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EIA: Permian Oil Production, Resource Assessments Continue to Increase

April 27, 2017

WASHINGTON — Crude oil production in the Permian Basin is expected to increase to an estimated 2.4 million barrels per day (b/d) in May, based on estimates from the U.S. Energy Information Administration’s Drilling Productivity Report, released this past Wednesday.

Between January 2016 and March 2017, oil production in the Permian Basin increased in all but three months, even as domestic crude oil prices fell.…

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1.75M Barrels of Gaines Oil Produced in February

April 27, 2017

Oil wells operating within the Gaines County line produced just over 1.75 million barrels of oil in the month of February 2017, according to a preliminary production data report by the Texas Railroad Commission on Wednesday.

Gaines’ February figures comes on the heels of January’s 1.91 million produced barrels reflected by adjusted RRC numbers observed by the Seminole Sentinel.…

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EPA chief delays methane rule at behest of oil and gas firms

April 21, 2017

WASHINGTON (AP) — The Environmental Protection Agency is again moving to derail Obama-era regulations aimed at reducing pollution from the fossil fuel industry.

EPA Administrator Scott Pruitt announced Wednesday he’s issued a 90-day delay for oil and gas companies to follow a new rule requiring them to monitor and reduce methane leaks from their facilities.…

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New Mexico assets capture attention of oil and gas giants

April 19, 2017

ALBUQUERQUE, N.M. (AP) — As New Mexico’s elected leaders wrangle over raising taxes to plug a budget shortfall, major multinational energy companies have quietly spent more than $13 billion in recent months on assets in the state’s oil and gas hot spots.

The new wave of investment bodes well for the industry being able to generate much-needed revenues for the struggling state over the long haul, analysts said.…

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Ring Energy, Inc. Purchases $16.6M of Gaines Co. Land

April 17, 2017

Midland Company Acquires Over 33,000 Acres in Central Basin Platform

Midland-based Ring Energy, Inc. announced on Monday their purchase of 33,000 acres of what they are calling “undeveloped ” Gaines County land in an expansion of the company’s Central Basin platform.

According to a press release issued by the company on Monday, the acreage was purchased at a price of $16.6 million, and will pay for the will pay for the acreage with surplus capital received from a December 2016 public stock offering.…

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US rig count rises 8 this week to 847; New Mexico up 7

April 14, 2017

HOUSTON (AP) — The number of rigs exploring for oil and natural gas in the U.S. rose by 8 this week to 847.

A year ago, 440 rigs were active.

Houston oilfield services company Baker Hughes Inc. said Thursday that 683 rigs sought oil and 162 explored for natural gas this week.…

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U.S. oil output could near 1970 record next year, EIA says

April 12, 2017

HOUSTON (AP) — The Energy Department believes another burst of shale drilling could push U.S. oil production close to an all-time record by the end of next year.

The return of drilling rigs and roustabouts to U.S. shale fields could lift the nation’s daily crude output to 10.1 million barrels by the fourth quarter of 2018, just 30,000 barrels under the November 1970 record, the Energy Information Administration said Tuesday.…

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US taxpayers might be on the hook for pipeline protest costs

March 17, 2017

BISMARCK, N.D. (AP) — North Dakota officials appear poised to go after the U.S. government — and thus U.S. taxpayers — to recoup more than $38 million in state expenses related to months of protests against the Dakota Access pipeline, though a longstanding offer from the project’s developer to pay up is still on the table.…

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EPA withdraws Obama-era request for data on oil, natural gas

March 3, 2017

WASHINGTON (AP) — The Environmental Protection Agency said Thursday it is withdrawing an Obama-era request that oil and natural gas companies provide information on methane emissions at oil and gas operations.

EPA Administrator Scott Pruitt said the withdrawal is effective immediately, adding that he wants to assess the need for the information the agency has been collecting under a directive issued in November.…

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Trans-Pecos Pipeline protester found wanted in California

March 3, 2017

PRESIDIO (AP) — A protest organizer at the Trans-Pecos Pipeline in western Texas has been arrested after investigators discovered he was wanted in California.

Presidio County sheriff’s officials say the man initially provided fake social security cards indicating his name was Pete Hefflin, KOSA-TV reported. But after fingerprinting, authorities discovered he was 56-year-old Pedro Rabago Gutierrez, who has been wanted in California since 2007 for a parole violation.…

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