Atwood Clutches BHP Contract

Atwood Clutches BHP Contract

Monday, May 09, 2011
Atwood Oceanics, Inc.

Atwood Oceanics, Inc., a Houston-based international offshore drilling contractor, announced that one of its subsidiaries has been awarded a one well contract by BHP Billiton Petroleum PTY LTD, with an estimated duration of 45 days in a water depth of 600 feet.

The day rate for this contract for the first 40 days will be approximately $376,000; thereafter the day rate will increase to approximately $399,000 (both day rates subject to change due to currency exchange provisions in the contract).

With this contract, the firm contractual commitments for the Atwood Eagle will extend through approximately January 2012.

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FX, American Eagle to Explore Alberta Bakken in NW Montana

FX, American Eagle to Explore Alberta Bakken in NW Montana

Monday, May 09, 2011
FX Energy, Inc.

FX Energy, Inc. on Monday announced the signing of an agreement with American Eagle Energy, Inc., and Big Sky Operating LLC, to jointly explore approximately 75,000 acres in the Alberta Bakken in Northwest Montana. FX Energy's 10,000 acre field in the Southwest Cut Bank Sand Unit will be included in the joint exploration program and the Company will own a one-third interest in the overall project.

The companies plan to drill a minimum of three vertical wells to evaluate the potential of the acreage over the next several months. If the tests confirm the potential that the companies believe exists in the project area, the wells will be drilled horizontally and fracked. The drilling contractor for the wells will be the Company's wholly owned subsidiary FX Drilling Company.

"Since our partners were among the first movers in the Williston Basin Bakken play, their technical expertise is a valuable addition to the joint venture. We expect to drill and test several wells this year and if successful, our acreage position is sufficiently large to accommodate a continuous drilling program for years to come," said Andy Pierce VP of Operations for FX Energy.

FX Energy is an independent oil and gas exploration and production company with production in the US and Poland. The Company's main exploration activity is focused on Poland's Permian Basin where the gas-bearing Rotliegend sandstone is a direct analog to the Southern Gas Basin offshore England.

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Technip Wins Vigdis NE Subsea Contract

Technip Wins Vigdis NE Subsea Contract

Monday, May 09, 2011
Technip

Technip has been awarded by Statoil a contract, worth approximately EUR55 million, for the Vigdis NE field development located in the Norwegian Sea at a water depth of 220 - 310 meters.

This contract covers:

• welding and installation of flowlines, including a 1.5 kilometer pipe-in-pipe production flowline and a 9 kilometer plastic-lined water injection flowline,
• supply of flexible tails for the flowlines,
• subsea equipment installation,
• installation and tie-ins of flowlines flexible tails, jumpers and umbilicals.

Technip's operating center in Oslo, Norway will execute the contract. Flowline welding will take place in the Group's spoolbase in Orkanger, Norway, while flowline installation will be performed with the Apache II, a pipelay vessel from Technip fleet, in mid-2012.

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Linn to Acquire Texas Panhandle, Okla. Properties for $220M

Linn to Acquire Texas Panhandle, Okla. Properties for $220M

Monday, May 09, 2011
LINN Energy, LLC

LINN Energy, LLC announced Monday that it signed a definitive purchase agreement with Panther Energy Company, LLC and Red Willow Mid-Continent, LLC to acquire 40 percent of their oil and natural gas properties located in Ochiltree and Lipscomb counties, Texas and Ellis County, Oklahoma for a contract price of $220 million, subject to closing conditions. The Company anticipates the acquisition will close on or before June 1, 2011, and will be financed with net proceeds from the recently announced senior notes offering.

"The acquisition of these properties enhances LINN's overall position in the Texas Panhandle area, and marks our entry into the liquids-rich window of the horizontal Cleveland play in the Anadarko Basin," said Mark E. Ellis, President and Chief Executive Officer of LINN Energy. "Partnering with Panther will align us with an experienced and efficient operator that has been active and successful in this area for several years. This acquisition provides high rate-of-return projects and we expect it to be immediately accretive to our unitholders."

Bob Zahradnik, Chairman of Panther Energy, added, "We have created significant value in the Anadarko Basin, and we look forward to developing this area with a solid partner like LINN Energy. This divestiture is a tactical transaction to fund the substantial capital demands of our successful programs in the deepwater Gulf of Mexico and West Texas."

Significant characteristics of the assets are:

• Net production of approximately 2,700 barrels of oil equivalent per day from approximately 170 producing wells;
• Proved reserves of approximately 10 million barrels of oil equivalent (45 percent oil, 37 percent proved developed);
• Total acreage position of 140,000 gross (44,000 net) acres; and
• More than 165 proved low-risk infill drilling locations.

LINN Energy's mission is to acquire, develop and maximize cash flow from a growing portfolio of long-life oil and natural gas assets. LINN Energy is a top-20 U.S. independent oil and natural gas development company, with approximately 2.8 Tcfe of proved reserves in producing U.S. basins as of Dec. 31, 2010 (pro forma for pending and closed 2011 acquisitions).

The Southern Ute Growth Fund is the majority owner and funding partner of Panther Energy, LLC and the parent company of Red Willow. Panther and Red Willow have E&P and midstream operations throughout the Rockies, Mid-Continent, Permian Basin, West Texas and the Gulf of Mexico. The Growth Fund oversees the business of the Southern Ute Indian Tribe.

Scotia Waterous (USA) acted as financial advisor to Panther Energy Company, LLC and Red Willow Mid-Continent, LLC in this transaction.

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