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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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Oil: Permian Basin Adds Rigs; Gaines has 3 Active within Boundaries Last Week

February 27, 2017

Activity in the Permian Basin  oilpatch continues to steadily increase, as reflected by the weeks of increases in drilling rigs reported by oil insider Baker Hughes, Inc. in their weekly rig count.

Last Friday, the Houston-based company reported 602 active oil and gas rigs operating in the United States, with 306 of those located within the Permian Basin region.…

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RRC Report: Gaines’ Total Oil Production Dips in 2016

February 23, 2017

Gaines County’s 3,916 active oil wells produced 22.5 million barrels of crude oil in the 2016 calendar year, according to preliminary production reports from the Texas Railroad Commission released on Thursday.

That calendar year total is down from the 23.9 million barrels of oil produced in the 2015 calendar year and is the lowest recorded annual total reported by the RRC dating back to the 1993 calendar year.…

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Early-morning pipeline explosion lights up South Texas sky

February 15, 2017

REFUGIO (AP) — A natural gas pipeline has exploded in South Texas, in a fiery display that lit up the sky and could be seen for miles.

Texas Department of Public Safety Sgt. Nathan Brandley says the explosion occurred early Wednesday near Refugio (ray-FYOO’-ee-oh), a rural community north of Corpus Christi, about 15 miles from the Texas Coast.…

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As oil recovers, U.S. firms descend on the Permian Basin in West Texas

February 2, 2017

ODESSA (Reuters) — In most U.S. shale oil regions, energy firms are making strategic but cautious bets as the price of oil holds above $50 a barrel.

Here in the Permian Basin of West Texas, the largest U.S. oil patch, the industry poured more than $28 billion into land acquisitions last year – more than triple what they spent in 2015.…

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