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Gulf States May Suffer if Proposed Budget Cut is Approved #OilmanNEWS 2017 July-August Louisiana Texas 

Gulf States May Suffer if Proposed Budget Cut is Approved

Alabama, Louisiana, Mississippi and Texas received $36.5 million in payments between 2009 and 2016 due to an act passed by President Bush which allocated some offshore drilling revenue to Gulf states. However, if Congress approves a recently proposed budget cut from the Interior Department, these states may receive nothing from the companies which operate in the Gulf region. The Gulf... Read More
Venture Global LNG Announces Successful Close to Private Funding Round #OilmanNEWS 2017 July-August Louisiana 

Venture Global LNG Announces Successful Close to Private Funding Round

Washington, D.C.-based LNG producer, Venture Global LNG, announced today it raised $81.4 million in additional capital from high-profile, very large institutional investors. This is the company’s sixth round of equity investment, which brings the latest Reg. D transaction to an aggregate funding total of $361 million. Co-CEOs, Mike Sabel and Bob Pender stated, “This private placement represents the capital markets... Read More
Haynesville Shale Formation Holds Potential for Economic Revival in Louisiana #OilmanNEWS 2017 July-August Louisiana Shale 

Haynesville Shale Formation Holds Potential for Economic Revival in Louisiana

Over the past few years, certain oil and gas shale formations have been sidelined as producers search for cheaper means of production. The appeal of the typical low-cost resource deposit has drawn companies away from viable and established options to relatively younger opportunities, such as those which can be found in the northeast. However, there is a steady trickle of... Read More
OEG Offshore Announces Merger with Cargo Specialist Paragon Industries #OilmanNEWS 2017 July-August Louisiana 

OEG Offshore Announces Merger with Cargo Specialist Paragon Industries

OEG Offshore announced on May 1, 2017, that it would be merging with Cargo Specialist Paragon Industries. OEG Offshore specializes in producing and delivering customized mini containers, dry van containers, offshore baskets, pumps and filters, and a variety of other containment and utility products. The firm was founded in 2010 in Aberdeen, Scotland when Vertec Engineering and Continental Offshore merged... Read More
Appeals Court Rules in Favor of Oil and Gas Companies in Louisiana Case #OilmanNEWS 2017-May-June Louisiana 

Appeals Court Rules in Favor of Oil and Gas Companies in Louisiana Case

On March 3, a federal appeals court affirmed a district court’s decision to dismiss a case alleging that oil and gas companies were responsible for damage to the Louisiana wetlands. The ruling brings into question other lawsuits that have been filed by Louisiana parishes concerning the effect oil and gas companies have had on the erosion of the wetlands. The... Read More
Covey Park Energy Purchases Assets from Chesapeake in North Louisiana 2017 March-April Louisiana 

Covey Park Energy Purchases Assets from Chesapeake in North Louisiana

Dallas-based Covey Park Energy on Feb. 15 said that it has closed on the acquisition of assets in the Haynesville shale area in North Louisiana. Covey purchased the assets from Chesapeake Exploration for $465 million. Covey was able to complete the acquisition using additional equity investments from their existing investor, Denham Capital. The firm also received debt commitments from its... Read More
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