Oil hits $100 per barrel in New York
The price of crude oil rose to $100 per barrel in New York on Wednesday for the first time in history ahead of the new US Energy Information Administration inventories report, delayed to Thursday due to the New Year’s Day holiday on Tuesday. After rising to the $100 level, West Texas Intermediate crude for February [...]
Delta Petroleum receives investment by Tracinda
Delta Petroleum Corporation has entered into a strategic financing agreement with Tracinda Corporation (“Tracinda”), a private investment corporation wholly-owned by Kirk Kerkorian. Under the agreement, Tracinda will invest $684 million to acquire common stock from the Company at $19.00 per share, which represents a 23 percent premium to the price at the market close as [...]
Cypress Hills spuds initial well in Texas Project
Cypress Hills Resource Corp. says that Cypress Hills (USA) Resource Corp., its wholly owned subsidiary and its partners have spud the initial test well on the Armstrong Ranch Project in Kenedy County, Texas. The Tobin Armstrong No. 2 well will be drilled to a depth of 10,500 feet to test the Frio sands. The partner’s [...]
Mariner Energy acquires West Texas properties
Mariner Energy, Inc. has closed its previously announced acquisition of additional Spraberry interests in the Permian Basin from an undisclosed party for approximately $122.5 million. Mariner acquired an approximate 56% working interest in approximately 32,000 gross acres in Reagan, Midland, Dawson, Glasscock, Martin and Upton Counties, Texas. The acquisition includes 348 wells producing approximately 1,250 [...]
Data, new rig fire send crude prices higher.