese Energy Consulting today visited with Nash and his company, Encore Green Environmental, which launched its pilot project in September after a call from a Wyo., wildcatter who told Nash, “I’ve got 50,000 Bbls of water in a pond and it’s gonna cost me $4-5 bucks per barrel to haul it off.” Nash said, “I can do it for half.” And he did. But that’s not the full story. EGE’s Conservation by Design system not only eliminates the need for disposal injection but irrigates land with treated produced water via mobile storage tanks and sprinklers—all in proximity to the wellsite. The process sequesters carbon, promotes photosynthesis through new vegetation, and reduces the impact of climate change. “Smart E&Ps understand the next midstream partner is the landowner himself,” Nash says. With 40% of the nation considered arid and thirsty, he’s now out to introduce his system in Texas and N.M.

 

Encore Green Environmental

Encore Green Environmental’s patent-pending methodology, Conservation By-Design™, brings the perfect storm together for unprecedented environmental and industrial results.

www.encoregreenenvironmental.com

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

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