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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All Fired Up

All Fired Up

Mike Hopkins has powerful plans for N.D. The CEO of Bakken Midstream Natural Gas in Bismark is an accomplished entrepreneur, attorney, and business executive whose numerous successes read like a Who’s Who of industry captains. After developing 54 natural gas-fired power plants around the world, Hopkins now looks to apply his ingenuity in the Williston Basin—and he has $25 million to do it. Reese Energy Consulting today is following the latest news from Bakken Midstream, which has signed its first ethane supply term sheet to support a large-scale baseload power plant. Three years in planning, the proposed Williston Basin Energy Center will be the largest electrical plant of its kind to leverage advanced combustion turbine technology that uses ethane as the primary fuel. The company also plans to develop other “value-added” natural gas infrastructure projects in N.D., that harness the state’s plentiful gas resources, including power generation and pipelines.

Bakken Midstream

Bakken Midstream believes that the State has the potential to become a world-class leader in value-added natural gas related products. North Dakota has tremendous natural gas resources. What’s lacking is natural gas infrastructure, in particular infrastructure for value-added products. The mission of Bakken Midstream is to develop and own that infrastructure.

bakkenmidstream.com

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

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Two Sweet Bites for Diamondback

Two Sweet Bites for Diamondback

Midland, Texas-based Diamondback Energy is as much at home in the Permian as its indigenous rattler namesake. Formed in 2007 with an initial acquisition of 4,174 net acres, Diamondback has continued to expand its presence in the Land of Crude Oil Honey, also known as the Midland and Delaware sub-basins. Following a $7 billion merger in 2018 with Energen, the company was suddenly thrust into the realm of large-cap Permian E&P independent with 390,000 net acres. Reese Energy Consulting today is following the latest strikes by Diamondback, which now has snatched up two more Permian rivals for a combined $3.2 billion. First up is Irving, Texas-based Guidon Energy in a cash-and-stock deal valued at $850 million that adds 32,000 net acres in the Midland. Next, Denver-based QEP Resources in an all-stock transaction valued at $2.2 billion that includes 49,000 net acres in the Midland with 3Q production of about 48.3 MBPD and a Williston Basin stepchild Diamondback most certainly will look to offload. Because for some E&Ps, there’s simply no place like home than the Permian.

 

Diamondback Energy

Diamondback Energy is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Midland, Texas.

diamondbackenergy.com

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

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