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Energy Update: Quicksilver Resources closes Montana sale

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Quicksilver Resources Inc. of Fort Worth has closed the sale of its previously announced Montana asset on Aug. 30 to Synergy Offshore LLC for $46 million. The effective date of the transaction was Jan. 1. Proceeds from the sale are being used to reduce amounts outstanding under the company’s combined credit agreements, according to Quicksilver. Quicksilver Resources Inc. specializes in the exploration, development and acquisition of oil and gas from shale plays, coal beds and sands in North America. More information is available at www.qrinc.com.

Exxon Mobil awards technology license to Weatherford International Exxon Mobil Upstream Research Co. of Houston has awarded to Weatherford International Ltd. a limited international license for an Exxon Mobil technology patent portfolio for gravel-packing cased and open hole completion wells. The technology, marketed as Alternate Path, was developed by Exxon Mobil to improve the reliability of wells completed in sand-prone reservoirs. The license allows Weatherford to produce and deploy Alternate Path technology for Exxon Mobil affiliates worldwide. Weatherford International Ltd., a Switzerland-based oil field services company, provides mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry. More information is available at www.weatherford.com.

Eagle Ford Oil & Gas signs $60M debt facility Eagle Ford Oil & Gas Corp. of Houston and Meridian SEZC have entered into a definitive agreement seeing Meridian provide up to $60 million of debt, with the planned $25 million first drawdown expected to acquire two producing properties in Madison and Hardin counties in East Texas. The deal is subject to further due diligence and final documentation and is expected to be completed soon, the company said. Meridian SEZC is a privately owned finance company based in the Cayman Islands. It focuses on resource-based commodity and derivative investments. Eagle Ford Oil & Gas Corp. acquires and develops oil and gas producing assets in the Gulf Coast region of Texas and Louisiana. More information is available at www.ssenergyllc.com.

Texas Gulf Energy awarded $1.9M in new purchase order Texas Gulf Energy Inc. of Houston has been awarded a $1.9 million purchase order from what it called one of the world’s largest specialty chemical companies. The company’s name was not disclosed. The award was announced after Texas Gulf recently began installing a new boiler project at the client’s site in the Greater Houston area. Texas Gulf Energy is a construction services consortium providing advisory services on program and project management and fast-track construction and turnaround services to large refinery, petrochemical and mining projects. More information is available at www.tgnrg.com.

Forest Oil sells Permian Basin acreage Forest Oil Corp. of Denver has entered into a definitive agreement with an unnamed buyer to sell part of its mostly undeveloped acreage in the Permian Basin of West Texas. The approximately $35 million transaction includes about 58,200 gross acres in Crockett County. The sale was expected to close on or before Sept. 10. The company said it plans to use proceeds to reduce outstanding borrowings under its bank credit facility. After the transaction closes, Forest said it will retain its Permian Basin acreage totaling about 68,250 gross acres in Pecos and Reeves counties. Forest Oil Corp. acquires, develops and produces natural gas and liquids in the United States and international locations. More information is available at www.forestoil.com.

Premier Oil awards $17 million contract to Emerson Premier Oil of London has awarded Emerson Process Management of St. Louis a $17 million contract to automate a new offshore production platform in the Solan oil field on the United Kingdom continental shelf. Emerson’s technologies and services are expected to allow Premier to manage the platform 100 miles west of Scotland from an operations center in Aberdeen. The Solan field is expected to produce about 40 million barrels of oil. Initially, its daily production rate is expected to reach 24,000 barrels by the end of 2014. As the project’s primary automation and electrical contractor, Emerson will provide project management, detailed design, configuration and other project services. Emerson Process Management helps businesses automate production, processing and distribution in the chemical, oil and gas, refining, water and wastewater treatment and other sectors. More information is available at www.emersonprocess.com.

Send energy news to A. Lee Graham at lgraham@bizpress.net  

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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