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Pegasi Commences East Texas Drilling Program
“Rigzone” reports that Pegasi Energy Resources Corp. is drilling the first of ten wells targeting the Travis Peak and Cotton Valley formations in Marion County, Texas. The Tyler based company anticipates drilling as deep as 9,200 feet to exploit gas, condensate and oil reserves. Both vertical and horizontal wells are planned on Pegasi’s acreage. Pacific… Read More
EIA Reduces 2015 Forecast
Last week the U. S. Energy Information Agency (EIA) reduced its 2015 forecast for worldwide oil demand as well as OPEC production, according to a recent article in “Rigzone”. These downward revisions are based on the assumption that there will be surplus supplies next year. In September the EIA forecast global demand at 91.55 barrels… Read More
Efforts to Cut Bakken Flaring Stymied by Regulators
North Dakota’s Bakken shale has become a poster child for the shale revolution. With production that has increased from 321,000 barrels of oil per day (bopd) in 2010 to the current level of 1.1 million it is a stellar example of what technology, innovation and free enterprise can accomplish. Unfortunately, this progress has been marred… Read More
Occidental to Spin-Off California Assets
“Rigzone” reports that Occidental Petroleum Corp.’s board has approved a plan to form a separate unit, California Resources Corp., which will hold all Occidental’s oil and gas assets in the state. The new entity would be owned by Occidental shareholders and would be the largest natural gas producer in California. Wall Street analysts speculate that… Read More
Exxon CEO Advocates Lifting Crude Export Ban
Exxon Chief Executive Officer, Rex Tillerson, contends that lifting the decades, old crude oil export ban would spur job creation, and move us toward energy security, according to a recent article in “Rigzone”. Lifting the ban, and drastically simplifying the review process for Liquefied Natural Gas (LNG) and condensate export projects, would stimulate investments. These… Read More
