No word if deep-pocket shoppers are camping out in the predawn for first dibs on prime oil and gas assets, but the mad dash to snap up shale resources continues full throttle. Reese Energy Consulting today is following the latest news on more high-dollar deals and those looking to make one.
Over a whiplash-inducing couple of days, two Japan-based companies have plunked down a total $17.9 billion on acquisitions here at home. The largest by Nippon Steel at $14.9 billion for U.S. Steel. The other by TG Natural Resources (TGNR) at $2.7 billion for Houston-based Rockcliff Energy. TGNR is a subsidiary of Tokyo Gas, Japan’s largest city gas supplier, which is on the hunt to lock up more international gas assets amid a global scramble for LNG supplies. TGNR operates 2,000 acres in the Haynesville and Cotton Valley producing 330 MMCFD, along with 1,000 miles of gathering systems. The Rockcliff acquisition adds 270,000 acres in the Haynesville and nearly quadruples TGNR’s production with 1.3 BCFD.
Meanwhile, Houston-based Fury Resources plans a tap dance back into the Permian Delaware with its purchase of Battalion Oil. While details of the $450 million cash-and-stock deal are thinner than rice paper, Battalion reported 3Q production of 12.7 MBOED and $54.1 million in revenues.
In this week’s Temptation News for Permian buyers, Houston-based Callon Petroleum says it’s eyeing a sale. Founded in 1950, the company in July went Pure Perm after exiting the Eagle Ford and picking up more Delaware goodness. Callon operates 26,000 net acres in the Midland and 119,000 in the Delaware. Grab your camping gear.