Shale News

    Bakken Energy Corp Begins Negotiation to Buy Oil Refinery in Southern Utah Uinta Basin

    LAS VEGAS, April 24, 2014 /PRNewswire/ - Bakken Energy Corp formerly Orofino Gold Corp. ORFG -5.00%is pleased to announce that the company has reached a memorandum of understanding between its board of directors to acquire an Oil Refinery in Southern Utah. The company expects to give details of the acquisition agreement by middle of next week. The company also expects to have the name change and symbol change completed by the end of next week.

    Sundance Energy Completes Eagle Ford Lease Acquisition and Development Agreement

    Australian-based Sundance Energy completed its’ lease acquisition and development agreement for Eagle Ford acreage in McMullen County in early April 2014.

    The deal includes a $10-million up-front payment and two separate earn-out payments of $7.7 million, which are due upon commencement of drilling and payout of the first six wells.

    Sundance’s Ealge Ford Acreage Acquisition

    Jericho Oil Corporation Adds 160 Acres to its Recently Acquired Kansas Properties

    VANCOUVER, April 23, 2014 /CNW/ - Jericho Oil Corporation ("Jericho" or the "Company") (TSX-V: JCO), a growth-oriented oil & gas company engaged in the acquisition, exploration, development and production of overlooked and undervalued oil properties in North America, today announced it has contracted a 50% interest for 160 additional development Acres in Miami County, Kansas.  This acquisition, named EKan-3, brings Jericho's total Kansas acreage position to over 2,800 acres.  

    US fuel exports soar to new milestone

    HOUSTON — The U.S. exported an average 3.5 million barrels per day of petroleum products last year, the U.S. government reported Tuesday, a 10 percent increase from 2012.

    The Energy Information Administration also noted that in December, the U.S. exported 4.3 million barrels per day of petroleum products, marking the first time those exports exceeded 4 million barrels per day in one month.

    Refining: US exporting a ‘tidal wave’ of gasoline, other fuels

    Vendors benefit from shale boom

    WHEELING - Eagle Manufacturing soon will hire about 25 additional employees as it prepares to roll out a new spill containment system for oil and gas drilling rig sites, according to its chief executive officer, Joe Eddy.

    'Shale-abration' Coming Soon to Guernsey County!

    Everyone is welcome to celebrate eastern Ohio's natural resources at the Cambridge Area Chamber of Commerce's premier event of the year, the "Friends and Family Fest -- A Shale-abration" -- at the fairgrounds from 9 a.m. to 7 p.m. Saturday, May 10.

    There will be FREE admission, food vendors and fun, games and entertainment for all ages.

    Upstream, oilfield services firms have growing revenue in shale

    Shale-related business is becoming an increasingly larger portion of revenue for oilfield services and upstream companies, according to  a survey released Monday.

    About 51 percent of the oilfield services firms and 40 percent of upstream companies surveyed by UHY LLP and Oil & Gas Financial Journal say a majority of their revenue in 2014 will be coming from shale-related activity. That's up 15 percent from a year ago.

    Magnum Hunter ditching Canada to concentrate on Utica and Marcellus shale

    Magnum Hunter Resources Corp. (NYSE:MHR) is ditching its Canadian oil and gas operations to focus on its core assets in the Utica and Marcellus shale plays.

    The company is selling more than 52,000 acres to an undisclosed company for $75 million Canadian ($67.5 million U.S.). 

    $615M Power Plant Planned for Marshall County

    MOUNDSVILLE - A new, $615 million natural gas power plant will be coming to Marshall County in the near future, county commissioners were informed this morning.

    Moundsville Power LLC will look to make use of the vast amounts of Marcellus and Utica shale natural gas in the Upper Ohio Valley. The proposed plant would be located along W.Va. 2. Company officials said they plan to have it operational by 2018.

    Noble Energy yearlong management transition begins Tuesday

    Noble Energy Inc., one of the biggest players in the Marcellus Shale, will start its yearlong management transition beginning Tuesday.

    That's the day that David L. Stover, Noble's president and chief operating officer, will be elected to the board of directors following Noble's annual meeting. Stover is then scheduled to be named CEO in October 2014, Noble's board said.

    Chairman/CEO Charles D. Davidson will be retiring on May 15, 2015. He'll stay as chairman until the 2015 annual meeting and then retire from both the chairmanship and the board.

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