04
Apr

Wrap – Week Ended 4/02/10 (In progress)

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Comments either later today or in the Monday post if the egg hunting goes extra long ... Have a Great One!

 

 

5 Responses to “Wrap – Week Ended 4/02/10 (In progress)”

  1. 1
    choices Says:

    This is a Goldman report which is over a couple of months old but might be somewhat informative for weekend Easter reading:

    http://www.fastmail.fm/mail/Global%20Energy%20-%20Jan%2015.pdf?MLS=MR-**f5137628u39152*;MSS=;SMB-CF=5137628;SMR-PT=;SMR-UM=f5137628u39152;UDm=49;Ust=58d6c0d0!bf2741a0;MSignal=MR-AT***2

  2. 2
    choices Says:

    The link above does not work-probably just as well as it has a restrictive distribution caveat at the end which I initially did not notice-sorry.

  3. 3
    john11 Says:

    SandRidge Energy, Inc. to Acquire Arena Resources, Inc., Creating a $6.2 Billion Company

    OKLAHOMA CITY and TULSA, Okla., April 4 /PRNewswire-FirstCall/ — SandRidge Energy, Inc. (NYSE:SD – News) and Arena Resources, Inc. (NYSE:ARD – News) today jointly announced that they have entered into a definitive merger agreement under which Arena shareholders will receive stock and cash consideration valued at $40 per share of Arena common stock based on SandRidge’s April 1 closing price. This represents a 17% premium for Arena shareholders. SandRidge will issue 4.7771 shares of SandRidge common stock and pay $2.50 in cash for each share of Arena common stock, resulting in a combined enterprise value of approximately $6.2 billion. SandRidge will be the surviving company, headquartered in Oklahoma City and its management team will continue in their current roles.

  4. 4
    john11 Says:

    more…
    The transaction uniquely positions SandRidge as one of the largest producers of West Texas conventional oil and gas. The oil opportunities will come primarily from drilling and development of shallow, low risk reservoirs located on the Central Basin Platform (“CBP”), a part of the Permian Basin in West Texas. The CBP has produced over 13 billion barrels of oil since the 1930s. The combined company will have over 200,000 net acres in the Permian Basin and 5,700 identified locations to drill primarily in the shallow San Andres and the Clear Fork formations. Additional upside exists with down spacing and future secondary and tertiary potential. SandRidge also owns low risk natural gas properties in the Pinon Field, and significant exploration opportunities in the West Texas Overthrust.

    Tom L. Ward, Chairman and CEO of SandRidge stated, “This acquisition of Arena continues the strategic shift we initiated in 2009 to increase our oil production and reserves. This transaction will add low risk drilling opportunities in the Central Basin Platform where we have been drilling and acquiring since 2007. We plan to have hedged over $3.0 billion of oil revenues in total after closing and model this transaction to be accretive to 2011 cash flow per share.” Mr. Ward further noted, “We also have exceptional gas assets in the West Texas Overthrust. We believe our Pinon Field is one of the premier plays in the United States and we have tremendous drilling upside for long-term natural gas growth and expansion.”

    Tim Rochford, Chairman and Co-Founder of Arena, stated, “We have ultimate confidence that Tom Ward and his team are well equipped to deliver enhanced value of Arena’s assets to stockholders. The transaction positions the combined company to provide stockholders with strong growth and superior execution. This transaction recognizes the value Arena has created for its stockholders and provides its stockholders with a meaningful stake in the combined company. Arena’s employees have contributed to building a strong company and we are excited about the future with SandRidge.” Phil Terry, President and CEO of Arena, stated, “The combined company offers a unique balance of oil and gas assets, encompassing each company’s Permian-based oil production and SandRidge’s natural gas position in the West Texas Overthrust. With over 30 Tcf of resource potential in the WTO, Arena’s stockholders are able to share in the significant upside potential offered by the play.”

  5. 5
    skimo Says:

    6:22AM Brigham Exploration announces Sorenson 2-32 #1H produces at a record 24 hour peak for a Williston Basin horizontal Bakken well of 5,133 barrels of oil equivalent (BEXP) 17.12 : Co announces updated production performance on the Sorenson 29-32 #1H. Subsequent to drilling out frac plugs, the Sorenson produced at an early 24 hour peak flow back rate of 5,133 (4,335 barrels of oil and 4.79 MMcf) barrels of oil equivalent per day, which, based on publicly reported data available to the co, represents an apparent record production rate for the over 2,700 horizontal wells in the Williston Basin. The Sorenson is located in Brigham’s Ross project area in Mountrail County, ND and is a long lateral completed with 27 frac stages, perf and plug and ceramic proppant. Brigham maintains an approximate 95% working interest in the Sorenson.

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