Ernest's Feed
Oct 21, 2015

Oasis asks bondholders for permission to seek second-lien debt

, Oct 21 (Reuters) – Oasis Petroleum Inc
said on Wednesday it has asked its bondholders to allow
it the ability to take on second-lien debt, a step that would
let the oil producer raise more capital to weather the current
downturn in crude oil prices.

As part of the request, Oasis said it would cap its secured
borrowing base at $1.53 billion, which should assuage fears the
company is becoming too levered.

Oct 20, 2015

Oasis Petroleum works to plug out-of-control North Dakota well

, Oct 20 (Reuters) – Oasis Petroleum Inc
resumed efforts on Tuesday to plug an out-of-control
North Dakota well that has leaked oil, saltwater and natural gas
since a blowout last weekend, hoping to have it plugged by this
afternoon, a spokesman said.

More than 67,000 gallons of oil have leaked from the well so
far. Law enforcement and federal regulators have closed several
roads around the site due to concerns about the effects of
leaking gas.

Oct 19, 2015

North Dakota oil well spewing after weekend blowout

By Ernest Scheyder

WHITE EARTH, N.D. (Reuters) – A North Dakota oil well owned by Oasis Petroleum Inc blew out over the weekend and has yet to be capped, leaking more than 67,000 gallons of crude so far and endangering a tributary of the Missouri River, state officials said.

The cause of the blowout remains unknown, though state officials surmise it may have been caused by hydraulic fracturing of a nearby well in a situation referred to in the industry as “communication” between wells.

Oct 16, 2015

Occidental’s North Dakota deal mixed omen for pending oilfield deals

, Oct 16 (Reuters) – Occidental Petroleum
Corp’s move to sell its North Dakota acreage likely
removes a logjam that had impeded U.S. oilfield deals for much
of the year, though the deal’s price sets an unusually low bar
for future deals and gives buyers the advantage over sellers.

Oxy is selling all of its roughly 300,000 acres in North
Dakota’s Bakken shale formation to a private equity fund in a
deal valued around $500 million, sources familiar with the
matter told Reuters.

Oct 15, 2015

Exclusive: Oxy to exit North Dakota’s oil fields in sale to private equity fund

/NEW YORK (Reuters) – Occidental Petroleum Corp (OXY.N: Quote, Profile, Research), the fourth-largest U.S. oil producer, has agreed to sell all of its North Dakota shale oil acreage and assets to private equity fund Lime Rock Resources in a deal worth around $500 million, according to sources familiar with the matter.

The sale, which marks the first exit of this downturn by a major oil company from the Bakken shale formation, includes all of Oxy’s roughly 300,000 acres in the state, including a 21,000 square-foot regional office built just three years ago.

Oct 15, 2015

Oxy to exit North Dakota’s oil fields in sale to private equity fund

/NEW YORK, Oct 15 (Reuters) – Occidental
Petroleum Corp, the fourth-largest U.S. oil producer,
has agreed to sell all of its North Dakota shale oil acreage and
assets to private equity fund Lime Rock Resources in a deal
worth around $500 million, according to sources familiar with
the matter.

The sale, which marks the first exit of this downturn by a
major oil company from the Bakken shale formation, encompasses
all of Oxy’s more than 300,000 acres in the state, including a
21,000 square-foot regional office built just three years ago.

Oct 13, 2015

North Dakota oil well backlog nears 1,000 amid price slide

, Oct 13 (Reuters) – The number of North
Dakota oil wells that have been drilled but not fracked rose to
an all-time high in August of almost 1,000, as producers delayed
bringing them online as long as possible in hopes that crude
prices would rebound.

It was the latest sign yet that the state’s oil industry,
the second-largest in the United States, has sharply curtailed
spending amid the more than 50 percent drop in oil prices
since 2014.

Sep 28, 2015

Snow-capped peaks of ‘Blood & Oil’ get panned by North Dakotans

By Ernest Scheyder

WILLISTON, N.D. (Reuters) – North Dakotans, so annoyed that ABC’s oilfield soap opera “Blood & Oil” features sweeping vistas of mountains that don’t exist in their state, made a drinking game out of the geological farce during the show’s Sunday night premier.

See the dusty peaks of the Rocky Mountains towering over pipelines? Take a drink.

Sep 24, 2015

North Dakota postpones deadline for natgas flaring rules

By Ernest Scheyder

BISMARCK, N.D. (Reuters) – North Dakota regulators on Thursday gave the energy industry 10 extra months to reduce the amount of natural gas burned off at oil wells, acquiescing to industry worries that construction delays have made it all but impossible to meet existing targets.

Regulators in the No. 2 U.S. oil producing state stopped short of approving the full two-year extension sought by companies grappling with the steepest price downturn in years. Environmentalists, who had wanted to stick to the original deadline, criticized the decision.

Sep 24, 2015

North Dakota set to extend deadline for gas flaring rules

, Sept 24 (Reuters) – North Dakota is poised
to give the energy industry up to two extra years to curb the
amount of natural gas burned off at oil wells, a move that would
ease worries pipeline construction delays make it impossible to
meet aggressive flaring standards.

Governor Jack Dalrymple and the two other members of the
North Dakota Industrial Commission (NDIC), who spent months last
year finalizing the rules, will mull oil companies’ request for
the extension at their Thursday meeting.