jetch17 said:

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MavsAg said:

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Crownquest?

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Forgot about them up there. Maybe callon?

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I wouldn't think Callon had the powder for that, they need to reduce debt not increase it.

Agree. Don't think it's Callon

The more I think about it, it feels like Surge

jetch17 said:

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The more I think about it, it feels like Surge

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Didn't Surge just make an acquisition?

yeah, they bought Grenadier's northern position. But they are a good guess. They are hungry for inventory.

the way they plowed through their northwest Howard position was impressive from a pace perspective. Not sure about the fully cycle economics... private companies are hard to follow.

Chinese be spending

The last Sabalo buyer was Earthstone. Seems like that rumor floated for months before it was officially announced, then later failed.

When Tall City was acquired by what became Surge, everyone knew before it was announced. Same with Surge-Grenadier, so they don't have a track record of keeping quiet. I feel like public companies are best at keeping transactions confidential, so I would guess Surge buyer is public based on nothing other than the lack of knowledge of the buyer.

FANG has been in the running, but not the winner for Hunt and DoublePoint, so it feels like a matter of time until they're a successful buyer.

Sabalo's position would make sense for Laredo, but they need inventory more than PDP. Geographically it fits Birch which is transitioning to a cash flow distribution, pseudo-public structure. HPK needs PDP, but I don't think they have the ability to acquire unless someone is will to take their stock.

My wild guess is Birch is the buyer and will announce acquisition and restructure simultaneously.

who is in the running for Hunt

Do any of you have experience with Liberty Oilfield Services (LBRT) as a company?

Looking for input on culture, your thoughts on their future prospects, comparison to competitors, etc.

Thanks.

Looks like Vitol.

https://www.worldoil.com/news/2021/4/29/vitol-near-1-billion-plus-deal-for-hunt-s-permian-oil-wells

Interesting move for them to get into US Shales.

Strange, remember them setting up the Entity

Thriller said:

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Do any of you have experience with Liberty Oilfield Services (LBRT) as a company?

Looking for input on culture, your thoughts on their future prospects, comparison to competitors, etc.

Thanks.

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Best damn frac company around.

Anyone ever hear who was snatching up Sabalo's acreage?

https://www.usatoday.com/story/money/2021/05/08/gasoline-pipeline-shutdown-colonial-pipeline-alpharetta-georgia-cyberattack/5003760001/

Looks like Laredo scooping up Sabalo

Interesting....

http://www.laredopetro.com/media/382156/5921-laredo-petroleum-announces-transformative-transactions.pdf

Looks like they're also divesting some WI in their Eastern Glasscock/Reagan assets

Not sure i follow the Laredo move here.

Cyp0111 said:

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Not sure i follow the Laredo move here.

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Only good thing here consolidation.

Understand Laredo's needs to get a higher oil cut % but not through similar fringe Howard acreage.

Agree. I'm all for consolidation between the publics. The private side is largely doing it through the funds with a handful trying to scale to current acquisition metrics.

JTA1029 said:

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Thriller said:

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Do any of you have experience with Liberty Oilfield Services (LBRT) as a company?

Looking for input on culture, your thoughts on their future prospects, comparison to competitors, etc.

Thanks.

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Best damn frac company around.

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Travis County district judge ruled this morning that the RRC's permit process for allocation and PSA wells is illegal. Should be an interesting couple of weeks (or longer) while this gets appealed.

Any link to an article yet?

Posting here bc it's relevant and funny.

pic.twitter.com/ZnTbbRSweg

— Lone Conservative (@LoConservative) May 12, 2021

Source or more info?

I haven't seen anything from the news sources I follow. I'm not on Twitter, so there could very well be more information there.

I read the judgment shortly after it was issued. The judge essentially declares that the RRC's permit process violates the Administrative Procedures Act and the RRC's practice of relying on the good faith representations of operators is in error.

