Heartland Group and Barron Petroleum form joint venture
The Heartland Group Ventures (Heartland), a Fort Worth based oil and gas investment company, has entered into a material definitive agreement with its joint venture partner, Barron Petroleum (Barron) for a joint drilling venture in the newly discovered natural gas fields in Val Verde County, in Texas.
In a statement, the companies say that pursuant to the agreement, they have completed the all-cash purchase of two additional and contiguous natural gas leases and options in an undisclosed area of the county, including shallow and deep drilling rights. These will be added to their existing assets in the region, the statement adds.
“The first lease was assigned to Heartland and Barron in September 2020, and the second lease was assigned in October 2020, bringing their total acreage in the area to 24,200 acres. These acquisitions were completed following the venture's recent discovery of a new field containing in excess of 417 billion cubic feet of natural gas,” the statement continues.
As per the terms of the venture, Heartland and Barron will utilise their jointly held drilling assets and will equally share the costs associated with the drilling and completion of deep and shallow vertical wells. Furthermore, they jointly own the propriety 3D seismic data on the leased properties, the statement confirms.
Drilling and completion is anticipated to begin in the November-December 2020 timeframe, and planning for the project is already underway, the companies say.
"We are excited to continue to grow our natural gas asset base in the region and further build our joint venture relationship with Barron Petroleum," says Rustin Brunson, Heartland's Fund Manager.
"Our recent discovery with Barron has given us the opportunity to build our natural gas asset portfolio in a substantial and cost-effective manner.
"Like others in the industry, we are closely watching markets and tailoring our long and short-term strategies accordingly. We believe these acquisitions will go a long way toward building an energy asset portfolio with long-term viability and cost-effective operations,” he adds.
In August, Barron announced a major new discovery in the Permian Basin in Val Verde Country. In a statement released at the time, the company says that the 13,000-acre field is estimated to hold 417 billion cubic feet – or 74.2 million barrels in oil and gas reserves.
Barron presently holds development rights to over 13,000 acres over the prospect, which was developed with the use of a 3D seismic survey. The company has identified 67 high-graded Strawn formation locations and is refining future location placement based on results of the first well.
Barron Petroleum is also contemplating testing and potential development in the Canyon formation at an approximate depth of 9,000 feet and Ellenburger at about 16,000 feet depth, the statement adds.
Global Offshore rebrands Enelift and invests in global hubs
Global Offshore has rebranded Enelift and will invest "a seven-figure sum" in establishing new support hubs in Houston, Dubai, Singapore, Perth and the Caspian during the next six months.
The investment will cover oil, gas and renewables, mainly concentrating on manufacturing capability with associated R&D, as well as in stock held in the hubs.
The company’s flagship Hinge Lok technology provides aluminium, non-welded light weight transportation cradle for casing and tubing. Enelift now plans to enhance its offering by augmenting its existing solutions with robotics and remote operational and training technology, which will reduce manpower for handling offshore equipment that is transported and stored using the Hinge Lok system.
Enelift is partnering with "a Japanese robotics company" and the technology will be trialed with "a Norwegian operator on a Norwegian drilling rig", according to a statement.
Operating from its bases in Aberdeen, UK and Esbjerg, Enelift was founded by 35-year industry veteran and Managing Director Paul Brebner 10 years ago to offer the offshore energy industries safe, reliable and efficient storage and transportation of equipment.
The expansion plans are bolstered by the appointment of Jim Clark of the Craigendarroch Group to Chairman, and Adam Maitland to Non-Executive Director. Maitland is the Managing Director of Hutcheon Mearns IF, and brings his wealth of expertise in the field of corporate finance.
Brebner said Enelift may be a new name in the market, but the experience it brings is "industry renowned".
"Our solutions are underpinned by safety that enables inefficiencies and their associated costs to be eradicated – meaning operational personnel can focus doing what they do best, safely. We remain committed to providing the safest storage and transportation solutions for equipment in the sector as we grow our global operations," he said.
Clark said the market is changing and its solutions fully support customers’ economic and safety aspirations.
"We are very well placed to take full advantage of increasing opportunities in the Middle East, Africa, Far East and Americas. Safety is our absolute commitment to our customers and our support hubs will facilitate this. Aligning our identity to our entire offering ensures that we will drive our expansion through new products and global support sites across the rest of this year."