Oasis Petroleum Enters Grace Period after Failing to Make Interest Payments
Oasis Petroleum Inc. said on Sept. 18 it has entered...
Oasis Petroleum Inc. said on Sept. 18 it has entered a 30-day grace period after failing to make interest payments on some bonds maturing in 2022 and 2023, adding that the company is in talks with its lenders on a financial restructuring.
The grace period allows the company to make the due payments within 30 days to avoid a formal default. Oasis has sufficient liquidity and continues to operate its business as usual, the Houston-based firm said in its statement.
The company owed interest on $244.8 million worth outstanding unsecured convertible notes due 2023 and $834.5 million worth outstanding unsecured notes maturing in 2022, according to Refinitiv Data.
Seven tankers are floating off the US Gulf Coast, waiting...
Seven tankers are floating off the US Gulf Coast, waiting to be filled with liquefied natural gas, another two are currently taking on cargo, and three more are en route to the area, according to data from S&P Global Platts Analytics. The spike in tanker activity can be attributed to an increase in LNG production since early September, although the Cameron LNG facility could remain idle through October.
Shell gears up to drill in waters off Alaska's North Slope
Shell Offshore is seeking approval from...
Shell Offshore is seeking approval from Alaska officials to form an exploration unit comprising 18 leases that cover more than 78,000 acres in West Harrison Bay, which is located offshore the National Petroleum Reserve-Alaska. The company is looking for a partner to share expenses and risks and plans to drill wells targeting the Nanushuk oil formation.
Increased interest in Oklahoma drilling shown in permits
A release of drilling permits this week by the Oklahoma Corporation...
A release of drilling permits this week by the Oklahoma Corporation Commission showed resumed interest in drilling in the state, including by one major operator, Continental Resources.
It could be an early signal that $40 a barrel oil is inducing some firms to resume drilling in the state.
The Oklahoma City-based company received four permits to drill two wells on two separate sites in Grady County. All four Goff wells are to be drilled in an area southeast of the city of Rush Springs.
Two separate Goff wells will be drilled at 15 3N 5W while two more Goff wells will be drilled nearby at 03 3N 5W.
Lynx Oklahoma Operating LLC received one permit to drill the Fleet Admiral 21-16-10-11 #1HXL well at 21 10 11W in Caddo County. The site is northwest of Binger.
Triumph Energy Partners Inc. intends to drill the Snyder #6-19-18 1409 MHX at 19 14N 9W in Canadian County. The drilling site is six miles northwest of Calumet.
WFD Oil Corporation received a permit to drill the Harley #1-34 at 34 15N 9E in Creek County. The site is southeast of Bristow.
Rox Exploration received a permit to drill the Shamrock #1-25H well at 36 20N 11W on Major County. It is approximately 5 miles north of Okeene.
In McClain County, Lance Ruffel Oil and Gas LLC of Oklahoma City intends to drill the Ollie Smith #1-8 well at 08 5N 4W which is a site northwest of Lindsay.
A permit to drill was granted Ricks Consulting Inc. for the Bussman #2 well to be drilled in Washington County at 07 28N 13E.The site is northwest of the city of Copan and on the west side of Lake Copan.
A recent report from Haynes and Boone revealed that bankruptcy filings by North American oil and natural gas companies have surged 62% so far this year from a year ago, fueled by the coronavirus-induced demand collapse and a lack of access to capital. "Without any near-term horizon hope for improving economic conditions for U.S. producers, it is reasonable to expect that a substantial number of producers will continue to seek protection from creditors in bankruptcy before this year is over," the report said.
