Former Ring Executives Start IPO for E&P Rise Oil & Gas
Kelly Hoffman and Daniel Wilson’s names probably ring a bell in the Permian...
Kelly Hoffman and Daniel Wilson’s names probably ring a bell in the Permian Basin. Once executives at Ring Energy, the two Texas oilmen are laying the groundwork for an IPO of their Permian Basin E&P startup, Rise Oil & Gas.If successful, it would be the fifth energy IPO this year.
Government filings say that in 2022 the company acquired 2,480 contiguous undeveloped leasehold acres in the Texas portion of the Permian Basin. On March 31, 2023, Rise acquired an additional 1,859 gross undeveloped leasehold acres in the same area. The company anticipates drilling one or two wells on its acreage by the end of the year.
As of March 31, Rise had $1.7 million in cash and cash equivalents and $3.2 million in total capitalization. The company switched from a Texas corporation to a Nevada corporation in March but lists Austin as its headquarters.
New challenge filed against Mountain Valley Pipeline
Environmental groups are making a last stand against the Mountain Valley Pipeline with a motion asking...
Environmental groups are making a last stand against the Mountain Valley Pipeline with a motion asking US Court of Appeals for the 4th Circuit to bar its construction through the Jefferson National Forest. The groups argue that allowing the pipeline to pass through the forest would violate several standards in the forest management plan, "inflicting irreparable harm on petitioner, its members, and the environment absent a stay."
Expanded liquefaction capacity and rising liquefied natural gas demand in Europe helped drive global...
Expanded liquefaction capacity and rising liquefied natural gas demand in Europe helped drive global LNG trade up by 5% year over year to a record average of 51.7 Bcf/d in 2022, according to CEDIGAZ data cited by the Energy Information Administration. US LNG exports hit 10.2 Bcf/d last year, up 16% from 2021 -- the largest growth among exporting nations, while Europe experienced a 65% surge in LNG imports compared to the previous year.
RRC: Midland district accounts for 48.9% of new permits to drill
Newly released data by the Railroad Commission indicates the Midland District led the...
Newly released data by the Railroad Commission indicates the Midland District led the state in permits to drill, new oil completions, and new gas completions during the month of April, according to the RRC.
The Railroad Commission reported the Midland District accounted for 48.9% of the permits to drill new oil and gas holes, 62.8% of the new oil completions, and 29.5% of the new gas completions.
A pivotal week for the U.S. stock market lies ahead, as inflation data looms
Investors are eagerly awaiting the June Consumer Price Index...
Investors are eagerly awaiting the June Consumer Price Index (CPI) report, which will shed light on the Federal Reserve's future monetary policy.The report, set to be released this week, could either fuel the stock market rally or dampen it due to escalating macroeconomic challenges. Economists predict a 3.1% year-over-year increase in the CPI, indicating a slowdown from the previous month. However, the core price measure, excluding volatile food and fuel costs, is still expected to rise by 5.0% annually. Some experts believe that inflation will continue to weaken, supporting the notion that the Fed's aggressive interest-rate hikes may be nearing their end. Nonetheless, others caution that the stock market's bullish sentiment, excessive cash balances, and stretched valuations for technology companies make it vulnerable to disappointment, especially if CPI data fails to meet high expectations. The Fed has hinted at further interest-rate increases this year to combat inflation, potentially leading to a more restrictive monetary policy.
