Halcon sets special Jan. 17 meeting
Halcon Resources Corp. has set a record date and a meeting date for the special meeting of stockholders to consider and act upon the following proposals.
Issuance of about 108.8 million shares of Halcon common stock upon the conversion of the convertible preferred stock issued to Petro-Hunt Holdings LLC and an affiliated entity in connection with Halcon’s previously announced acquisition of two entities owning producing and undeveloped oil and gas assets in the Williston Basin.
The amendment of Halcon’s certificate of incorporation to increase its authorized common stock by about 333.3 million shares for a total of 670.0 million authorized shares of common stock.
The Halcon special meeting will be at 11 a.m. Jan. 17 at Halcon’s office in Houston.
BP sells stake in North Sea gas field
Oil company BP has sold its half interest in a North Sea gas field to SSE PLC for $288 million.
BP said the disposal of its 50-percent stake in the Sean gas field, operated by Shell, is part of a broader program of disposing of noncore assets.
BP’s share of production from Sean is equivalent to 18,000 barrels of oil per day.
Although BP has disposed of some other North Sea assets, the company says it plans to invest $10 billion there over the next five years, both in British and Norwegian waters.
Chesapeake declares 8.75 cents dividend
Chesapeake Energy Corporation announced that its board of directors has declared a 8.75 cent per share quarterly dividend that will be paid Jan. 31 to common shareholders of record Jan. 15. Chesapeake has about 665 million common shares outstanding.
Royal Dutch Shell issues more shares
Royal Dutch Shell has issued 34,249,652 A Ordinary shares in relation to the scrip-dividend program for the third quarter 2012 interim dividend.
After this issue, the total number of A shares in issuance is 3,772,388,687, and the total number of B shares is 2,617,715,189. Royal Dutch Shell holds no ordinary shares in treasury.
Halcon completes two acquisitions
Halcon Resources Corp. closed on the previously announced acquisition of two entities owning producing and undeveloped oil and gas assets in the Williston Basin and related financing.
Concurrent with the closing of the Williston Basin Transaction, about $726 million of net proceeds from the issuance of senior unsecured notes were released from escrow and applied toward funding the approximate $756 million cash portion of the acquisition.
Halcon also issued about 10,880 shares of convertible preferred stock to Petro-Hunt Holdings LLC and an affiliated entity to fund the stock portion of the acquisition.
Gulfport touts Utica’s prolific potential
Gulfport Energy’s CEO has acquired additional acreage in the Utica Shale. Thanks to the tremendous results of Gulfport Energy’s first 10 wells, they have procured an additional 37,000 acres. The company paid about $372 million for the additional acreage to Windsor Ohio, a subsidiary of Wexford Capital.
The newly acquired additional acreage gives Gulfport a total of 137,000 acres to develop in the liquids-rich portion of the Utica Shale. Gulfport has three of the top-producing wells in the Utica Shale.
PDC Energy To Invest $53 Million In Utica
PDC Energy plans to invest $53 million in Guernsey and Washington counties in Ohio in 2013.
This new investment comes in addition to the $95 million the company was expected to spend on leasehold acquisition and exploration this year. The $53 million budget planned for the company’s Utica operations will help PDC develop three well pads in Guernsey County and two new wells in Washington County in the coming year.
PDC also released the initial production rates for its first well in the Utica Shale. The Onega Commissioners 14-25H is located just outside of Lore City in the eastern portion of Guernsey County, and tested at a peak rate of 1,796 barrels of oil equivalent per day.
The well’s lateral length is 3,950 feet — one of the shorter laterals in the Utica — was completed in 13 stages producing a mix of 56 percent condensate, which is a liquid hydrocarbon that typically appears with natural gas, 23 percent natural-gas liquids and 21 percent residue gas. Residue gas is the gas that has had the liquids component removed at a processing plant and is pipeline ready. The natural gas produced by the Onega Commissioners 14-25H was rated at 1,254 BTU, making it liquids rich.