The judgment did not include an injunction against issuing new permits; however, to ensure future permits aren't invalidated, the RRC would need to rewrite its Allocation/PSA well permit rules and begin verifying title and contract assertions made by permit applicants.

The judgment was issued in Cause No. D-1-GN-20-000099, 53rd Judicial District Court, Travis County, Texas. I have not read all of the pleadings, so I'm not sure exactly what the parties did and didn't argue.

joemeister said:

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I haven't seen anything from the news sources I follow. I'm not on Twitter, so there could very well be more information there.

I read the judgment shortly after it was issued. The judge essentially declares that the RRC's permit process violates the Administrative Procedures Act and the RRC's practice of relying on the good faith representations of operators is in error.

The judgment did not include an injunction against issuing new permits; however, to ensure future permits aren't invalidated, the RRC would need to rewrite its Allocation/PSA well permit rules and begin verifying title and contract assertions made by permit applicants.

The judgment was issued in Cause No. D-1-GN-20-000099, 53rd Judicial District Court, Travis County, Texas. I have not read all of the pleadings, so I'm not sure exactly what the parties did and didn't argue.

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Doesn't the judge need proof of wrongdoing or harm to take this position?

Thanks.

Joseph Parrish said:

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joemeister said:

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I haven't seen anything from the news sources I follow. I'm not on Twitter, so there could very well be more information there.

I read the judgment shortly after it was issued. The judge essentially declares that the RRC's permit process violates the Administrative Procedures Act and the RRC's practice of relying on the good faith representations of operators is in error.

The judgment did not include an injunction against issuing new permits; however, to ensure future permits aren't invalidated, the RRC would need to rewrite its Allocation/PSA well permit rules and begin verifying title and contract assertions made by permit applicants.

The judgment was issued in Cause No. D-1-GN-20-000099, 53rd Judicial District Court, Travis County, Texas. I have not read all of the pleadings, so I'm not sure exactly what the parties did and didn't argue.

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Doesn't the judge need proof of wrongdoing or harm to take this position?

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No, not if the basis is the rules violate the APA.

They kicked it back to the commission to look at again. This will definitely get appealed.

From oil & gas attorney John McFarland's blog:

RRC's Authority on PSA Permits Rebuked

Quote:

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Today a district court in Travis County held that the Texas Railroad Commission violated the Administrative Procedure Act by informally adopting rules for issuance of allocation and production sharing well permits without following the rule-making procedures of the Act. The Court ruled in an appeal by a mineral owner of the Commission's order granting a well permit to Magnolia Oil & Gas Operating for a well in Karnes County.

The case is Opiela v. Railroad Commission of Texas, No. D-1-GN-20-000099, in the 53rd District Court of Travis County. Judge Karin Crump's order can be viewed here.

Opiela v. RRC

Our firm represents the Opielas in the case.

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John McFarland has been the highest profile opponent of allocation wells from the outset.

joemeister said:

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John McFarland has been the highest profile opponent of allocation wells from the outset.

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Yeah he has. He is a damn good lawyer, too. I actually agree with him on a lot of the allocation well stuff but at this point it seems pretty tricky to put the horse back in the barn.

AustinAg008 said:

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Cyp0111 said:

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Not sure i follow the Laredo move here.

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Only good thing here consolidation.

Understand Laredo's needs to get a higher oil cut % but not through similar fringe Howard acreage.

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Trading 30% oil cut WI, for 80% oil cut, total production mix now 50% oil. Investors always complained how gassy ther were, good transition for them.

AgRebel08 said:

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AustinAg008 said:

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Cyp0111 said:

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Not sure i follow the Laredo move here.

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Only good thing here consolidation.

Understand Laredo's needs to get a higher oil cut % but not through similar fringe Howard acreage.

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Trading 30% oil cut WI, for 80% oil cut, total production mix now 50% oil. Investors always complained how gassy ther were, good transition for them.

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Gas is doing pretty well at the moment.