Friday, September 28, 2012

Bakken Biz Review - September 2012

Here's a review of some of the Bakken-related business news items that were posted in September...

• A Pennsylvania company has announced plans to acquire Watford City-based Power Fuels, a company that provides water and related services for hydraulic fracturing to oil producers in the Bakken play. The transaction is reportedly a cash-and-stock deal valued at about $381 million. Read more...

• Target Logistics is nearing completion of two additional crew camps in the Bakken Shale. The Williams County Lodge, scheduled to open this month outside of Williston, will house 300. The Watford City Lodge, opening in early October about five miles north of town, will house 334. Read more...

• Oklahoma-based ONEOK Partners, L.P. announced that it is holding an open season for its previously announced Bakken Crude Express Pipeline. The open season process provides potential shippers the opportunity to execute long-term transportation contracts with ONEOK Partners in exchange for priority transportation service.  The open season will begin Sept. 21, 2012, and conclude Nov. 20, 2012The Bakken Crude Express Pipeline is a proposed 1,300-mile crude-oil pipeline with the capacity to transport 200,000 barrels per day of light-sweet crude oil from multiple points in the Williston Basin in the Bakken Shale in North Dakota and Montana to the crude-oil market hub in Cushing, Okla.  Construction of the pipeline is currently expected to begin in early 2014 and be completed by mid-2015. Read more...

• Exxon Mobil Corp. reportedly has agreed to buy Denbury Resources Inc.'s Bakken assets for $1.6 billion in cash and interests in two oilfields. The deal would increase Exxon's Bakken acreage by 50%Read more

• Wood Group has announced an agreement to acquire Mitchell's Oil Field Services, Inc., a provider of maintenance, installation and fabrication services in the Bakken shale region for an initial consideration of $135m. According to its website, Wood Group is an international energy services company with $6.0 billion in sales. The same website states Mitchell's Oil Field Services was founded in Sidney. Mont. in 1977 and is owned by Stone Arch Capital, a Minneapolis-based private equity group, and Mitchell management.  Read more

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