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Permalink Reply by Area Man on October 16, 2012 at 3:24am

Likely good - the biggest take away is when they chose not to honor part of the CX agreement, they were clearly focusing and consolidating.  This confirms they are still very active.

 

-Area Man

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Permalink Reply by mark ayers on October 16, 2012 at 6:10am

Carrizo Oil & Gas Announces Sale of a Portion of Its Properties in the Utica Shale and Bank Syndicate Increases Borrowing Base

HOUSTON, TX -- (MARKET WIRE) -- 10/15/2012 -- Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) today announced the closing of the sale of the majority of its mineral lease position in the northern portion of the Utica Shale play to an unrelated third party for net cash proceeds of $43 million. Immediately preceding the property sale, Carrizo elected to exercise a mineral lease purchase option to increase its ownership from a 10% to a 50% undivided interest in the same properties from a subsidiary of its financial partner, Avista Capital Holdings, L.P. The mineral leases are located in Mercer and Crawford Counties in Pennsylvania and Trumbull County in Ohio. The net cash proceeds realized by Carrizo from these transactions are subject to customary post-sale adjustments. Other assets included in the sale are an existing drilling pad and approved well drilling permits associated with the leases.

Carrizo will continue to own a 10% undivided interest, along with a similar option to increase its ownership to 50%, in nearly 26,000 additional gross acres located in the southern portion of the play, primarily in Guernsey County, Ohio, in proximity to recent encouraging industry drilling results.

5 of the 10  directors on Halcon board and the CEO are from Petrohawk witch was bought by Bhp Billiton in 2011. Can not find who owns the other 50%.

Petrohawk Energy Corporation was an independent energy company headquartered in Houston, Texas. Founded in 2003, Petrohawk grew rapidly through mergers and acquisitions.

The company was originally known as Beta Oil & Gas until shareholders approved a name change on July 15, 2004.

In November 2004, Petrohawk bought Wynn-Crosby for $425 million, marking its first large acquisition. ^[1] In July 2005, Petrohawk merged with Mission Resources, nearly doubling in size. One year later, Petrohawk bought KCS Energy for 80 million shares of stock and approximately $900 million in cash. Beginning in 2007, Petrohawk began acquiring acreage in the Haynesville Shale, and in 2008 successfully began an extensive, $500 million drilling program.^[2]

On July 15, 2011, BHP Billiton acquired Petrohawk for an all-cash offer of $US38.75 per share.^[3]

http://en.wikipedia.org/wiki/Petrohawk

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Permalink Reply by Rick on October 16, 2012 at 6:33am

my bet would be that chevron in involved also.

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Permalink Reply by JREwing on October 16, 2012 at 6:42am

I don't know about Chevron, but in Mercer County, many, many of the leases to Carrizo also had Blackridge Resource Parners, LLC listed as joint lessee.  However, a web search of this company turns up next to nothing except a web page that is apparently under construction.

 

 

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Permalink Reply by Samuel J. Orr on October 16, 2012 at 6:38am

Is it possible that Carrizo held a 10% interest and Avista Capital Holdings had a 90% interest in the leaseholds on 19000 acres in Venango, Crawford, and Mercer Counties? Is it possible that immediately prior to the Carrizo to Halcon transaction, Carrizo exercised an option with Avista to increase its holdings to 50% which it then transferred to Halcon for $43,000,000. If this is what happened, then Halcon and Avista are now 50-50 partners in the leaseholds on the 19,000,000 acres. Mere speculation on my part as to possiblt what is going on?? LET'S HEAR SOME OTHER THOUGHTS from people smarter and more informed than I am!!

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